Act ga installment retail sales

In other words, it is the difference between the cash price when paid immediately and the price when paid over time. The amount of the time balance owed by the buyer which is the sum of the principal balance and the time price differential ; n. The maximum number of installment payments required, the amount of each installment, and the due date of each payment; o.

The time sale price which is the total of the sale price and the amount, if any, included for insurance, plus the amount paid for official fees and the time price differential ; and p.

If any installment except the down payment is more than double the average of all other installments, there must be a notice, printed in bold type, that the contract is not payable in installments of equal amounts. The retail installment contract does not have to be set forth in a single document.

Requirements for Retail Installment Contracts under the Federal Truth in Lending Act For each retail installment contract, the creditor must disclose the following information in writing:. The identity of the creditor; b. The aggregate amount financed must be disclosed using that term. Note that the amount financed must be disclosed as an aggregate amount in the segregated disclosures, BUT, an itemization must also be disclosed separately. The finance charge must be disclosed using that term.

The finance charge must be expressed as a total dollar amount and may not be itemized; e. The annual percentage rate, using that term and using the actuarial method, the U.

The number, amount, and due dates or period of payments scheduled to repay the total of payments; g. The total of payments, which is the sum of the amount financed and the finance charge.

If the credit obligation has a demand feature, that fact must be disclosed; i. The total sale price is the total of the cash price of the property or services, additional charges not included in the finance charge, and the finance charge. A statement indicating whether the consumer is entitled to a rebate of any finance charge or is subject to any penalties upon refinancing or prepayment in full; k. The amount of any late fees; l. Where the credit is secured, a statement that the creditor has a security interest in the property purchased through the credit transaction or in other identified property; m.

The conditions required to exclude voluntary credit insurance premiums and charges and fees paid for debt cancellation coverage from the finance charge. If applicable, an itemized statement disclosing that certain security interest charges are not included in the finance charge for example, taxes required to record security instruments and taxes and fees prescribed by law that actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest.

In a residential mortgage transaction, a statement whether or not a subsequent purchaser of the dwelling from a consumer may be permitted to assume the remaining obligation on its original terms; p. A statement that the consumer should refer to the appropriate contract document for information on nonpayment, default, the right to prepay, and prepayment rebates and penalties; q.

If the creditor requires the consumers to maintain a deposit as a condition of the credit transaction, a statement that the amount of the annual percentage rate does not reflect the effect of the required deposit;.

In addition to requiring that certain information be disclosed, the Truth in Lending Act also dictates how the information is to be disclosed:. The disclosures must be in writing and the written disclosures must be given to the consumer to keep. Most of the required disclosures must be segregated from other information not directly related to those required disclosures.

The creditor may segregate the information in a variety of ways: by printing them on a separate sheet of paper, outlining them in a box, using bold dividing lines, using a different color background, or using different type faces. See Official Staff Commentary 12 C. A Buyer Can Prepay the Full Balance Any buyer may prepay in full the unpaid balance on the installment contract at any time before its final due date, even if the retail installment contract states otherwise.

Consolidated Installment Contracts Sometimes a retail buyer makes subsequent purchases from the seller from whom he had bought goods under a retail installment contract.

Under the Retail Installment Sales Act, the subsequent purchases are treated as separate installment agreements, even though they may have been consolidated in the previous contract.

When subsequent purchases are consolidated into the previous installment contract, the buyer does not have to execute a new contract covering each subsequent purchase. Instead, it is sufficient if the seller prepares a written memorandum containing the information in items f-m listed above for the requirements for a retail installment contract. Get started here with training and educational resources. The contract shall contain, in clear and conspicuous type, the following: 1 A specific statement that liability insurance coverage for bodily injury and property damage caused to others is not included, if that is the case; and 2 The following notice: "Notice to the Buyer Do not sign this contract before you read it or if it contains any blank spaces.

You are entitled to an exact copy of the contract you sign. Unless the seller does so, a buyer who has not accepted delivery of the motor vehicle shall have the right to rescind his agreement and to receive a refund of all payments made and return of all goods traded in to the seller on account of or in contemplation of the contract or, if such goods cannot be returned, the value thereof.

Any acknowledgment by the buyer of receipt of a copy of the contract shall be in clear and conspicuous type and, if contained in the contract, shall appear directly above the buyer's signature. This subsection provides cumulative additional rights and is cumulative of Code Section If dual interest insurance on the motor vehicle is purchased by the holder, it shall, within 30 days after execution of the retail installment contract, send or cause to be sent to the buyer a policy or policies or certificate of insurance, written by an insurance company authorized to do business in this state, clearly setting forth the amount of the premium, the kind or kinds of insurance, the coverages, and all the terms, exceptions, limitations, restrictions, and conditions of the contract or contracts of insurance.

A delinquent charge shall not be collected more than once for the same default. In addition to the delinquency and collection charge, the contract may provide for the payment of reasonable attorneys' fees where the contract is referred for collection to an attorney not a salaried employee of the holder of the contract, plus the court costs.

The buyer's written acknowledgment, conforming to the requirements of subsection c of this Code section, of delivery of a copy of a contract shall be presumptive proof of such delivery in any action or proceeding by or against the holder of the contract and that the contract, when signed, did not contain any blank spaces except as provided in this subsection.

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