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All About Retail Installment Sales Contracts. Under the federal Truth in Lending Act (TILA), car dealerships must provide consumers with detailed information about credit terms for purchasing a vehicle. In order to comply with TILA, most car dealerships in Virginia use the standard Retail Installment Sales Contract (RISC) to spell out all ...
Apr 7, 2015 · Repossessed cars— sometimes called “bank repo” or “returned” cars— are not the same as seized cars, impound cars, or unclaimed cars typically sold by police or government agencies. Repossessed cars belong to banks, credit unions, and finance companies.
A retail installment sales contract is a conditional contract that requires that a third-party lender – that is, typically a lender that is a separate entity from the car dealer - approve financing for the prospective purchaser / borrower before the sale of the car is official.
Mar 23, 2017 · Massachusetts law requires a motor vehicle dealer who sells motor vehicles under or subject to a retail installment contract and holds the retail installment contract to obtain a license as a “sales finance company.”
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Jan 22, 2024 · Legal Updates. On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact downstream finance companies that purchase retail installment contracts from dealers.
Mar 29, 2024 · Use our guide to find the best online car buying site for you. Sites listed have great vehicle selection, pricing and online experience. Top picks include Carvana, DriveTime and CarGurus.
317-742-9191. GR Auto Gallery is the leader in special-interest vehicle sales. 4 locations, over 12,000 vehicles sold, and we offer the best way to sell your vehicle online.
