Instalment sale contract template (US)

Installment Sale Agreement

A consumer credit sale may be subject to the federal Truth in Lending Act and state retail installment sales laws, which require specific disclosures and may limit interest and fees. Check the rules of Governing State before using this agreement for consumer sales.

This Agreement is made on Agreement Date between Seller Name, at Seller Address ("Seller"), and Buyer Name, at Buyer Address ("Buyer").

1. Goods

Seller sells to Buyer the following goods (the "Goods"):

Description of Goods, with Model and Serial Numbers

Condition: New or Used, and Condition Description

2. Price and Payment

| Item | Amount |

| --- | --- |

| Cash price | $Cash Price |

| Sales tax and fees | $Taxes and Fees |

| Down payment | $Down Payment |

| Amount financed | $Amount Financed |

| Finance charge | $Finance Charge |

| Annual percentage rate | APR% |

| Total of payments | $Total of Payments |

| Total sale price | $Total Sale Price |

Buyer will pay the amount financed and finance charge in Number of Payments Payment Frequency payments of $Payment Amount each, starting First Payment Date, by Payment Method.

3. Late Payment

A payment more than Grace Days days late bears a late charge of $Late Charge, not more than state law allows. Buyer may prepay the whole balance at any time without penalty and will receive any refund of unearned finance charges the law requires.

4. Delivery and Risk

Seller will deliver the Goods to Delivery Location on Delivery Date. Risk of loss passes to Buyer on delivery. Buyer will keep the Goods insured and in good condition until paid in full.

5. Security Interest

To secure payment, Buyer grants Seller a security interest in the Goods until the total is paid. Seller may file a UCC financing statement or note its lien on a certificate of title. Buyer will not sell or move the Goods out of state without Seller's written consent until paid in full.

6. Title

Title passes to Buyer Title Transfer: on Delivery, Subject to Seller's Security Interest, or When the Last Payment Is Made.

7. Default

If Buyer fails to make a payment within Default Days days after it is due, and after any notice of default and right to cure that state law requires, Seller may declare the remaining balance due and may repossess the Goods without breach of the peace, and sell them as the Uniform Commercial Code provides. Buyer remains liable for any deficiency, as far as the law allows, and will receive any surplus.

8. Warranties

Warranty terms: Warranty Terms: As Is, or Written Warranty Attached as Exhibit A. If the Goods are sold "AS IS," they are sold with all faults, and Seller disclaims all implied warranties, including merchantability and fitness for a particular purpose, as far as the law allows.

General Terms

Governing law. This Agreement is governed by the laws of the State of Governing State, without regard to its conflict of laws rules. Any lawsuit will be brought in the state or federal courts located in Venue County and State.

Entire agreement. This Agreement is the parties' complete agreement on its subject and replaces all earlier discussions. It may be changed only in a writing signed by both parties.

Severability. If a court finds any part of this Agreement unenforceable, that part will be enforced to the extent the law allows, and the rest stays in effect.

Assignment. Neither party may assign this Agreement without the other's written consent, except to a successor to its whole business.

Notices. Notices must be in writing and sent to the addresses above by personal delivery, certified mail or a nationally recognized courier.

Counterparts and e-signatures. This Agreement may be signed in counterparts and by electronic signature, which has the same effect as an original.

| Seller | Buyer |

| --- | --- |

| Signature: Seller Signature | Signature: Buyer Signature |

| Name: Seller Printed Name | Name: Buyer Printed Name |

| Date: Seller Signing Date | Date: Buyer Signing Date |

NOTICE TO BUYER: Do not sign this agreement before you read it or if it contains blank spaces. You are entitled to a completely filled-in copy of this agreement.

IF THIS IS A CONSUMER CREDIT SALE, THE FOLLOWING NOTICE APPLIES (16 C.F.R. § 433.2): NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.