Common use of Down Payments Clause in Contracts

Down Payments. Dealer shall collect all amounts due from the Buyer in full as a down payment pursuant to a Contract purchased by SCUSA hereunder in the form of check, cash, or certified funds prior to SCUSA’s purchase of the Contract. It is expressly acknowledged, understood, and agreed by ▇▇▇▇▇▇ and SCUSA that a credit card, check drawn on a credit card account, or any other credit transaction is not a valid form of down payment hereunder. If Dealer fails to collect the down payment in full in accordance with this Agreement prior to SCUSA’s purchase of the Contract, the Contract shall be subject to immediate Repurchase as defined below at any time during the life of the Contract upon verification by SCUSA of Dealers’ failure to collect the down payment in full. The assignment of a Contract hereunder shall not be deemed to have been completed until such time as ▇▇▇▇▇’s financial institution account has been finally debited for any check or checks provided to Dealer by Buyer as a down payment in connection with such Contract. If Dealer accepts a check as a down pay- ment for a Contract and the check is returned for insufficient funds upon presentment for payment to the entity on which the check is drawn, the Contract shall be subject to immediate repurchase as defined herein. Dealer shall immediately notify SCUSA in writing if any down payment check for a Contract is returned for insufficient funds upon its presentment to the entity on which the check is drawn.

Down Payments. Dealer shall collect all amounts due from the Buyer in full as a down payment pursuant to a Contract purchased by SCUSA hereunder in the form of check, cash, or certified certified funds prior to SCUSA’s purchase of the Contract. It is expressly acknowledged, understood, and agreed by ▇▇▇▇▇▇ and SCUSA that a credit card, check drawn on a credit card account, or any other credit transaction is not a valid form of down payment hereunder. If Dealer fails to collect the down payment in full in accordance with this Agreement prior to SCUSA’s purchase of the Contract, the Contract shall be subject to immediate Repurchase as defined defined below at any time during the life of the Contract upon verification verification by SCUSA of Dealers’ failure to collect the down payment in full. The assignment of a Contract hereunder shall not be deemed to have been completed until such time as ▇▇▇▇▇’s financial financial institution account has been finally finally debited for any check or checks provided to Dealer by Buyer as a down payment in connection with such Contract. If Dealer accepts a check as a down pay- ment for a Contract and the check is returned for insufficient insufficient funds upon presentment for payment to the entity on which the check is drawn, the Contract shall be subject to immediate repurchase as defined defined herein. Dealer shall immediately notify SCUSA in writing if any down payment check for a Contract is returned for insufficient insufficient funds upon its presentment to the entity on which the check is drawn.