OHIO MOTOR VEHICLE SALES CONTRACT AND DISCLOSURE STATEMENT
DATE:__________
SELLER:_______________________________ BUYER:_____________________
ADDRESS:______________________________ ADDRESS:_______________________________
(Street) (City) (State) (zip) (Street) (City) (State) (Zip)
AGREEMENT: Buyers agree that it was their decision to purchase the property
described below at the Total Sale Price rather than paying cash for the property
at the Cash Price, which is less. In return for Seller financing for Buyers the
purchase of the property described below, Buyers each individually and together
promise and agree as follows:
Primary Use for Which Purchased: / /personal / /business / /agricultural
/ / ______________________________
NOTICE TO BUYERS OF USED VEHICLES (AS DEFINED IN THE FTC USED MOTOR VEHICLE
TRADE REGULATION RULE): The information you see on the window form for this
vehicle is part of this contract. Information on the window form overrides any
contrary provisions in the contract of sale.
New or Used Year Class Make and Model Body Type Vehicle Identification No.
MOTOR
VEHICLE / /Air Conditioning / /AM-FM radio / /4-5 Speed Trans. / /Power Steering Odometer Miles
DESCRIPTION / /Sun Roof / /Stereo / /Automatic Trans. / /Custom Wheels
Other - Describe
TRUTH-IN-LENDING DISCLOSURES
ANNUAL FINANCE Amount Total of Total Sale Price
PERCENTAGE CHARGE Financed Payments The total cost of Buyers'
RATE The dollar The amount The amount purchase on credit,
The cost of amount the of credit Buyers will including Buyers' down
Buyers' credit will provided to have paid payment of
credit as cost Buyers. Buyers or after Buyers
a yearly rate on Buyers' have made all $_________________
_______% $________ behalf. payments as $_________________
$_____ scheduled.
$___________
Buyers' payment schedule will be:
Number of Payments Amount of payments When Payments Are Due
$
$ Monthly Starting
Security: Buyers are giving a security interest in the property being purchased.
Late Charge: If any part of a payment is more than 10 days late, Buyers will be
charged five cents for each dollar for the payment which is late or $3.00,
whichever is less.
Prepayment: If Buyers pay off early, Buyers may be entitled to a refund of part
of the finance charge.
See the contract documents for any additional information about nonpayment,
default, any required repayment in full before the scheduled date, and prepay-
ment refunds and penalties.
ITEMIZATION OF THE AMOUNT FINANCED
1 Cash Price (including any accessories, services, Optional Mechanical
Protection Plan and taxes) $____________________________(1)
2 Total Down Payment = Net Trade in $_________ + Cash Down Payments $
Buyers' Trade-in is a (Year) (Make) (Model)$________(2)
3 Unpaid Balance of Cash Price (1 minus 2) $________(3)
4 Insurance: * (Some substantial part
A Cost of Physical Damage Insurance Purchased of the cost shown in 4A
through Seller and Paid to the Insurance and 4B may be paid to
Company Named Below *$_________________ or retained by Seller)
B Cost of Optional Credit Insurance Paid to the Insurance Company or
Companies Named Below
Life $_____________ Disability, Accident and Health $________ *$_________
Total Amounts Paid to Others on Buyers' Behalf $_________________(4)
5 Amount Financed - Unpaid Balance (3+4) $_________________(5)
Insurance: If any insurance is checked below, the policies or certificates
issued by the Companies named will describe the terms and conditions.
Required Physical Damage Insurance: Physical damage insurance is required, but
Buyers may buy it from anyone Buyers want who is acceptable to the Seller.
/ /Xxxxxx have elected to buy the Optional Mechanical Protection Plan:
insurance checked below through the / / Buyers have elected to buy a
Seller and Buyers agree to pay the Mechanical Protection Plan. Buyers
additional cost which is shown in 4A agree to pay the additional cost of
of the Itemization above. This cost $_______. This cost is included in
is included in the Amount Financed. the Cash Price. Some substantial
Buyers understand that they must part of this cost may be paid to
read the insurance policy for or retained by Seller.
exact coverages and exclusions.
CHECK ONE
Insurance Company:______________ Term:______ months Premium
/ /Physical damage insurance / /
(including personal effects coverage) $___________
/ / $______Deductible Collision $___________
/ / $______Deductible Comprehensive including Fire,
Theft and Combined Additional Coverage $___________
Total Required Physical Damage Insurance $___________
Optional, if desired / / Towing and Labor Costs / /Rental Reimbusement
/ / CB Radio Equipment $____________
/ / Buyers have bought, or will buy, required coverage through:
Insurance Company or Agent______________________
THE INSURANCE, IF ANY, REFERRED TO IN THIS CONTRACT DOES NOT INCLUDE COVERAGE
FOR BODILY INJURY LIABILITY, PUBLIC LIABILITY AND PROPERTY DAMAGE LIABILITY
OR COMPLY WITH ANY MINIMUM STATE LIABILITY LAWS.
Optional Credit Insurance: Credit life insurance and credit disability
insurance are not required to obtain credit, and will not be provided unless
a Buyer signs and agrees to pay the additional cost, which will be included in
the Amount Financed.
Type Premium Term (months) Signature
Credit Life / /Single Coverage $____ I want credit life __________
/ /Joint Coverage $____ insurance. Signature
Credit Disability $ I want credit disability _________
insurance. Signature
CREDIT LIFE AND DISABILITY INSURANCE: If Buyers elect credit insurance coverage
and are accepted by the insurance company, the terms and conditions will be as
described in the policies or certificates issued by the insurance company. The
original amount of the decreasing term credit life insurance will not exceed
$____ Credit disability insurance payments will equal the monthly payment amount
but will not be more than $____. Insurance Company:__________________.
LIFE AND DISABILITY INSURANCE MAY NOT COVER THE ENTIRE AMOUNT DUE UNDER THIS
CONTRACT. BUYERS MUST SEE THEIR POLICY OR CERTIFICATE FOR EXACT COVERAGE.
BUYERS UNDERSTAND THAT SELLER OR HOLDER OF THIS CONTRACT EXPECTS TO PROFIT
FROM THE SALE OF INSURANCE AND ANY MECHANICAL PROTECTION PLAN. BUYERS CONSENT
TO THIS.
RECEIPT OF PROPERTY AND PROMISE TO PAY: Xxxxxx agree that they have received the
property described above, and have accepted delivery of the property in good
condition. Buyers promise to pay to the Seller at its address shown above the
Total of Payments shown on this contract in accordance with the terms of this
contract. Those terms are printed on both sides of this document.
Seller intends to sell this Contract to SunStar Acceptance Corporation.
That sale may be at a discount, so that Seller will receive less than the Amount
Financed. Seller may also share in a part of the interest you will pay. The
Finance Charge and other terms of this Contract may not be the best financing
terms you could obtain elsewhere. If you can obtain cheaper financing elsewhere,
you should consider doing so and paying the Seller all cash.
NOTICE TO THE BUYER: 1. Do not sign this contract before you read it or if
it contains any blank space. 2. You are entitled to a completely filled-in copy
of this contract. 3. Under the law, you have the right to pay off in advance the
full amount due and under certain conditions to obtain a partial refund of the
finance charge.
Buyers agree that at the time they signed they received a copy of this RETAIL
INSTALLMENT CONTRACT.
Accepted _________________ ___________________________________(SEAL)
Seller Signature of Buyer
By_______________________(SEAL) ___________________________________(SEAL)
Signature and Title Signature of Co-Buyer
Co-Buyers and Other Owners: A co-buyer is a person who is responsible for
paying the entire debt. An other owner is a person whose name is on the title to
the property but does not have to pay the debt. The co-buyer or other owner
knows that the Seller has a security interest in the property and consents to
the security interest.
Other owner signs here ________________ Address___________________________
Notice: The terms of this contract
are contained on both sides of this
page.
OTHER IMPORTANT AGREEMENTS
Ownership and Risk of Loss: Buyers agree to pay the Seller all that they
owe under this contract even if the property is damaged, destroyed or missing.
Buyers agree not to sell, transfer, or remove the property from Xxxxx's
possession at the address on this contract without the Seller's permission.
Buyers also agree that Buyers will not sell or otherwise transfer ownership of
the property securing this contract without immediately paying the Seller all
amounts still owing on this contract. If Buyers wish to sell or transfer the
property securing this contract to someone who agrees to assume the balance of
this contract. Buyers must obtain the written approval of the Seller to the
assumption, or the Seller may ignore the assumption, and Xxxxxx will remain
primarily liable for the balance owing. Buyers agree not to expose the property
to misuse or confiscation. Buyers agree to keep the property repaired and in
good condition. Buyers agree that the property will not be used in any manner
contrary to any law. Buyers will make sure the Seller's security interest (lien)
on the property is shown on the title. If the Seller pays any repair bills,
storage bills, taxes, fines, or other charges on the property. Buyers agree to
repay the amount when the Seller asks for it. Buyers agree to comply with all
registration, licensing, tax and title laws applicable to the property.
Security Interest: Buyers are giving the Seller a security interest in the
property being purchased and all proceeds and products of insurance and
mechanical protection plans financed hereunder. This secures payment of all
amounts Buyers owe in this contract and in any transfer, renewal, extension or
assignment of this contract. The security interest also secures all promises
made by Xxxxxx in this contract.
Prepayment Refund: Buyers can prepay all of their debt and get a refund of
part of the Finance Charge. The refund will be figured by the actuarial method
based on the assumption that payments were made as originally scheduled or, if
deferred, as deferred. Buyers agree that Seller may first deduct a $10.00
acquisition charge. No refund will be paid to Buyers if it is less than $1.00.
However, in no event will the credit be less than the minimum refund required by
law.
Required Physical Damage Insurance: Buyers agree to have physical damage
insurance with deductables acceptable to the Seller covering loss or damage to
the property for the term of this contract. At any time during the term of this
contract, if Buyers do not have physical damage insurance which covers both
their interest and the Seller's interest in the property, then the Seller may
buy it for the Buyers. If the Seller does not buy physical damage insurance
which covers both interests in the property, it may, if it decides, buy
insurance which covers only the Seller's interest.
The Seller is under no obligation to buy any insurance, but may do so if it
desires from an insurer of its choice. If the Seller buys either of these
coverages, it will let Buyers know what type it is and the charge (based on the
insurer's filed rates) Buyers must pay. The charge will consist of the charge
for such insurance and a finance charge at the Annual Percentage Rate shown on
the contract and will be added to the contract. The charge for such insurance
and finance charge will be payable over the remaining term of the insurance or
the contract, whichever is less. If permitted by law, Seller may collect such
charges over the remaining term of the contract even if it is longer. Buyers
agree to pay the charge in equal installments along with the payments shown on
the payment schedule.
If the property is lost or damaged, Buyers agree that the Seller can use
any insurance settlement either to repair the property or to apply to the
Buyers' debt.
WARNING
UNLESS YOU PROVIDE US WITH EVIDENCE OF THE INSURANCE COVERAGE AS REQUIRED
BY THIS CONTRACT, WE MAY PURCHASE INSURANCE AT YOUR EXPENSE TO PROTECT OUR
INTEREST. THIS INSURANCE MAY, BUT NEED NOT, ALSO PROTECT YOUR INTEREST. IF THE
COLLATERAL BECOMES DAMAGED, THE COVERAGE WE PURCHASE MAY NOT PAY ANY CLAIM YOU
MAKE OR ANY CLAIM MADE AGAINST YOU. YOU MAY LATER CANCEL THIS COVERAGE BY
PROVIDING WRITTEN EVIDENCE TO SELLER THAT YOU HAVE OBTAINED PROPER COVERAGE
ELSEWHERE.
YOU ARE RESPONSIBLE FOR THE COST OF ANY INSURANCE PURCHASED BY US. THE COST
OF THIS INSURANCE MAY BE ADDED TO YOUR CONTRACT BALANCE. IF THE COST IS ADDED TO
THE CONTRACT BALANCE, THE INTEREST RATE ON THE UNDERLYING CONTRACT WILL APPLY TO
THIS ADDED AMOUNT. THE EFFECTIVE DATE OF COVERAGE MAY BE THE DATE YOUR PRIOR
COVERAGE LAPSED OR THE DATE YOU FAILED TO PROVIDE PROOF OF COVERAGE.
THE COVERAGE WE PURCHASE MAY BE CONSIDERABLY MORE EXPENSIVE THAN INSURANCE
YOU CAN OBTAIN ON YOUR OWN AND MAY NOT SATISFY OHIO'S MANDATORY LIABILITY
INSURANCE LAWS.
YOU ACKNOWLEDGE AND AGREE THAT SELLER MAY BENEFIT FROM THE PURCHASE OF
SUCH INSURANCE BECAUSE IT OR A RELATED ENTITY MAY RECEIVE OR RETAIN A
SUBSTANTIAL COMMISSION OR OTHER COMPENSATION.
Late Charge: If any part of a payment is more than 10 days late, Buyers will
have to pay a late charge of five cents for each dollar of the payment which is
late or $3.00, whichever is less. Acceptance of a late payment or late charge
does not excuse the Buyers' late payment or mean that Buyers can keep making
payments after they are due. The Seller may also take the steps set forth below
if there is any late payment.
Insurance or Optional Protection Plans: This contract may contain charges
for insurance or optional protection plans. If the property is repossessed,
Buyers agree that the Seller may claim benefits under these coverages and
terminate them to obtain refunds for unearned charges.
Insurance or Protection Plan Charges Returned to Seller: If any change for
required insurance is returned to the Seller, it may be credited to the Buyers'
account or used to buy similar insurance or insurance which covers only the
Seller's interest in the property. Any refund on optional insurance or
protection plans obtained by the Seller will be credited to the Buyer's account.
Credits to the Buyers' account will be applied to as many of the Buyer's
installments as they will cover, beginning with the final installment. Buyers
will be notified of what is done.
Required Repayment in Full Before the Scheduled Date: If Buyers fail to pay any
payment within 30 days after its due date or if Buyers break any of the
agreements in this contract (default), the Seller can demand that Buyer pay all
that they owe on this contract at once. In figuring what Buyers owe, the Seller
will give Buyers a refund of part of the Finance Charge figured the same as if
they had prepaid in full.
Repossession of the Property for Failure to Pay: If Buyers fail to pay any
payment within 30 days after its due date or if Buyers break any of the
agreements in this contract (default), the Seller shall have the right in
accordance with state law to enter onto land or in a building without breach of
the peace and take the property in which it has a security interest
(repossession). The Seller may exercise this right without notice to Buyers. If
there are any personal belongings in the property, such as clothing and tools,
the Seller may store the items. However, the Seller does not have to store them
and will not be responsible for the items beyond what the law may require. Any
accessories, equipment or replacement parts will remain with the property.
Getting the Property Back After Repossession: If the Seller repossession the
property, Buyers have the right to get it back (redeem) by curing their default
as allowed by the Ohio Retail Installment Sales Act or by redeeming the
property as permitted by the Ohio Uniform Commercial Code Buyer's right to
redeem will end when the property is sold in accordance with applicable Ohio
law.
Sale of the Repossessed Property: The Seller will send Buyers a written notice
of sale at least 10 days before selling the property. If Buyers do not redeem
the property by the date on the notice, the Seller can sell the property at
public sale. The Seller will use the net proceeds of the sale to pay all or
part of the Buyer's debt.
If Buyers owe the Seller less than the net proceeds of sale, the Seller
will pay Buyers the difference, unless required to pay it to someone else. For
example, the Seller may be required to pay a lender who has given the Buyers a
loan and also taken a security interest in the property.
If Buyers owe more than the net proceeds of sale, Buyers may be required to pay
the Seller the difference between the net proceeds of sale and what they owe.
If Buyers do not pay this amount, Buyers may also be charged interest at the
highest lawful rate until they do pay all that they owe to the Seller.
Default: Seller may file suit against Buyer if Xxxxx fails to do anything
Xxxxx has agreed to do in this contract, including a demand to pay a
deficiency balance in the event of repossession.
Delay in Enforcing Rights and Charges of this Contract: The Seller can delay or
refrain from enforcing any of its rights under this contract without losing
them. For example, the Seller can extend the time for making some payments
without extending others. Any change in terms of this contract must be in
writing and signed by the Seller. No oral changes are binding. If any part of
this contract is not valid, all other parts will remain enforceable.
Interest after Maturity: Buyers further agree to pay interest at the Annual
Percentage Rate shown on this contract on any amounts which remain unpaid after
the maturity of this contract.
Warranties Seller Disclaims: If this is a used vehicle to which the FTC
Used Motor Vehicle Trade Regulation Rule applies, Buyers should see window form
for any applicable warranties. In the case of all other vehicles, Buyers
understand that the Seller is not offering any warranties and that there are no
implied warranties of merchantability, of fitness for a particular purpose, or
any other warranties, express or implied by the Seller, covering the property
unless it is of a type obtained primarily for personal, family, or household
use, or the Seller extends a written warranty or protection plan within 90 days
from the date of this contract.
An implied warranty of merchantability generally means that the property is fit
for the ordinary purpose for which such property is generally used. A warranty
of fitness for a particular purpose is a warranty that may arise when the Seller
has reason to know the particular purpose for which Buyers require the property
and Buyers rely on the Seller's skill or judgment to furnish suitable property.
This provision does not affect any warranties covering the property which may be
provided by the manufacturer of the property.
Meaning of Buyers and Seller: The word "Buyers" means one or more persons who
are purchasing property from the Seller and financing the purchase by this
contract. The word "Seller" includes any person or corporation to whom this
contract may be sold or assigned.
Notices to Buyer: Any notice to Buyer shall be deemed to be delivered on the day
it is posted in the U.S. mail and addressed to the Buyer at the address shown on
this contract, or the address then currently on file with the Seller.
Governing Law: The terms of this contract shall be governed by the laws of
Ohio.
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.
The preceding NOTICE applies only to goods or services obtained primarily for
personal, family, or household use. In all other cases, Xxxxx will not assert
against any subsequent holder or assignee of this contract any claims or
defenses the Buyer (debtor) may have against the Seller, or against the
manufacturer of the property obtained under this contract.
TERMS OF XXXXXXX' ASSIGNMENT
Effective upon receipt of payment therefor, we hereby sell and assign this
contract (but not our obligations hereunder) and all interest in the property
described on the front hereof (the "vehicle") and our rights under any related
guaranty and any related insurance or mechanical protection plan to SunStar
Acceptance Corporation ("assignee") without recourse as to Buyer's obligation of
payment, except as may be otherwise provided in any Dealer Agreement between us,
with full power to assignee in assignee's or our name to collect and discharge
the same and to take all such legal or other proceedings as we might take, save
for this assignment. We warrant that the contract and any guaranty are genuine,
legally valid and enforceable; we have complied with all applicable Federal and
State laws and regulations (including those imposing disclosure requirements)
relating to the contract and the establishment of the contract; we hereby convey
good title thereto; all statements of facts therein are true, the Buyer was
quoted the cash price and the total sale price as stated therein and we did not
increase the price of the vehicle above that which would have been sought and
charged in an all-cash transaction; no part of the down payment shown as paid in
cash is owing by loan or note and any trade-in shown was received by us for the
allowance stated therein; all statements made by Buyer on any forms related
thereto are true to our knowledge and belief; we have conveyed clear title to
the vehicle to Buyer, free of all liens and encumbrances, except for this
contract; Buyer is not a minor and has capacity to contract; a Certificate of
Title showing the first lien or encumbrance in assignee's favor has been or will
be forthwith obtained, with the lien thereon perfected as of the date of the
contract, if permitted by law. We further warrant and agree to abide by all
agreements, warranties or guaranties, either express, implied or required by
law, afforded Buyer relative to the vehicle, and warrant that the vehicle has
been delivered to and accepted by the Buyer and was then in good working order
and condition. All warranties herein contained are made to induce assignee to
purchase this contract and if there is a breach of any, or if Buyer withholds
payment because Buyer alleges any claim, defense or set-off against us, without
regard to assignee's or our knowledge or lack of knowledge with respect thereto
or assignee's reliance thereon, we will on demand purchase this contract from
assignee for the balance then remaining unpaid, plus any and all damages, costs
and expenses paid or incurred in respect thereto; in addition, if Xxxxx recovers
any amounts from assignee as a result of such claim, we will reimburse assignee
for its reasonable legal fees and such amounts paid to Buyer. We waive all
demands and notice of default and consent that, without notice to us, assignee
may extend time to or fail to pursue or release by operation of law or
otherwise, any rights against Buyer or any other obligor. If the vehicle is
repossessed we will apply for and pay to assignee on demand any applicable
refunds on any mechanical service contract, credit life or disability insurance
or any similar arrangement. If we and assignee are parties to any Dealer
Agreement or other similar agreement the terms of that agreement shall govern
this assignment in the event of any conflict. Assignee's acceptance of the
foregoing assignment shall be evidenced by its payment to us of the purchase
price therefor. Our signature to the contract shall be our signature to this
assignment as well.
(SEE OTHER SIDE FOR SELLER'S SIGNATURE TO ASSIGNMENT)
