We do buy here, pay here. One time finance charge $400-600. Payment of $200/month. Sold using generic purchase agreement form with costs spelled out. Want to go small claims court for unpaid money. Concern is we did not give any disclosure forms specifically stating what we would do in case of default. IS THIS A PROBLEM?
Buyers did sign the purchase agreement which showed finance and payment amounts. Want to make sure we are in compliance before going forward. Thank you.
You need to make sure you are compliant with all avenues of Truth in Lending Laws. If you are missing certain disclosures you may be fined up to 1,000.00 plus attorneys fees for the violation of TILA. Please feel free to contact my office for further assistance in firming up all of you contracts, Retail installment sales contracts, Retail Purchase Orders, etc. Also make sure your numbers always agree on the forms as well as mileage or you may find yourself facing an Automobile Cost Savings Act Statute violation. 203.870.6700
1 found this helpful