Hi there whether you've been approved for the cva program grant are in the process of completing your application or just want to expand your knowledge about purchase contracts you've come to the right place in this video we are going to cover a part of the purchasing process that isn't really talked about which is understanding the components of the purchase contract itself purchasing a vehicle is a big financial commitment so i'd like to take this time to review the sample contract with you to help you understand the ins and outs of a purchase contract before signing your own i will be covering the highlighted sections of this contract so let's get started starting with the basics you will see yours and the dealership's information on the top row the buyer refers to the program participant and the creditor seller refers to the approved dealership below the buyer and seller section you'll find information that identifies the vehicle being purchased starting with whether or not the vehicle is new or used if the vehicle is used we will need a vehicle history report and a signed and dated multi-point inspection from the dealership next the year please note that the vehicle cannot be more than 8 model years old then the make and model the odometer or miles a vehicle must have no more than 75 000 original miles in order to qualify for the program lastly the vehicle identification number also known as the vin if you financed your vehicle the federal truth and lending disclosure section will list the loan information such as the interest rate which cannot be higher than 12 to comply with the cva program policies this rate will affect your monthly payments the lower the rate the more of your monthly...
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How to prepare Motor Vehicle Retail Installment Sales Contract Form
About Motor Vehicle Retail Installment Sales Contract Form
A Motor Vehicle Retail Installment Sales Contract Form is a legal document used when buying a car, truck, or other motor vehicle from a dealership. It outlines the terms of the installment loan used to finance the purchase, including the interest rate, repayment schedule, and any additional fees. This form is required by state and federal laws and provides protection for both the buyer and seller. It ensures that all parties understand the terms of the transaction and what is expected of them. Anyone who is financing the purchase of a motor vehicle through a dealership needs a Motor Vehicle Retail Installment Sales Contract Form. This includes individuals, businesses, and organizations. It is important to carefully review and understand all the terms before signing the contract to avoid any misunderstandings or legal issues in the future.
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