CONTRACTS FOR SALE OF VEHICLES - Contract for Sale and Security Agreement for Sale of Vehicle With Precomputed or Add-on Interest - Effective October 1, 2012

Sep 16, 2026

Vehicle sale and security agreement covering precomputed or add-on interest, effective October 1, 2012. Includes buyer and creditor identification fields, disclosure information aligned with the Federal Truth in Lending Act, and detailed cost components such as annual percentage rate, finance charge, amount financed, total of payments, and total sales price. Provides a payment schedule framework, optional credit life and disability insurance selections, debt cancellation (GAP) coverage terms, property insurance guidance, and contract clauses addressing security interest, late charges, and prepayment refunds and penalties.

LanguageEnglish

CategoryLetters

FormatPDF

Pages14

Reading Time5 min

AccessFree to download

SECTION A

Buyer’s Name(s) and Creditor Information

SECTION B

Truth in Lending Disclosures

Insurance and Debt Cancellation (GAP)

Security, Late Charge, and Prepayment

SECTION C

Itemization of Amount Financed

CONTRACTS FOR SALE OF VEHICLES NFID File No. 97.003.2012 Effective October 1, 2012 Contract for Sale and Security Agreement for Sale of Vehicle With Precomputed or Add-on Interest to be Paid | Section A | | --- | | Section B | | Section C | | Section D | | Section E | SECTION A: Buyer’s Name(s): ............................................................................................................................... Name: Address: City:............................................................................... County:............................................... State: ............................................................................. Zip: ..................................................... Bus. Phone: Res. Phone: CREDITOR: Address: City:............................................................................... County:............................................... State: ............................................................................. Zip: ..................................................... Phone: (...........) ................................................................................................................................ .. Stock No.: Salesman: Date: SECTION B: DISCLOSURE MADE IN COMPLIANCE WITH FEDERAL TRUTH IN LENDING ACT. ANNUAL PERCENTAGE RATE The cost of your credit as a yearly rate. .................................................................................... % FINANCE CHARGE The dollar amount the credit will cost you. $ ................................................................ .............. Amount Financed The amount of credit provided to you or on your behalf. $ ......................................................... Total of Payments The amount you will have paid after you have made all payments as scheduled. $ ..................... Total Sales Price The total cost of your purchase on credit, including your down payment of $………………. $ Your Payment Schedule will be: Number of payments: .................................................................................................................... Amount of payments: .................................................................................................................... When payments are due: ............................................................................................................... Number of payments: .................................................................................................................... Amount of payments: .................................................................................................................... When payments are due: ............................................................................................................... Number of payments: .................................................................................................................... Amount of payments: .................................................................................................................... When payments are due: ............................................................................................................... INSURANCE AND DEBT CANCELLATION: Credit life insurance, credit disability insurance and debt cancellation coverage, which is also known as GAP coverage, are not required to obtain credit, and will not be provided unless you sign and agree to pay the additional cost. Credit life: Premium: $ Term: Signature(s): I want credit life insurance: Joint credit life: Premium: $ Term: Signature(s): We want joint credit life insurance: ................................................................................................ ... Credit disability: Premium: $ ................................................................ . Term: .......................... Signature(s): I want credit disab

FAQs

What disclosures are included to comply with the Federal Truth in Lending Act?

The agreement lists the annual percentage rate, finance charge, amount financed, total of payments, and total sales price, along with a payment schedule section.

Are credit life or credit disability insurance required?

They are not required to obtain credit and will not be provided unless the buyer signs and agrees to pay the additional cost.

What happens if a payment is late or if the buyer prepays?

If a payment is more than 10 days late, a late charge is assessed. If the buyer pays off early, the buyer may be entitled to a refund of the finance charge, subject to contract terms.

Sep 16, 2026

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