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Section 8

Motor Vehicle Financing


8.1 Terms of Financing

  1. Civil Code §2981 et. seq. (Motor Vehicle Sales and Finance Act) and Code of Federal Regulations "Z" (Truth in Lending Regulations) require financing terms be disclosed in every conditional sales contract. These terms include the following:
    1. Name of Creditor,
    2. Amount Financed (including itemization breakdown),
    3. Finance Charge,
    4. Annual Percentage Rate,
    5. Payment Schedule,
    6. Total of Payments,
    7. Total Sale Price,
    8. Prepayment and late payment penalties, if applicable,
    9. Other terms set forth in Code of Federal Regulations §226.18, as applicable,
    10. See C.F.R. §§226.1 et. seq. for details and form of disclosures.
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