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IS 1028 (5/15) Department of Insurance and Financial Services Page 10 of 11License No. ___ For Official Use Only Bond No. ___BOND DEPOSITORY SALES FINANCE COMPANY AND/OR OUTOFSTATE DEPOSITORY INSTITUTIONS
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How to fill out motor vehicle retail installment
How to fill out motor vehicle retail installment
01
Obtain a copy of the motor vehicle retail installment contract form.
02
Fill in all the required information accurately, such as the buyer's and seller's details, vehicle description, and terms of the agreement.
03
Review the contract carefully to ensure all terms are correct and agreeable.
04
Sign the contract along with the seller and any other required parties.
05
Make sure to keep a copy of the completed contract for your records.
Who needs motor vehicle retail installment?
01
Individuals looking to finance the purchase of a motor vehicle.
02
Car dealerships and sellers offering financing options to their customers.
03
Lenders or financial institutions providing credit for vehicle purchases.
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What is motor vehicle retail installment?
A motor vehicle retail installment is a financing agreement for the purchase of a vehicle where the buyer makes installment payments to the seller.
Who is required to file motor vehicle retail installment?
Any individual or entity who sells vehicles on an installment basis is required to file motor vehicle retail installment.
How to fill out motor vehicle retail installment?
To fill out a motor vehicle retail installment, the seller must provide information about the vehicle, buyer, terms of the agreement, and payment schedule.
What is the purpose of motor vehicle retail installment?
The purpose of a motor vehicle retail installment is to provide financing options for buyers who cannot pay for the vehicle upfront.
What information must be reported on motor vehicle retail installment?
The information that must be reported on a motor vehicle retail installment includes details about the vehicle, buyer's information, terms of the agreement, and payment schedule.
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