The property includes mobile homes, but not if the instalment payment contract also covers the property in which the mobile home is located. §56-1-1(A). A loan is a transaction between you and a bank or other lender for money where you use the money to buy a vehicle and agree to repay the balance of the loan plus interest. An installment retail, on the other hand, is a transaction between you and the dealer to purchase a vehicle, where you agree to pay the dealer over time and pay both the value of the vehicle and interest. A merchant could sell the installment purchase agreement to a lender or other party. §56-1-2. The instalment payment contract does not have to be defined in a single document. One. Disclosures must be made in writing and written disclosures must be given to the consumer for publication. b. (i) Exceptions to the segregation requirement: • The breakdown of the amount financed may not be included in the separate information, and • the identity of the creditor, the example of the variable interest rate, the information to be provided on insurance and interest in securities commissions may be included or excluded in the separate information.

12 C.F.R. §226.17(a)(1), fn. 38. A retail hire-purchase agreement is slightly different from a loan. Both options are ways for you to get a vehicle by agreeing to make payments over time. In both cases, you are usually bound by the agreement after signing. 1. Requirements for Installment Purchase Agreements Under the Retail Installment Purchase Act A retail installment purchase agreement must be in writing, dated, signed by the buyer, and completed in connection with certain essential provisions, including: Under the Federal Truth in Credit Act (TILA), car dealers must provide consumers with detailed information about the credit terms for the purchase of a vehicle.

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