{"id":32363,"date":"2008-03-26T16:35:41","date_gmt":"2008-03-26T21:35:41","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/uncategorized\/buying-on-time.html"},"modified":"2008-03-26T16:35:41","modified_gmt":"2008-03-26T21:35:41","slug":"buying-on-time","status":"publish","type":"corporate","link":"https:\/\/corporate.findlaw.com\/finance\/buying-on-time.html","title":{"rendered":"Buying On Time"},"content":{"rendered":"
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n\n

What These Words Mean<\/h3>Interest<\/i> – Money paid for the use or borrowing of moneyMerchandise<\/i> – To buy or sell thingsTransaction<\/i> – A business dealRepossess<\/i> – To take something back when payments are not made

What is Buying on Time?<\/h3>

Payments are spread over a period of months or years.<\/p>

What Kinds of Things are Usually Bought on Time?<\/h3>
  • Automobiles<\/li>
  • Refrigerators\/freezers<\/li>
  • Stoves<\/li>
  • Furniture<\/li>
  • Jewelry<\/li><\/ul>

    What is a Time Sales Contract?<\/h3>

    An agreement to pay weekly, every two weeks, or monthly, at a price more than would be paid if cash were used. The seller must tell the buyer:<\/p>

    • the cash sale price<\/li>
    • down payment (cash or trade-in)<\/li>
    • the amount financed<\/li>
    • number of payments<\/li>
    • yearly interest rate<\/li><\/ul>

      What is Credit Insurance?<\/h3>

      Item will be paid in full if buyer should die or become ill.<\/p>

      Why Should You Carefully Read a Contract Before Signing?<\/h3>
      • Papers signed are legal<\/li>
      • You must make payments at certain times<\/li>
      • Seller has the right to take back merchandise if agreement is not kept<\/li>
      • Get advice about things you do not understand in the contract<\/li><\/ul>

        When Can Your Time Sales Contract be Sold?<\/h3>

        Once the deal is completed, the seller may sell your contract to a bank or loan company.<\/p>

        The new bank or loan company then collects from you.<\/p>

        What Should You Know About Interest Rates?<\/h3>

        Ask to see the Missouri law which explains the amount of interest that can be charged.<\/p>

        Interest rates can be as much as 21 1\/2%.<\/p>

        General Practice<\/h3>

        The buyer may pay off the loan at any time.<\/p>

        What is "90 Days Same as Cash" Time Sales?<\/h3>

        Interest-free loans must be paid in full by the end of 90 days.<\/p>

        What is Expected of the Buyer?<\/h3>
        • Pay on time and at a certain place.<\/li>
        • Pay a fee for late payments.<\/li>
        • Continuous late payments may mean a lawsuit or that seller may repossess the merchandise.<\/li><\/ul>

          What are the Duties of the Seller if the Buyer Does Not Pay?<\/h3>
          • Notify in writing what is to happen<\/li>
          • The buyer must be given a certain time to catch up on payments.<\/li>
          • Two such notices are required on the same contract.<\/li><\/ul>

            Can Your Wages be Tied Up?<\/h3>

            Yes, if the seller sues and wins.<\/p>

            What is Meant by Co-Signer?<\/h3>

            Someone else signs the sales contract with you, and is responsible for payments.<\/p>

            What are Some Things to Remember Before Buying on Time?<\/h3>
            • Understand your contract fully.<\/li>
            • Read every paper carefully before signing.<\/li>
            • Co-signer is responsible for full payment of the debt.<\/li>
            • A buyer must be given notice and time to make up missed payments.<\/li>
            • If a seller takes back merchandise, he may sue for more than the loan.<\/li>
            • Decide whether it is cheaper to buy on time or pay cash.<\/li>
            • You are to make payments on time. If you have a good reason for being late, discuss your problem with the seller. It may be possible to work out a plan for paying.<\/li><\/ul>

              For Legal Advice, See Your Lawyer<\/h3>

              If you need help finding a lawyer call The Missouri Bar Lawyer Referral Service at 573\/636-3635.<\/p>

              In St. Louis, call
              314\/621-6681
              In Kansas City, call
              816\/221-9472
              In Greene County, call
              417\/831-2783<\/p>

              The Missouri Bar, P.O. Box 119, Jefferson City, MO 65102-0119<\/b><\/font><\/center><\/div>","protected":false},"excerpt":{"rendered":"

              Interest – Money paid for the use or borrowing of moneyMerchandise – To buy or sell thingsTransaction – A business dealRepossess – To take something back when payments are not made Payments are spread over a period of months or years. Item will be …<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_categories":[6480,6479,6482],"class_list":["post-32363","corporate","type-corporate","status-publish","hentry","corporate_categories-finance__bankruptcy","corporate_categories-finance","corporate_categories-finance__other-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate\/32363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=32363"}],"wp:term":[{"taxonomy":"corporate_categories","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_categories?post=32363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}