General Notice:
This update release is scheduled to occur on the morning of March 1st, 2024.
Forms
Forms | 40000-TX Retail Installment Contract - F4500 | Affects Texas Locations
For Texas only, the following changes were made to the Texas Retail Installment Contract, some of which resulted from a business decision and others in response to OCCC concerns: text and $ amount ("Including sales tax of $_______") were removed from the Cash Price of Vehicle line in the itemization - note, the sales tax is listed below on a separate line item in the Texas itemization and this revision closes the loop and prevents confusion and the potential for “douple-dipping.”; also in the itemization, + and = signs were added to the last two items to more clearly show that the Amount Financed is inclusive of the sales tax; text was removed from the first line in the Promise to Pay provision relating to the unpaid portion of the Amount Financed; the last sentence in the Returned Payment Charge provision regarding the fee and unpaid balance was removed because such fees are not permitted to be added to the balance that earns a finance charge; the Use of Vehicle provision was revised to be more clear that amounts advanced are not added to the principal balance; the Rights After Default provision was revised to clarify that late charges, etc., are not part of the principal balance and not subject to the finance charge; the Balloon Payment and Postponement of Payment Due Dates provisions were removed; and the footer date was changed to reflect the date of the RIC update.
Forms | 40000-WI Retail Installment Contract - F4500 | Affects Wisconsin Locations
For Wisconsin only, the Retail Installment Contract was updated to remove the Postponement of Payment Due Dates provision.