Can you tell me if a buy here pay here used car sales dealer in Florida can create their own retail installment sales contract with their own terms or do they have to follow the federal guidelines/verbiage?

Can you tell me if a buy here pay here used car sales dealer in florida can create their own retail installment sales contract with their own terms or do they have to follow the federal guidelines/verbiage?



They have to follow Federal law, not Federal guidelines which are just that - guidelines for the public.

What exactly is the situation?

I have seen buy here/pay here used car dealers in my area - I'm in NY - have a provision where the car can be reposssed and the owner forfeits any payments if one month's payment is 24 hours late.

Hello k:

The federal government doesn't regulate car sales, and has NO guidelines or verbiage to follow.

excon

Most buy here pay here create their own sales documents.

Most are actually fairly simple, you are one day late, there are a lot of fees added, if you are over a number of days they come get the car.

Hello k:

The federal government doesn't regulate car sales, and has NO guidlines or verbiage to follow.

excon



I was thinking in terms of the entire sale, including taxes, interest, paperwork. I believe some of that is regulated by States following Federal guidelines.

Also - I said "They have to follow Federal law, not Federal guidelines which are just that - guidelines for the public" and that was in reverse.

It should have been "They have to follow Federal guidelines, not Federal law which are just that - guidelines for the public."

Can you tell me if a buy here pay here used car sales dealer in florida can create their own retail installment sales contract with their own terms or do they have to follow the federal guidelines/verbiage?

It all depends; what guidelines do you think the dealer stepped out of? What terms did they set forth that you don't feel are legal and/or reasonable?

In Texas the Texas Department of Transportation and Office of Consumer Credit handles all the rules and regs for all car purchases.