The Buy Here Pay Here Agreement is a contract that binds the buyer and seller to each other. It's important for buyers to understand their rights, which vary from state-to-state with regards to what can be included in the contract. One of these provisions might include an interest rate cap on your loan, which will prevent you from being charged with exorbitant rates when your credit isn't perfect. The Buy Here Pay Here Agreement also provides protection for sellers who don't have a lot of experience dealing with customers or managing customer finances. This way they know up front how much money they'll make and it won't be any more than what was agreed upon at the start.
Here, you will see quite a few information about buy here pay here agreement PDF. You may find out its size, the actual time to fill out the form, the fields you should fill in, etc.
| Question | Answer |
|---|---|
| Form Name | Buy Here Pay Here Agreement |
| Form Length | 3 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 45 sec |
| Other names | buy here pay here loan agreement, buy here pay here contract sample, dealer buy here pay here contract, buy here pay here forms and agreement pdf |
Occupational Licensing Industry News |
OLIN |
New Requirements for
New Information
Effective January 1, 2013, legislation imposes new requirements on licensed vehicle dealers meeting the definition of a
BHPH Dealer Defined
A BHPH dealer is a dealer as defined by California Vehicle Code (CVC) §§241 and 285 that does the following:
Enters into conditional sales contracts (California Civil Code (CCC) §2981(a)) or lease contracts (CCC §2985.7(d)) and is subject to specified provisions of CCC, Title 14, Division 3, Part 4, governing vehicle sales financing and leasing, except that a “conditional sales contract: does not include a contract for the sale of a motor vehicle if all amounts owed under the contract are paid in full within 30 days.”
Assigns less than 90 percent of all unrescinded conditional sales and lease contracts to unaffiliated
BHPH dealer exclusions:
A lessor who primarily leases vehicles two model years old or newer.
A dealer that certifies 100 percent of its vehicles pursuant to CVC §11713.18 by maintaining an
BHPH Dealer Requirements
The new legislation requires BHPH dealers, on every vehicle (as defined by CVC §670) sold or leased, to:
Restrict the use of global positioning satellite (GPS) and starter interrupt devices, unless the buyer has been advised. As with all consumer advisory requirements, the department recommends the advisory statement be in writing and the buyer’s signature is obtained on such written document.
Affix and prominently display a label on any used vehicle offered for retail sale that states the reasonable market value of the vehicle. The label must meet all of the following conditions:
State of California, Department of Motor Vehicles. All rights reserved. |
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BHPH Dealer Requirements, CONTINUED
Provide the prospective buyer of the used vehicle a copy of any information obtained from a nationally recognized pricing guide that the dealer used to determine the reasonable value of the vehicle.
Display the Used Car Buyers Guide listing all warranty information and parts covered.
Issue a BHPH dealers written warranty
pass a California emissions test.
Additional Provisions
A BHPH dealer must either repair covered parts that fail or cancel the sale or lease and reimburse the buyer or lessee, as specified. For used vehicle rollback instructions, see the Vehicle Industry Registration Procedures Manual §11.040 available online at
http://www.dmv.ca.gov/pubs/reg_hdbk_pdf/ch11_transfers.pdf.
The BHPH dealer is required to pay 100 percent of the cost of labor and parts for any repairs under the warranty and may not charge for inspecting, or teardown of parts, or any deductible.
Voids any purchase or lease agreement that waives, limits, or disclaims these requirements.
Provides that a warranty is deemed to have been issued if the dealer fails to issue a warranty pursuant to provisions listed in CCC §1795.51, and CVC §§241, 665, 670. Prohibits a BHPH dealer from:
a.Requiring the buyer to make payments in person.
b.Repossessing the vehicle or charging a penalty fee following timely payment of a deferred down payment, as specified in CCC §1795.51.
c.Using electronic tracking or disabling devices after the sale, except as specified. Makes a violation of a, b, or c (above) a misdemeanor punishable by a fine of up to $1000.
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Background
This memo is an overview of the new BHPH dealer requirements. Refer to
CCC§§1795.51, 2981(a), 2983.37, and 2985.7(d), and CVC §§241 and 241.1 found on the California legislative information website at www.leginfo.ca.gov for the exact terms and requirements.
References
California Vehicle Code §§241, 241.1, 285, 665, 670, and 11713.18
California Civil Code §§1795.51, 2981(a), 2983.37, and 2985.7(d)
Distribution
Notification that this memo is available online at www.dmv.ca.gov/pubs/olin/olin.htm was made via California DMV’s Automated
Dealers Salespersons
Contact
Questions regarding this memo may be directed to the Occupational Licensing Compliance Unit, at (916)
MARY GARCIA, Chief
Occupational Licensing