noninstallment credit
Consumer credit arranged to be repaid in a single payment. • Examples
noninstallment credit Read More »
Search Results for: installment credit
installment credit
Consumer credit scheduled to be repaid in two or more payments, usu. at regular intervals. • The seller ordinarily exacts finance charges.
installment credit Read More »
disguised installment sale
Bankruptcy. A debtor’s leasing ploy to try to keep property outside the bankruptcy estate, whereby a lease either presents the lessee-debtor with a bargain purchase option or transfers title to the lessee-debtor at the end of the lease term. • When such a lease is discovered, the property is treated as part of the bankruptcy
disguised installment sale Read More »
retail installment contract
A contract for the sale of goods under which the buyer makes periodic payments and the seller retains title to or a security interest in the goods. — Also termed retail installment contract and security agreement; conditional sales contract. Cf. chattel mortgage under MORTGAGE. [Cases: Consumer Credit 4. C.J.S. Interest and Usury; Consumer Credit §§
retail installment contract Read More »
installment sale
installment sale. A conditional sale in which the buyer makes a down payment followed by periodic payments and the seller retains title or a security interest until all payments have been received. — Also termed installment plan; retail installment sale. [Cases: Sales 82(4).] disguised installment sale. Bankruptcy. A debtor’s leasing ploy to try to keep
credit life insurance
Life insurance on a borrower, usu. in a consumer installment loan, in which the amount due is paid if the borrower dies.
credit life insurance Read More »
self canceling installment note
A debt obligation that is automatically extinguished at the creditor’s death. • Any remaining balance on the note becomes uncollectible. Self-canceling notes are typically used in estate planning. — Abbr. SCIN.
self canceling installment note Read More »
carrying charge
carrying charge. 1. A cost, in addition to interest, paid to a creditor for carrying installment credit. 2. Expenses incident to property ownership, such as taxes and upkeep.
time price differential
time-price differential. 1. A figure representing the difference between the current cash price of an item and the total cost of purchasing it on credit. [Cases: Consumer Credit 4; Usury 32. C.J.S. Interest and Usury; Consumer Credit§§ 124–125, 280, 284–293.] 2. The difference between a seller’s price for immediate cash payment and a different price
time price differential Read More »
finance charge
finance charge. An additional payment, usu. in the form of interest, paid by a retail buyer for the privilege of purchasing goods or services in installments. • This phrase is increasingly used as a euphemism for interest. See INTEREST(3). [Cases: Consumer Credit 52; Usury 53. C.J.S. Interest and Usury; Consumer Credit §§ 162, 165–168, 328.]