An Installment Sales Contract is a contract in which a buyer takes possession of the property immediately but does not receive the deed and title until a series of payments (installments) have been made. The contract is used in cases where a buyer purchases good on an installment basis. For example, it is used in cases such as buying a car, a motor vehicle, real estate, or with other expensive items.
An Installment Sales Contract in retail, specifically, is a contract in which a buyer agrees to pay a seller for an item in installments, along with a financial charge or with the provision that the ultimate price will be higher than if the buyer had paid the full price initially. It's an agreement between a customer and a dealer, but not with a bank.
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