Contract for Sale and Security Agreement for Sale of Vehicle With Precomputed or Add-On Interest to Be Paid - Nevada

Contract for Sale and Security Agreement for Sale of Vehicle With Precomputed or Add-On Interest to Be Paid is a legal document that was released by the Nevada Department of Business and Industry - a government authority operating within Nevada.

FAQ

Q: What is a Contract for Sale and Security Agreement for Sale of Vehicle?A: It is a legal document used for the sale of a vehicle that includes a security agreement and specifies the payment terms.

Q: What is precomputed interest?A: Precomputed interest means that the interest is calculated and included in the total amount financed at the beginning of the loan.

Q: What is add-on interest?A: Add-on interest means that the interest is calculated based on the original amount financed and added to the total amount to be paid.

Q: What is a security agreement?A: A security agreement is a legal document that gives the lender a security interest in the vehicle until the loan is fully paid.

Q: What are the payment terms in the contract?A: The contract specifies the amount of the monthly payments, the duration of the loan, and any additional fees or charges that may apply.

Q: Is the contract enforceable in Nevada?A: Yes, the contract is legally binding and enforceable in Nevada.

Q: What happens if the borrower fails to make the payments?A: If the borrower fails to make the payments as specified in the contract, the lender has the right to repossess the vehicle.

Q: Can the contract be modified or cancelled?A: The contract can only be modified or cancelled with the agreement of both parties or as allowed by law.