RSA 361-A:18 · Sale Contingent on Financing Approval or Spot Delivery

361-A:18 Sale Contingent on Financing Approval or Spot Delivery. – Prior to a retail buyer taking possession of the motor vehicle, any retail seller who delivers a motor vehicle to a retail buyer before the retail seller has obtained financing approval from a sales finance company or bank shall provide a disclosure containing the following language in a size equal to at least 10-point bold type, which must be signed by the retail buyer: "The retail seller of the motor vehicle has not obtained financial approval for the terms contained in the retail installment contract from a sales finance company or bank. If the retail seller obtains financial approval from a sales finance company under the terms of the retail installment contract, the sale shall be final and binding on the retail seller and the retail customer. If final approval of the terms of the retail installment contract cannot be obtained from a sales finance company, the retail installment contract shall be canceled. The retail seller shall return to the buyer any consideration received in the transaction, including, but not limited to, any motor vehicle traded in, any deposit, and any fees paid by the buyer. The buyer shall, upon being notified that the retail seller was unable to obtain financing approval, return the motor vehicle to the retail seller." Source. 2024, 330:1, eff. July 1, 2024.

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