Tractor Service Financing Legal Disclosures
These are required legal disclosures in service financing FAQs ---
- Amount Financed: The total dollar amount being financed by the lender or service provider must be clearly stated.
- Finance Charge: The total cost of credit, including interest and all fees, itemized and disclosed fully.
- Annual Percentage Rate (APR): The APR must be provided, expressing the cost of credit as a yearly rate to allow comparison.
- Term of Financing: The length of the financing arrangement, specifying the number and frequency of payments.
- Total of Payments: The sum total the borrower will pay over the term, including principal and finance charges.
- Payment Schedule: Details of amount, due dates, and frequency of payments.
- Prepayment Terms: Disclosure of any penalties or fees for paying off the financing early.
- Collateral Description: Information on any equipment or property held as security or subject to liens related to the financing.
- Other Fees and Charges: Disclosure of all potential additional charges, such as late fees, service fees, or insurance requirements.
- Signatures and Consent: Borrower acknowledgment and consent for financing terms, often including electronic signature acceptance.
These disclosures are mandated by commercial financing laws, such as New York's Commercial Finance Disclosure Law (CFDL), and similar regulations at state and federal levels. They aim to ensure transparency and prevent surprises in financing agreements for commercial and farm equipment services.
Including these disclosures upfront in FAQs or documents provided with service financing offers helps customers make informed decisions and ensures compliance with lending laws.
If you need any further help or have any questions about service, tractors, implements, or anything else equipment-related, please contact your dealer, local mechanic, or call us at 602-704-3007. Please ask about our current new and used tractor supply.
If you are looking for old, vintage, classic, or new tractor parts, send us a part request.
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