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FINANCE CODE CHAPTER 348. MOTOR VEHICLE INSTALLMENT SALES
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When you buy a new or preowned vehicle, prepare to sign several important legal documents. According to Capital One, Reference, and Motorologist, the contract that contains the agreed-upon terms of the sale is also called a buyer's order. Capital One notes that understanding these documents can help you achieve a smooth car buying experience. You will also be asked to review and sign the title, bill of sale, and other documents depending on the specific terms of your deal.
Buyer's Order for Car: Everything You Need to Know
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Under Texas Law, you do not have 3 days to cancel the purchase like you may with some transactions the dealer is required to register and title the vehicle in your name within 30 days, regardless of if you owe money on the vehicle to the dealer or another financier. As soon as the vehicle is registered in your name, the dealer should provide you with the original title application receipt from the Tax Assessor-Collector's office.
If you owe money on the vehicle, the original title will be sent to your financier. If you pay in full for the car when you purchase it, you will be mailed the original title.
Keep all payment receipts and other documents in a safe place. Do not keep them in the glove compartment. If the car is stolen, or if a dishonest dealer illegally repossesses the car, you will have no records of ownership or payment.
Make your payments on time. If the dealer or your Lender says that you can change the payment dates, or pay late, get it in writing. Get a receipt for each payment.
Texas dealerships have the legal right to repossess your car without prior notice, even in the middle of the night. Keep your records safe and up to date for your protection.
Buying a New or Used Car | Office of the Attorney General
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A buyer's order for a car is a business document that highlights key details about the dealer, buyer, and motor vehicle being sold if all parties agree to the transaction. A dealer prepares this document whenever a prospective car buyer wants to purchase a specific car off the lot.
An unsigned buyer's order is a nonbinding agreement that may identify the make, model year, vehicle identification number, and body style of the vehicle, as well as the sales price of the vehicle and the possible down payment the car buyer may make toward purchasing the vehicle.
A car buyer who signs a buyer's order is making a formal commitment to purchase the vehicle under the terms specified in the written agreement. The buyer's order becomes a binding agreement when all parties sign the document. Below we provide more information about a buyer's order and the purpose it serves.
What Is a Buyer's Order?
As mentioned above, a buyer's order is a business document that highlights key details about the car dealer, car buyer, and motor vehicle being sold if all parties agree to the transaction. A dealer prepares this document whenever a prospective car buyer wants to purchase a specific car off the lot.
The dealer may give you a copy of the buyer's order before finalizing any sales agreement. A buyer's order includes details about the parties involved in the buyer-seller negotiations. It also highlights the sales price of the vehicle and any related fees.
A buyer's order becomes binding if and when all parties sign the document. A signed buyer's order means the dealer intends to sell the vehicle to a customer who agrees to buy the vehicle.
Once signed, the buyer's order cannot be canceled unless the buyer applies unsuccessfully for dealer-arranged financing. For example, dealers may cancel the buyer's order if a financial institution does not approve the retail installment sales contract between the buyer and seller.
The Purpose of the Car Buyer's Order
The purpose of the car buyer's order is to put everything in writing concerning the potential sale of a vehicle. The buyer's order provides a detailed description of the vehicle and an itemized breakdown of the vehicle's total sale price, including taxes and fees.
The business document lets a prospective car buyer see whether any add-ons or ancillary products would contribute to the vehicle's total sale price. Ancillary products can include guaranteed asset protection or GAP insurance. The buyer's order also lists the balance due on delivery.
Rebates, down payments, and the value of any trade-in vehicle can lower your balance due on delivery. A buyer's order may include the full details of any trade-in vehicle involved in the transaction negotiations between a car buyer and dealer.
Buyer's Order for a Car: What Do You Need to Know?
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Motor Vehicle Sales Finance Contracts | Texas Office of Consumer Credit Commissioner
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