365.200. Additional time sale contracts. - Missouri Statutes

Additional time sale contracts.

365.200. 1. For any motor vehicle which is not subject to theMissouri motor vehicle time sales law as provided in sections 365.010 to365.160, a seller is permitted to include in the contractual time sale of amotor vehicle the outstanding balance of a prior loan or lease of a motorvehicle used as a trade-in. For the purposes of this section, a "time salecontract" is a contract evidencing an installment transaction entered intoin this state pursuant to which the title to or a lien upon the motorvehicle which is the subject of the installment transaction is retained ortaken by the seller from the buyer as security for the buyer's obligation.The term includes a security agreement or a contract for the bailment orleasing of the motor vehicle by which the bailee or lessee contracts to payas compensation for its use a sum substantially equivalent to or in excessof its value and by which it is agreed that the bailee or lessee is boundto become, or has the option of becoming, the owner of a motor vehicle uponsatisfying the contract. "Motor vehicle" is any new or used automobile,mobile home, motorcycle, truck, trailer, semitrailer, truck tractor or bus.

2. Any seller as provided in this section shall first qualify as aretail seller pursuant to sections 365.010 to 365.160.

(L. 1999 S.B. 386)