§ 20-303. Installment sales to be evidenced by written instrument; statement to be delivered to buyer. - North Carolina Statutes

§ 20‑303.  Installmentsales to be evidenced by written instrument; statement to be delivered tobuyer.

(a)        Every retailinstallment sale shall be evidenced by one or more instruments in writing,which shall contain all the agreements of the parties and shall be signed bythe buyer.

(b)        For every retailinstallment sale, prior to or about the time of the delivery of the motorvehicle, the seller shall deliver to the buyer a written statement describingclearly the motor vehicle sold to the buyer, the cash sale price thereof, thecash paid down by the buyer, the amount credited the buyer for any trade‑inand a description of the motor vehicle traded, the amount of the financecharge, the amount of any other charge specifying its purpose, the net balancedue from the buyer, the terms of the payment of such net balance and a summaryof any insurance protection to be effected. The written statement shall besigned by the buyer. (1955, c. 1243, s. 19; 2007‑513, s. 1.)