Delaware Code Title 5 Sec. 2908 – Finance charge
(a) A retail seller or the holder of a retail installment contract may charge and collect a finance charge in respect of a retail installment transaction and may calculate such finance charge in the manner and at the rate or rates specified in the contract governing the retail installment transaction.
Terms Used In Delaware Code Title 5 Sec. 2908
- buyer: means a person who buys a motor vehicle from a retail seller and who executed a retail installment contract in connection therewith. See Delaware Code Title 5 Sec. 2901
- Contract: A legal written agreement that becomes binding when signed.
- contract: means an agreement, entered into in this State, pursuant to which the title to, the property in or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a retail seller from a retail buyer as security, in whole or in part, for the buyer's obligation. See Delaware Code Title 5 Sec. 2901
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Finance charge: means the amount agreed upon between the buyer and the seller, as limited by this chapter, to be added to the aggregate of the cash sale price, the amount, if any, included for insurance and other benefits and official fees, in determining the time price. See Delaware Code Title 5 Sec. 2901
- Lien: A claim against real or personal property in satisfaction of a debt.
- Motor vehicle: means any device propelled or drawn by any power other than muscular power, in, upon, or by which any person or property is, or may be transported or drawn upon a highway. See Delaware Code Title 5 Sec. 2901
- Retail installment transaction: means any transaction evidenced by a retail installment contract entered into between a retail buyer and a retail seller wherein the retail buyer buys a motor vehicle from the retail seller at a time price payable in one or more deferred installments. See Delaware Code Title 5 Sec. 2901
- Sales finance company: means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. See Delaware Code Title 5 Sec. 2901
- seller: means a person who sells a motor vehicle to a retail buyer under or subject to a retail installment contract. See Delaware Code Title 5 Sec. 2901
(b) Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of the contract, payment thereunder made by the buyer to the last-known holder of such contract shall be binding upon all subsequent holders.
5 Del. C. 1953, § ?2907; 52 Del. Laws, c. 335, § ?1; 60 Del. Laws, c. 53, § ?1; 61 Del. Laws, c. 83, § ?1; 62 Del. Laws, c. 228, §§ ?3, 4; 63 Del. Laws, c. 2, § ?12; 70 Del. Laws, c. 6, § ?14; 70 Del. Laws, c. 186, § ?1;