Indiana Code 24-4.5-2-111. “Amount financed”
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style=”font-size: 10pt”> Sec. 111. Definition: “Amount Financed” — “Amount financed” means the total of the following to the extent that payment is deferred:
(2) the amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest or lien on property traded in; and
(1) the cash price of the goods, services, or interest in land less the amount of down payment whether made in cash or property;
Terms Used In Indiana Code 24-4.5-2-111
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) if not included in the cash price:
(a) any applicable sales, use, excise or documentary fees;
(b) amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and
(c) additional charges permitted by this Chapter (IC 24-4.5-2-202).
Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.122-1994, SEC.11.