Any retail seller who delivers a motor vehicle to a retail customer before the retail seller has obtained financing approval from a sales finance company shall provide a disclosure, containing the following language in a size equal to at least 10 point bold type, which must be signed by the retail buyer:
“The retail seller of the motor vehicle has not obtained financial approval for the terms contained in the retail installment contract from a sales finance company. If the retail seller obtains financial approval from a sales finance company under the terms of the retail installment contract, the sale shall be final and binding on the retail seller and the retail customer. If final approval of the terms of the retail installment contract cannot be obtained from a sales finance company, the retail installment contract shall be canceled. The retail seller shall return to the buyer any consideration received in the transaction, including, but not limited to, any motor vehicle traded in, any deposit, and any fees paid by the buyer. The buyer shall, upon being notified that the retail seller was unable to obtain financing approval, return the motor vehicle to the retail seller.”

Terms Used In New Hampshire Revised Statutes 361-A:10-b

  • buyer: means a person who buys a motor vehicle from a retail seller and who executes a retail installment contract either with the retail seller or with any lender. See New Hampshire Revised Statutes 361-A:1
  • Contract: A legal written agreement that becomes binding when signed.
  • contract: means an agreement 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 sales finance company indirectly from a retail seller or directly from a retail buyer, as security, in whole or in part, for the retail buyer's obligation. See New Hampshire Revised Statutes 361-A:1
  • following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
  • 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, excepting power shovels, road machinery, buses, agricultural machinery, house and boat trailers, all-terrain vehicles, snowmobiles, and similar recreational vehicles designed primarily for off-road use. See New Hampshire Revised Statutes 361-A:1
  • Retail installment contract: or "contract" means an agreement 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 sales finance company indirectly from a retail seller or directly from a retail buyer, as security, in whole or in part, for the retail buyer's obligation. See New Hampshire Revised Statutes 361-A:1
  • Retail seller: or "seller" means a person who sells a motor vehicle in this state subject to a retail installment contract. See New Hampshire Revised Statutes 361-A:1
  • Sales finance company: means a person engaged, in whole or in part, directly or indirectly, in the business of providing motor vehicle financing in this state to one or more retail buyers, or in the business of purchasing retail installment contracts from one or more retail sellers. See New Hampshire Revised Statutes 361-A:1
  • seller: means a person who sells a motor vehicle in this state subject to a retail installment contract. See New Hampshire Revised Statutes 361-A:1
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