Vermont Statutes Title 9 Sec. 2358
Terms Used In Vermont Statutes Title 9 Sec. 2358
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- buyer: means a person who agrees to buy or buys a motor vehicle other than principally for the purpose of resale, or other than principally for a commercial purpose, from a retail seller in a retail installment transaction. See
- Contract: A legal written agreement that becomes binding when signed.
- contract: means a contract entered into in this State evidencing a retail installment transaction under which the title to or a lien or security in the motor vehicle, which is the subject matter of the transaction, is retained or taken to secure the retail buyer's obligations. See
- Holder: means the retail seller of the motor vehicle or the sales finance company or other assignee if the retail installment contract is purchased or otherwise acquired by a sales finance company or other assignee. See
§ 2358. Refinancing retail installment contracts
(a) The holder of a retail installment contract, upon request by the buyer, may agree to an amendment thereto to extend the scheduled due date of all or any part of any installment or installments or to renew, restate, or reschedule the unpaid balance of the contract.
(b) The amendment to the contract must be confirmed in writing signed by the buyer and the holder. The writing shall set forth the terms of the amendment and shall either be delivered or mailed to the buyer at the address as shown on the contract. The writing together with the original contract and any previous amendments thereto shall constitute the retail installment contract. (Added 1961, No. 227, § 8, eff. Jan. 1, 1962; amended 1989, No. 122, § 9, eff. June 30, 1989.)