Urgent - Need Help - Retail Installment Sales Contract ?

[Bapa]

Guys: Can someone please reply back double quick.

I received paperwork from my dealer yesterday. The contract says it is a RETAIL INSTALLMENT SALES CONTRACT. Plus the dealer ran my credit report ( no problem there Credit score was 797). stating that it is standard operations whenever a someone buys a new car.

I am buying the car ( GL 450) out of state. I am using my own credit union. The Retail Installment Sales Contract has only the car price and document fees. It does not have any APR or Penalty information. Is the Retail Installment Sales Contract - A "BILL OF SALE".

I suspect I am suckered into dealer financing which I do not want. Can someone please reply and let me know.

Thanks,
Bapa

[oknish]

I doubt that you are being suckered into dealer financing. All I have ever seen from dealers is sales contract. Take a close look at the contract and if there is no APR or payment info then you are not signing a contract for financing.

OTOH, like it happend to me, since you are using your CU the dealer may put some APR and financing information on the contract. This is to cover them in case you don't send them the check from CU. In this case, dealer should give you 5 or 10 days to deliver the check before dealer financing kicks in. This should be noted on the contract.

Hope that helps.