If this debt is ever in default, that fact may become apart of your credit record. This notice is not the contract that makes you liable for the debt. This notice states quite clearly that it is not the contract that makes the signer liable for the debt. The notice is simply a warning and has no legal effect. The operative document is the retail sales agreement which clearly provides that defendant is a buyer.
Defendant asserts that plaintiff is the seller's assignee.
Plaintiff asserts that while the Michigan Retail Installment Act may provide that a defense may be raised against an assignee, the act is not applicable in this case because there was no assignment of the contract. Plaintiff asserts it is not an assignee, but a secured party and financing agent. The contract is on a standard form imprinted with plaintiff's name, address and logo. The dealer agrees to all of the terms of the assignment on the other side. You must make all future payments to the bank.