Opinion ID: 1957633
Heading Depth: 1
Heading Rank: 3

Heading: The retail installment contract

Text: ¶ 33. The retail installment contract (the Contract) was an agreement for The Dealership to sell, and the Dorseys to purchase, the Mountaineer. The Contract identified Mrs. Dorsey and Mr. Dorsey as Buyer (and Co-Buyer) and Kim's Toyota as CREDITOR and Seller, and contained no conditional language. The contract provided: You, the Buyer (and Co-Buyer, if any), may buy this vehicle described below for cash or on credit. The cash price is shown below as `cash price.' The credit price is shown below as `Total Sale Price.' By signing this contract, you choose to buy the vehicle on credit under the agreements on the front and back of this contract. ¶ 34. The contract identified the Mountaineer as the vehicle being sold to the Dorseys. It also provided the purchase price and the financing terms, including the trade-in of the Dorseys' Mustang and the amount of the Dorseys' monthly payment. Mr. Hobbs testified that some of its retail installment contracts were retained in-house, meaning the customer made the monthly payments directly to the Dealership. However, the Dealership sold most of its retail installment contracts to financial institutions, resulting in the Dealership getting its money up front, and the payments being made to the financial institution. ¶ 35. Both Mrs. Dorsey and Mr. Dorsey signed the Contract. The blank line for Seller was filled in with the typed name, KIM'S C-P-D-J-TOYOTA. ¶ 36. Upon completing the paperwork, the Dorseys made the $2,000 down payment to The Dealership, turned over the Mustang and left the dealership in the Mountaineer, satisfied that the transaction was complete.