Retail Installment Contracts
Definitions for ORS 83.510 to 83.680
(1)“Cash sale price” means the price for which the motor vehicle dealer would sell to the buyer, and the buyer would buy from the motor vehicle dealer, the motor vehicle that is covered by the retail installment contract, if the sale were a sale for cash instead of a retail installment sale. The cash sale price may include any taxes, registration, license and other fees and charges for accessories and their installation and for delivering, servicing, repairing or improving the motor vehicle.
(2)“Finance charge” means that part of the time sale price that exceeds the aggregate of the cash sale price, the amounts, if any, included in a retail installment sale for insurance and other benefits, and official fees.
(3)(a) “Financing agency” means a person engaged, in whole or in part, in purchasing or otherwise acquiring retail installment contracts or retail lease agreements from one or more motor vehicle dealers or retail lessors. “Financing agency” includes, but is not limited to, financial institutions, as defined in ORS 706.008 (Additional definitions for Bank Act), and consumer credit companies, if so engaged. “Financing agency” also includes a motor vehicle dealer or retail lessor engaged, in whole or in part, in the business of holding retail installment contracts or retail lease agreements acquired from retail buyers or retail lessees.
(b)“Financing agency” does not include the pledgee or other holder of more than one retail installment contract or retail lease agreement pledged or otherwise given by a motor vehicle dealer or a transferee from the motor vehicle dealer to a lender as collateral security for a loan made to the motor vehicle dealer or transferee of the motor vehicle dealer.
(4)“Holder” of a retail installment contract or retail lease agreement means the motor vehicle dealer or retail lessor of the motor vehicle covered by the contract or lease or, if the contract or lease is purchased or otherwise acquired by a financing agency or other assignee, the financing agency or other assignee.
(5)“Mobile home” means a structure, transportable in one or more sections, that is eight body feet or more in width and 32 body feet or more in length, and that is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities. “Mobile home” includes the plumbing, heating, air conditioning and electrical systems contained within the structure.
(6)(a) “Motor vehicle” or “vehicle” means:
(A)A self-propelled device used for transportation of person or property upon a public highway.
(B)A trailer, semitrailer, mobile home or trailer home.
(b)“Motor vehicle” or “vehicle” does not include tractors, power shovels, road machinery, agricultural machinery, boat trailers or other machinery not designed primarily for highway transportation, which may be used incidentally to transport persons or property on a public highway, or devices that move upon or are guided by a track or travel through the air.
(7)“Motor vehicle dealer” means any person who sells, trades, leases, displays or offers for sale, trade, lease or exchange motor vehicles pursuant to a retail installment contract or retail lease agreement or who offers to negotiate or purchase motor vehicles on behalf of third parties pursuant to a retail installment contract or retail lease agreement.
(8)“Official fees” means the filing or other fees required by law to be paid to a public officer to perfect the interest or lien, in or on a motor vehicle, retained or taken by a motor vehicle dealer under a retail installment contract or retail lease agreement, and to file or record a release, satisfaction or discharge of the contract.
(9)“Person” means individual, partnership, corporation, association or other group, however organized.
(10)“Retail buyer” or “buyer” means a person who buys a motor vehicle from a motor vehicle dealer and who executes a retail installment contract in connection therewith.
(11)“Retail installment contract” or “contract” means an agreement, entered into in this state, pursuant to which the title to, the property in or a lien upon a motor vehicle, which is the subject matter of a retail installment sale, is retained or taken by a motor vehicle dealer from a retail buyer as security, in whole or in part, for the buyer’s obligation. “Retail installment contract” or “contract” includes a chattel mortgage, a conditional sales contract and a contract for the bailment or leasing of a motor vehicle by which the bailee or lessee contracts to pay as compensation for its use a sum substantially equivalent to or in excess of its value and by which it is agreed that the bailee or lessee is bound to become, or for no other or for a merely nominal consideration has the option of becoming, the owner of the motor vehicle upon full compliance with the terms of the contract.
(12)(a) “Retail installment sale” or “sale” means a sale of a motor vehicle by a motor vehicle dealer to a retail buyer for a time sale price payable in one or more installments, payment of which is secured by a retail installment contract. “Retail installment sale” or “sale” includes a bailment or leasing as described in subsection (11) of this section.
(b)“Retail installment sale” or “sale” does not include a sale of a motor vehicle for resale in the ordinary course of the buyer’s business.
(13)“Retail lease” means a lease of a motor vehicle by a retail lessor to a retail lessee, payment of which is secured by a retail lease agreement. “Retail lease” does not include a lease that constitutes a retail installment contract.
(14)“Retail lease agreement” means an agreement entered into in this state between a retail lessor and a retail lessee for the lease of a motor vehicle. The agreement shall be in the form of a bailment or lease for the use of a motor vehicle by an individual for personal, family or household purposes, whether or not the retail lessee has the option to purchase or otherwise become the owner of the motor vehicle at the expiration of the lease.
(15)“Retail lessee” means a person who leases a motor vehicle from a retail lessor by entering into a retail lease agreement.
(16)“Retail lessor” means a motor vehicle dealer who transfers an interest in or supplies a motor vehicle to a retail lessee, regardless of whether or not the motor vehicle dealer is identified as the retail lessor on the retail lease agreement.
(17)“Time sale price” means the aggregate of the cash sale price of the motor vehicle, the amount, if any, included for insurance and other benefits, official fees and the finance charge. [1957 c.625 §1; 1979 c.304 §1; 1979 c.816 §1a; 1987 c.674 §1; 1997 c.631 §383; 2001 c.104 §25; 2001 c.117 §1]
§§ 83.510 to 83.680
Law Review Citations
51 OLR 333 (1972)