When financing a vehicle through a dealership, the financial disclosure section on the purchase agreement must be completely filled out, or the entire contract of sale is null and void.
When a dealer sells a new or used vehicle he must disclose in writing how the vehicle is to be financed. All retail purchase agreements must have printed on the face of the original the language regarding financing included in the Finance Disclosure Agreement (41-3-401 UCA). The dealer must complete and the customer must sign either section 1(a) or 1(b) of the agreement.
Yes, you need to sign section "a" of the disclosure.
The entire contract of sale is null and void.
No, the exact terms must be entered in part "b" of the disclosure and both the customer and the dealer must sign the disclosure.
No, the dealer must arrange financing within the terms of the agreement. The contract will indicate all of the terms of the agreement.
No, the dealer is bound to obtain financing at the interest rate shown in the disclosure and cannot demand a higher rate. In addition the dealer runs the risk of having the entire contract declared null and void for failure to complete the disclosure.
No, the dealer must refund the entire trade-in allowance.
Motor Vehicle Information
P.O. Box 4000
Salt Lake City, Utah 84134
Phone: (801) 297-7780