|
Revolving Charge Agreement
DEFINITIONS: The words you and your
mean the Buyer or Buyers if more than one. The words we, us,
and our refer to the Seller.
PAYMENT: You promise to pay for all purchases
made by you or others you allow to use your account plus any finance charge
and any other charges that may be assessed as provided in this agreement.
We will send you a statement during each billing cycle in which a balance
is due stating the due date, balance and payment terms of your account.
You promise that within 25 days after the statement date you will pay
at least the minimum payment called for in this agreement plus any amount
that is past due. Payments are not considered made until received by us
at the location stated on your monthly statement.
FINANCE CHARGE. We figure the finance charge
on your account by applying the periodic rate to the unpaid balance of
your account on the 30th day (or February 28) of each month. No finance
charge is applied to invoices less than 30 days old.
MINIMUM PAYMENT. The minimum monthly payment
is established by your initial amount financed. The minimum payment will
change only if subsequent purchases increase the unpaid balance to an
amount requiring a higher minimum payment. You may pay your entire balance
in full or more than the minimum payment at any time. Payment of more
than the minimum payment but less than the unpaid balance will not relieve
you of the obligation to make at least the minimum payment in any future
billing cycle.
SECURITY INTEREST. You are giving us and we
retain a purchase-money security interest under the Uniform Commercial
Code in any goods sold under this agreement until full payment for the
goods has been made. Payments will be applied first to unpaid finance
charges, then to Protection Plan charges, then to non-instrument purchases,
then to instrument purchases in the order in which they were made. If
several purchases are charged to your account on the same day, we will
apply your payment to the lowest price purchase first. Down payments will
be applied in full to the purchases in which they were made. You agree
that any property sold under this agreement will remain personal property.
We will not claim a security interest or other lien (except judgment liens)
in your principal dwelling.
OPEN-END ACCOUNT. This account establishes
for you an open-end credit plan and account. We may permit you to make
purchases from time to time. A finance charge may be imposed by us from
time to time on an outstanding unpaid balance. The amount of credit that
may be extended to you during the term of the plan, up to any limit set
by us, is generally made available to the extent that you repay any outstanding
balance.
ASSIGNMENT. We have the right to assign this
account to another creditor. If we do this the assignee will have all
our rights and privileges under this agreement with respect to the unpaid
balance assigned. We will continue to have all our rights and privileges
under this agreement with respect to any part of the unpaid balance not
assigned. You may continue to make purchases from us under this agreement
after we assign it to another creditor, and the terms of this agreement
will apply to those purchases . If we assign part of the unpaid balances
under this agreement to another creditor, you will have separate accounts
with us and the other creditor.
DEFAULT. We may require
that you pay all or part of your unpaid balance at once if you fail to
make any required payments when due.
SPECIAL PROVISIONS FOR STRINGED STRUMENT PURCHASES.The
buyer may return an instrument, together with case and/or bow, purchased
under this agreement to Lisle Violin Shop for credit equal to the balance
due on this purchase if all of the following conditions are satisfied:
1) The account is current and the minimum monthly payment has been paid
in each billing cycle from the time of the instrument purchase, and 2)
The instrument, bow, and/or case are returned undamaged, in condition
suitable for resale. We reserve the right to charge for repairs exceeding
normal wear and tear.
Additional principal payments applied during the course of the agreement
are not refundable.
================================
PERIODIC RATE. The periodic rate used in
figuring the finance charge and the corresponding annual percentage rate
are shown below:
Monthly
Periodic
Rate ______%
|
ANNUAL
PERCENTAGE
RATE _____% |
Our periodic rate is implemented under the indicated rate ceiling applicable
to this account. We may change the periodic rate as provided in the paragraph
headed "CHANGE OF TERMS." Any changes in the periodic rate will
apply to both current and future balances. If we change the periodic rate
you will be notified before the effective date of the change.
AMOUNT OF MINIMUM PAYMENT. The minimum payment
each billing cycle will be:
of the highest unpaid balance of your account, rounded to the nearest
$5.00, or $25.00, whichever is greater. We reserve the right to establish
a lower minimum payment.
================================
SELLER SIGN HERE: _____________________________________
A representative of:
Date
Lisle Violin Shop
4510 S. Burke, Pasadena, TX 77504
================================
BUYER(S) SIGN HERE:
SIGNATURE: Your signature means that
you have read and agree to the terms of our Revolving Charge Agreement
and you promise to pay for all purchases on your account plus any finance
charge and any other charges that may be assessed.
YOU ACKNOWLEDGE RECEIPT OF A COPY OF OUR REVOLVING CHARGE
AGREEMENT.
_____________________________________
Buyer's Signature Date
______________________________________
Buyer's Signature Date
|
Lisle Violin Shop
4510 Burke Road
Pasadena, Texas 77504
800-545-4753
FAX 281-487-2243 |
NOTICE TO THE BUYER - DO NOT SIGN THIS AGREEMENT BEFORE
YOU READ IT OR IF IT CONTAINS ANY BLANK SPACES. YOU ARE ENTITLED TO A
COPY OF THE AGREEMENT YOU SIGN. KEEP IT TO PROTECT YOUR LEGAL RIGHTS.
ATTORNEY'S FEES AND COSTS. If you have not made
payments as required and your account is sent for collection to an attorney
who is not our salaried employee, we may be awarded reasonable attorney's
fees as permitted by law, plus allowable court costs.
CHANGE OF TERMS. The terms of this agreement, including
the periodic rate used to figure the finance charges, will be subject
to change as to current and future balances as provided in Section (i)
of Article 1.04, Title 79, Revised Civil Statutes of Texas, 1925, as amended.
We may also amend this agreement by any means permitted by law. These
changes may be made from time to time by notice from us to you. A change
in the terms of this account may apply to the unpaid balance existing
on the effective day of the change.
RIGHT TO LIMIT OR CLOSE. We may limit or
close your account, but the terms of this agreement will apply until any
unpaid balance is fully paid.
DELAY IN ENFORCEMENT. We may waive or delay
enforcing any of our rights without losing them. We may waive or delay
enforcing a right against one of you without waiving it as to the other.
CREDIT INFORMATION. You promise that any
credit information furnished to us is true and complete and understand
that this information will be relied on by us in establishing your account
and making sales under your account. We have the right to investigate
your credit, employment, and income records, and have the right to verify
your credit references and to report the way you pay this account to credit
bureaus and other interested parties.
To contact Lisle Violin Shop about this account call
(281)487-7303. This contract is subject in whole or in part to Texas law
which is enforced by the Consumer Credit Commissioner, 2601 N. Lamar Boulevard,
Austin, Texas 78707-4207. Phone (512) 479-1285 and (800) 538-1579. Contact
the commissioner relative to any inquiries or complaints.
NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT
IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST
THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS
HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID
BY THE DEBTOR HEREUNDER.
| Customer Number: |
| ________________________ |
Your Billing Rights
Keep This Notice for Future Use
This notice contains important information about your rights and our
responsibilities under the Fair Credit Billing Act.
Notify Us in Case of Errors or Questions
About Your Bill
If you think your bill is wrong, or if you need more information about a
transaction on your bill, write to us on a separate sheet at the address
listed on your bill. Write to us as soon as possible. We must hear from
you no later than 60 days after we sent you the first bill on which the
error or problem appeared. You can telephone us, but doing so will not preserve
your rights.
In you letter, give us the following information:
* Your name and account number.
* The dollar amount of the suspected error.
* Describe the error and explain, if you can, why you believe there is an
error. If you need more information, describe the item you are unsure about.
Your Rights and Our Responsibilities
After We Receive Your Written Notice
We must acknowledge your letter within 30 days, unless we have corrected
the error by then. Within 90 days, we must either correct the error or explain
why we believe the bill was correct.
After we receive your letter, we cannot try to collect any amount you question,
or report you as delinquent. We can continue to bill you for the amount
you question, including finance charges, and we can apply any unpaid amount
against your credit limit. You do not have to pay any questioned amount
while we are investigating, but you are still obligated to pay the parts
of your bill that are not in question.
If we find that we made a mistake on your bill, you will not have to pay
any finance charges related to any questioned amount. If we did not make
a mistake, you may have to pay finance charges, and you will have to make
up any missed payments on the questioned amount. In either case we will
send you a statement of the amount you owe and the date that it is due.
If you fail to pay the amount that we think you owe, we may report you as
delinquent. However, if our explanation does not satisfy you and you write
to us within ten days telling us that you still refuse to pay, we must tell
anyone we report you to that you have a question about your bill. And, we
must tell you the name of anyone we reported you to. We must tell anyone
we report you to that the matter has been settled between you and us when
it finally is.
If we do not follow these rules, we cannot collect the first $50 of the
questioned amount, even if your bill was correct.
|
