ORS 83.565
Finance charge computed by actuarial method

  • requirements
  • notice

(1)

Notwithstanding any other provision of ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice), a motor vehicle dealer, in a retail installment contract, may contract for and charge, receive and collect a finance charge computed by the actuarial method.

(2)

When a retail installment contract provides for a finance charge computed by the actuarial method:

(a)

The retail installment contract may provide for any other charge, cost or fee allowed under ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice), in addition to the finance charge.

(b)

The amount to be disclosed as the finance charge and used as the finance charge component of the other amounts disclosed pursuant to ORS 83.510 (Definitions for ORS 83.510 to 83.680) to 83.680 (Waiver of provisions of ORS 83.510 to 83.680) and 83.820 (Consumer paper) to 83.895 (Effect of seller’s failure to provide notice) shall be the amount of the finance charge to be paid assuming all payments are made exactly as agreed.

(c)

The retail installment contract for the sale of a mobile home may provide that the holder may refuse to accept prepayments of less than the entire amount owed under the retail installment contract if the prepayments:

(A)

Are tendered on dates other than a specified date each month; and

(B)

Are not in amounts equal to the principal portion of one or more of the earliest unmatured monthly installments.

(d)

The contract shall contain the following notice in printing or writing of a size equal to at least 10-point bold type, in lieu of the notice required by ORS 83.520 (Form and contents of retail installment contract) (2)(c):

Do not sign this contract before you read it or if it contains any blank space, except that:

(1)

If delivery of the motor vehicle or mobile home is to be made to you after this contract is signed, the serial number or other identifying information and the due date of the first installment may be filled in at the time of delivery; and

(2)

If the name of the financing agency is not known at the time the contract is executed, the name of the financing agency may be inserted in the contract on or about the date the name of the financing agency is known.
You are entitled to a copy of this contract.
You have the right to pay in advance the full amount due and if you do so you may save a portion of the finance charge.

(e)

The refund credit provisions of ORS 83.620 (Voluntary prepayment by buyer) shall not apply. [1981 c.910 §4; 1995 c.519 §5; 2001 c.117 §8]

Source: Section 83.565 — Finance charge computed by actuarial method; requirements; notice, https://www.­oregonlegislature.­gov/bills_laws/ors/ors083.­html.

83.010
Definitions for ORS 83.010 to 83.190
83.020
Retail installment contract requirements
83.030
Contents of contract
83.040
Subsequent purchases under original contract
83.050
Contracts completed by mail and based on catalog of seller
83.060
Filling blanks
83.070
Delivery of copy of contract to buyer
83.080
Informing buyer of service charge and right to prepay
83.090
Service charge
83.095
Service charge computed by actuarial method
83.100
Extra charges
83.110
Insurance
83.120
Receipts
83.130
Voluntary prepayment by buyer
83.140
Consolidation of purchases with prior contract
83.150
Unenforceable contract provisions
83.160
Waiver of ORS 83.010 to 83.190
83.170
Effect of violation of ORS 83.010 to 83.190 by seller
83.180
Enforcement of ORS 83.010 to 83.190
83.190
Civil penalties
83.510
Definitions for ORS 83.510 to 83.680
83.520
Form and contents of retail installment contract
83.530
Filling blanks
83.540
Delivery of copy of contract to buyer
83.560
Finance charge
83.565
Finance charge computed by actuarial method
83.580
Insurance
83.590
Delinquency and collection charges
83.600
Schedule of payments
83.610
Delivery to buyer of instrument indicating full payment
83.620
Voluntary prepayment by buyer
83.630
Extension of scheduled due date
83.635
Acceptance of retail installment contract by lender
83.650
Effect of negotiation of notes on rights against motor vehicle dealer
83.660
Acceleration provision
83.670
Unenforceable contract provisions
83.680
Waiver of provisions of ORS 83.510 to 83.680
83.710
Definitions for ORS 83.710 to 83.750
83.715
Telephone solicitation sale
83.720
Cancellation of home solicitation sale
83.730
Written agreement or offer to purchase
83.740
Duties of seller upon cancellation of sale or revocation of offer to purchase
83.750
Rights and duties of buyer upon cancellation of sale or revocation of offer to purchase
83.811
Exemption from certain disclosure requirements for motor vehicle dealer or retail seller
83.813
Exemption from certain disclosure requirements for assignee of retail installment contract
83.820
Consumer paper
83.850
Definitions for ORS 83.850 and 83.860
83.860
Applicability of claims and defenses of borrower or lessee when loan made or lease funded in close connection with sale or retail lease
83.875
Definitions for ORS 83.875, 83.880, 83.890 and 83.895
83.880
Sale of motor vehicles, goods or services as time sale rather than loan
83.885
Sale of motor vehicles, personal property or services for business or commercial purposes as time sale rather than loan
83.890
Notice required in contract when seller intends to transfer contract
83.895
Effect of seller’s failure to provide notice
83.990
Penalties
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