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Charge Account
Installment Buying
Cash Loans
Charge Account
Sources of Charge Accounts: The sources of charge accounts are naturally quite
numerous, for they include all commercial establishments catering to the
consumers needs.
Conditional Sales Agreement: This is a contract entered into between the buyer
and the seller whereby it is agreed that the buyer may take possession of the
property and use the same.
Chattel Mortgage: The nature of the chattel mortgage is almost the same as the
conditional sale agreement where the principle of repossession is concerned.
However, a chattel mortgage is executed conveying to the creditor the title to
the property.
Acceleration Clause: is sometimes one of the provisions in an installment
contract, whether covering goods, services, or money. In effect, it results in an
acceleration or hastening of the term payment.
Balloon Contract: The buyer maybe scheduled to pay equal installment for a
certain period.