Ben Bridge Retail Installment and Security Agreement
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Buyer agrees to the terms of this agreement and hereby acknowledges receipt of a copy of this agreement (printable) by using their Ben Bridge Charge Account.
Charge and Security Agreement
Printed on reverse side of sales receipt, applicable when using Ben Bridge Charge Account (o.a.c.)
I agree that the following terms will govern any charge account established by you for my use.
1. Ben Bridge Jeweler will send a statement each month, which will show any unpaid balance. This “New Balance” will consist of the cash sale price, applicable sales taxes, delivery fees if any, plus any FINANCE CHARGES that may accrue.
2. I understand that I can avoid paying any FINANCE CHARGES by paying my “New Balance” in full, provided that payment is actually received by Ben Bridge Jeweler no later than 25 days after the date shown on the statement. If I do not pay the entire “New Balance”, I understand that you may assess a FINANCE CHARGE.
3. We figure the Finance Charge on your account by applying the Periodic Rate to the “Average Daily Balance”. We take the beginning balance on your account each day, add any new purchases or returned check fees, and subtract any payments or credits. This gives us the balance. Then, we add up all the daily balances for the billing period and divide the total by the number of days in the billing period. This gives us the “Average Daily Balance”.
4. Minimum monthly payments must be received by Ben Bridge Jeweler no later than 25 days after the date shown on the statement. I understand that I may pay any amount up to and including my “New Balance”. No payment plan will be established where the monthly payment is below $10.00.
ALTERNATE PAYMENT SCHEDULE (if applicable)
5. I understand and agree that the minimum monthly payment is based on the highest balance attained, and does not decrease as the principal account balance decreases, but remains constant until the account is paid in full. In the event of additional purchases made before the account is fully paid, the resulting balance from such purchases shall be added to the existing balance, and the minimum monthly payments for the succeeding months will then be set by reference to part 4 above, or left at previous payment schedule, whichever is higher.
6. I understand that Ben Bridge Jeweler retains a security interest in the goods purchased on the account until the unpaid balance of each separate purchase is fully paid. Payments will be applied to the earliest unpaid purchase. I agree not to dispose of the goods or remove them from the address listed or encumber them without written consent of Ben Bridge Jeweler, and will protect Ben Bridge Jeweler against all loss damage to the goods from the time they are delivered until I have paid for them in full.
7. In the event of default of any scheduled payment, I understand that at the option of Ben Bridge Jeweler, my entire account may become due and payable on demand. If payment is not made on demand, Ben Bridge Jeweler may, in the manner and as provided by law, retake the goods and pursue and further remedy provided by law. I will pay reasonable collection costs and, in the event the account is referred to an attorney, reasonable attorney fees and costs, whether or not suit is commenced.
8. In the event this account is referred for collection or to an attorney for suit, venue may be laid in King County, Washington at the sole discretion of Ben Bridge Jeweler.
9. If my payment is not received within 25 days after the due date that appears on my statement, or if the payment is less than the minimum amount due for the period as it appears on my statement, I agree to pay Ben Bridge Jeweler a late charge of no greater than $20.00, subject to the law of my state.
10. Ben Bridge Jeweler is authorized to investigate my credit report and to report to responsible persons and bureaus, my performance of this agreement.
11. If election is chosen when account is “OPENED” to pay my account balance in three reasonable equal consecutive monthly payments, FINANCE CHARGES will be waived. Any amount unpaid on my account will be charged in accordance with parts 1 through 8.
12. Subject to the law of my state, I understand that any check taken in the normal course of business, which the bank returns unpaid for any reason, will be subject to a late fee of no greater than $20.00. 13. Ben Bridge Jeweler may amend the terms of this agreement at any time by prior written notice to me, in the manner provided by law. Any new terms will apply both to my account balance and to any future purchases.
NOTICE TO BUYER:
(a) Do not sign this retain agreement before you read it or if any spaces intended for the agreed terms are left blank.
(b) You are entitled to a copy of this charge agreement at the time you sign it.
(c) You may at any time pay off the full unpaid balance under this charge agreement.
(d) A minimum Finance Charge of $1.00 is imposed if the Finance Charge resulting from application of the Periodic Rates shown on the front of the sales receipt statement is less than $1.00. The minimum monthly finance charge of $1.00 applies in all states except HI. Finance Charges for Hawaii and Minnesota residents are 18% APR. Finance charge is not to exceed 19.8% per annum.
(e) You may cancel any purchase made under this agreement and return the goods so purchased, if the seller or his representative solicited in person such purchase, and you sign an agreement for such purchase, at a place other than the seller’s business address shown on the charge agreement, by sending notice of such cancellation by certified mail return receipt requested to the seller at his address shown in the charge agreement, which notice shall be posted no later than the next business day following your signing of the purchase agreement; PROVIDED, that at the time of sending notice of recession you have not received and accepted a substantial part of the goods or services which you agreed to purchase.