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A consumer contract or retail installment contract is a contract  that allows a consumer to pay for a business' product or service over time in fixed monthly installments.

Installment financing is common among businesses that offer high-ticket products (e.g., satellite dishes, appliances, etc.) or on-going services (e.g., dance lessons, timeshare memberships, etc.). 

Our funding sources purchase consumer contracts that are legally binding. To be legally binding, a contract should indicate the following terms and conditions:

• Interest ate the consumer must pay
• Total amount the consumer will pay
• Length of the contract
• Amount of the monthly payment
• Applicable late charges
• Down payment received
• Cost of the product before interest
• Early payoff charges
• Date of first payment and regular payment due date
• Cancellation/refund clauses

• Gives businesses the opportunity to increase sales without increasing their overhead. They can increase their customer base without developing, maintaining, and staffing an expensive in-house computer system.
• Allows businesses to compete with their larger competitors by offering in-house financing to their customers.
• Most funding sources also offer optional billing and collections services. Prospects can lower the administrative costs and time spent in billing, collecting, and accounting for their receivables.

Murcor Funding works with institutional finance companies that purchase consumer contracts as an investment. If you do not already have an installment financing option available to your customers, our funding sources may be able to structure a plan for you.

Contact Murcor today to find out more about retail installment contracts.

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