What must happen before a customer takes possession of the Retail Installment Sale Agreement?

Before a customer takes possession of the Retail Installment Sale Agreement, it is essential that the terms and costs are disclosed. This requirement ensures transparency and allows the customer to fully understand their financial commitment before finalizing the agreement. The disclosure process includes providing important details such as the interest rate, payment schedule, total cost of the purchase, and any additional fees that may apply. By having this information available, customers are better equipped to make informed decisions regarding the agreement and their budgeting for the installment payments.

Other options, while related to the purchasing process, do not directly fulfill the fundamental requirement tied to possession of the agreement. Personal information disclosure may be necessary for various purposes, such as credit checks, but it is not a prerequisite for taking possession. Paying a fee could be relevant depending on the specific transaction, but it is not a universal requirement linked to the retail installment sale agreement itself. Additionally, the last option indicates no requirements, which contradicts the established consumer protection regulations that mandate the disclosure of terms and costs before entering into such agreements.