Commercial Motor Vehicle Sales Finance
(Examples: 18-wheelers, ambulances, buses, etc.)
A commercial motor vehicle installment sale is similar to a motor vehicle installment sale, but is not for personal, family or household use. It is a two-party transaction between a retail seller and a retail buyer. When a contract is assigned and purchased by an acceptance company, that company becomes the holder of the obligation and lien holder of the commercial motor vehicle.
Both the retail seller and any subsequent holder of a retail installment contract must be licensed.
A sale is considered a financed transaction when the retail buyer purchases a commercial vehicle from a retail seller other than principally for the purpose of resale and agrees with the retail seller to pay part or all of the cash price in one or more deferred installments. A finance charge assessment is not required for a financed sale and is not a determinant of whether the sale was in fact financed.
Licensed locations may have one or more registered offices under common ownership. The registered offices may consist of an additional sales lot near the licensed location to a seemingly different dealer located in another town or city.
Resources
ACQUIRING LICENSING & EXISTING LICENSEES
Statutes & Rules
These are the primary statutes and rules that apply to commercial motor vehicle sales. This is not a complete list of laws that commercial motor vehicle companies are required to comply with.
Primary State Statute
Chapter 353, Texas Finance Code, Commercial Motor Vehicle Installment Sales
OCCC's Rules
Title 7, Chapter 84, Texas Administrative Code
Other State Statutes
Texas Constitution and Statutes
Federal Statutes & Rules
U.S. Government Publishing Office