Definitions and Links
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Definition of Terms
Installment Contract - An installment contract is an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain events. The seller in an installment contract often reserves the right to reassign the rights, title, and interest of the contract to another party.
Discount- The discount is the price the client pays to have the contracts or receivables purchased. It works much like the fee that credit cards charge for the ability to accept payments on their card. The discount is usually determined by the amount of risk assumed the contract.
Reserve- Some lenders, finance companies and debt buyers hold a Reserve out of each contract to cover potential contract defaults. This reserve, which is placed in a pooled account, is the generally the client's money. Defaults are charged against the reserve and excess amounts are refunded back to the client usually on a quarterly basis.
Recourse - In riskier portfolios, lenders may require partial or full recourse on purchased accounts. If a contract were to default during a recourse period, the seller would be responsible for the settling the debt either by paying the lender or replacing the contract with one of equal value.
First Payment Default - First Payment Default is a form of limited recourse by where the contract purchase has recourse until the first payment is made by the debtor.
Helpful Links
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Factoring Tips - Some useful tips when considering factoring your receivables.
State Usury Laws - A list of the usury limits for each state. The usury limit usually is not applied to retail installment contracts or other timed payment contracts as they are generally not considered loans.
Federal Truth in Lending Disclosures - This website explains the Federal Truth in Lending portion of installment contracts. It is a good idea to become very familiar with these if you are creating receivables.
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