Demonstration should include the following:
- Amount of the debt
- Amount of the down payment
- Estimated date of the final payment
- Amount of each installment
- Payment due dates
- Adherence to Truth-in-Lending Act, if applicable
- Adherence to Regulation Z of Truth- in-Lending Act
- Statute of limitations
Process/Skill Questions
- What is Regulation Z?
- What are the guidelines in Virginia for payment plans?
- What is the statute of limitations for payments in most states?