Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2024 | Updated by Findlaw Staff
(a) If a subsequent purchase is consolidated with a contract and the retail seller retains title or takes a security interest, including a lien, in any of the goods purchased under one of the contracts:
(1) the total of all payments made before the subsequent purchase is considered to have been applied to the previous purchases; and
(2) each payment made on the consolidated contract after the subsequent purchase is considered to be allocated to each purchase in the same ratio as the original cash price of the purchase bears to the total of the original cash prices of all purchases under the contract.
(b) All of a down payment on a subsequent purchase shall be allocated to that purchase.
(c) If the amount of installment payments is increased after a subsequent purchase, the retail seller may elect to allocate:
(1) an amount of the payment equal to the original periodic payment to the previous purchase; and
(2) the remainder of the payment to the subsequent purchase.
(d) This section does not apply if the previous and subsequent purchases involve:
(1) goods, including equipment or parts, attached or affixed to goods previously purchased and for which full payment has not been made; or
(2) services rendered by the retail seller at the retail buyer's request in connection with goods described by Subdivision (1).
Cite this article: FindLaw.com - Texas Finance Code - FIN § 345.079. Allocation of Payments on Consolidation of Contracts - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-345-079/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)