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Texas Finance Code - FIN § 348.408. Outstanding Balance Information;  Payment in Full

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The holder of a retail installment contract who gives the retail buyer or the buyer's designee outstanding balance information relating to the contract is bound by that information and shall honor that information for a reasonable time.

(b) If the retail buyer or the buyer's designee tenders to the holder as payment in full an amount derived from that outstanding balance information, the holder shall:

(1) accept the amount as payment in full;  and

(2) release the holder's lien against the motor vehicle within a reasonable time not later than the 10th day after the date on which the amount is tendered.

(c) A retail seller must pay in full the outstanding balance of a vehicle traded in not later than the 25th day after the date that:

(1) the retail installment contract is signed by the retail buyer and the retail buyer receives delivery of the motor vehicle;  and

(2) the retail seller receives delivery of the motor vehicle traded in and the necessary and appropriate documents to transfer title from the buyer.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 348.408. Outstanding Balance Information;  Payment in Full - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-348-408/

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