5 Del. Admin. Code § 2901-5.0
Current through Reigster Vol. 28, No. 6, December 1, 2024
Inclusion of negative equity financing is permissible only if the amount of an existing lien in a credit sales transaction exceeds the value of a trade-in. In a negative equity trade-in transaction where no cash payment is involved, licensees must disclose a zero down-payment. The negative equity must not be disclosed as a negative number for the consumer's down-payment. Any negative equity to be financed under the retail installment sales contract must be disclosed under 5 Del.C. § 2907 (e)(4), and not 5 Del.C. § 2907 (e)(2).
5 Del. Admin. Code § 2901-5.0
20 DE Reg. 310 (10/1/2016) (Final)