Are Retail Installment Agreements standard for cash car purchases or is this a scam?

Question

We purchased a car this weekend, and paid by check in full. However, when we got home, we realized the contract was a Retail Installment Agreement (citing a specific loan amount). After spending an hour in the finance office fending off the finance guys repeated offer to sell us on stuff, we were too mentally exhausted to notice. Is this standard practice, or did we get scammed?

Answer 1

If you paid in cash, then you should sign a buyers order, odometer statement, and waiver forms , however not typically a Retail Installment Agreement. Look under the "Truth in Lending" boxes on your contract. If there is an APR listed, then you did finance some portion of the loan. I hope this helps and you can email me with questions.

Answer 2

Sounds like a "SCAM" check with your local Drivers Motor Vech. ask for background on seller and ask for clear title.