As used in this chapter, unless the context otherwise requires: (a) âConditional sale contractâ means: (1) A contract for the sale of a motor vehicle between a buyer and a seller, with or without accessories, under which possession is delivered to the buyer and either of the following: (A) The title vests in the buyer thereafter only upon the payment of all or a part of the price, or the performance of any other condition. (B) A lien on the property is to vest in the seller as security for the payment of part or all of the price, or for the performance of any other condition. (2) A contract for the bailment of a motor vehicle between a buyer and a seller, with or without accessories, by which the bailee or lessee agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the vehicle and its accessories, if any, at the time the contract is executed, and by which it is agreed that the bailee or lessee will become, or for no other or for a nominal consideration has the option of becoming, the owner of the vehicle upon full compliance with the terms of the contract. (b) âSellerâ means a person engaged in the business of selling or leasing motor vehicles under conditional sale contracts. (c) âBuyerâ means the person who buys or hires a motor vehicle under a conditional sale contract. (d) âPersonâ includes an individual, company, firm, association, partnership, trust, corporation, limited liability company, or other legal entity. (e) âHolderâ means the person entitled to enforce the conditional sale contract against the buyer at the time. (f) âCash priceâ means the amount for which the seller would sell and transfer to the buyer unqualified title to the motor vehicle described in the conditional sale contract, if the property were sold for cash at the sellerâs place of business on the date the contract is executed, and shall include taxes to the extent imposed on the cash sale and the cash price of accessories or services related to the sale, including, but not limited to, delivery, installation, alterations, modifications, improvements, document preparation fees, a service contract, a vehicle contract cancellation option agreement, and payment of a prior credit or lease balance remaining on property being traded in. (g) âDownpaymentâ means a payment that the buyer pays or agrees to pay to the seller in cash or property value or moneyâs worth at or prior to delivery by the seller to the buyer of the motor vehicle described in the conditional sale contract. The term shall also include the amount of any portion of the downpayment the payment of which is deferred until not later than the due date of the second otherwise scheduled payment, if the amount of the deferred downpayment is not subject to a finance charge. The term does not include any administrative finance charge charged, received, or collected by the seller as provided in this chapter. (h) âAmount financedâ means the amount required to be disclosed pursuant to paragraph (8) of subdivision (a) of Section 2982. (i) âUnpaid balanceâ means the difference between subdivisions (f) and (g), plus all insurance premiums (except for credit life or disability insurance when the amount thereof is included in the finance charge), which are included in the contract balance, and the total amount paid or to be paid as follows: (1) To a public officer in connection with the transaction. (2) For license, certificate of title, and registration fees imposed by law, and the amount of the state fee for issuance of a certificate of compliance or certificate of waiver pursuant to Section 9889.56 of the Business and Professions Code. (j) âFinance chargeâ has the meaning set forth for that term in Section 226.4 of Regulation Z. The term shall not include delinquency charges or collection costs and fees as provided by subdivision (k) of Section 2982, extension or deferral agreement charges as provided by S
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