Seller financing — What You Need to Know
The seller extends credit to the buyer and accepts installment payments over time, rather than receiving the full purchase price at closing. The seller holds a security interest in the vehicle until the loan is paid.
Seller guidance
Seller financing is a regulated credit transaction under the federal Truth in Lending Act (TILA) and Regulation Z (12 CFR Part 1026). You must provide the buyer with a written disclosure of APR, finance charge, total amount financed, payment schedule, and total of payments before the contract is signed. Perfect your security interest by recording yourself as a lienholder on the title with the DMV.
Buyer guidance
You are entitled to a written TILA disclosure before signing. Review the APR and total cost carefully — seller financing often carries higher rates than traditional lenders. The seller retains a lien on the vehicle until you pay in full; failure to make payments can result in repossession under the terms of your agreement and your state's repossession laws.
Legal note
TILA (15 U.S.C. § 1638) and Regulation Z require written disclosures for any credit transaction. A separate promissory note and security agreement should accompany the bill of sale. The seller must file a UCC-1 financing statement or record the lien on the title to perfect the security interest under UCC Article 9. State usury laws cap the maximum interest rate for private installment sales.
Seller financing checklist
- Prepare a written promissory note specifying principal, APR, payment schedule, and total cost
- Provide TILA disclosure box (APR, finance charge, amount financed, total payments) at signing
- Record the seller's lien on the vehicle title at the DMV
- Include default and repossession terms in the financing agreement
- File a UCC-1 financing statement if relying on UCC Article 9 (varies by state for titled vehicles)
Jet Ski Safety & Recall Information
Data sourced from NHTSA safety ratings and recall databases
Average Safety Rating
0 / 5
Avg. Price Range
$3,000–$18,000
Odometer Disclosure
Not required
Safety checkpoints for jet ski buyers
- Inspect hull for cracks, especially around the intake grate area
- Check impeller and wear ring for scoring and play
- Verify all drain plugs are present and seal properly
- Test electronic throttle response and reverse mechanism
- Confirm lanyard kill-switch cuts engine immediately when pulled
- Verify required PFD storage and fire extinguisher are present
- Test engine compartment ventilation blower (4-stroke models)
- Inspect handlebar pads, throttle/brake levers for crash damage
Common recall categories
Fuel SystemSteeringHull/DeckEngineElectrical
On average, each jet ski model has approximately 1.2 recalls. Always check your specific vehicle at NHTSA.gov/recalls before completing a sale.
Mapleton Seller financing jet ski generator — when to file
Utah requires title transfer within 30 days of the sale date on the bill of sale. For seller financing transactions specifically, file at Utah DMV – Mapleton (Visit https://dmv.utah.gov to find the nearest Mapleton office) during normal hours: Mon–Fri 8:00 AM–5:00 PM (verify hours with local office). Miss the 30-day window and Utah typically charges a late-transfer penalty plus accrued use tax, and the seller can remain on the title for civil liability until the buyer completes retitling. Bring the signed title, the completed Mapleton bill of sale, your government-issued ID, and payment for the $6.00 title transfer fee plus 6.1% sales tax on the purchase price.
Generator reminder. Whether you keep your generator as a generator-produced document, both buyer and seller should leave the signing with an identical executed copy. The buyer needs the original to present at Utah DMV – Mapleton; the seller keeps a duplicate to prove the date of transfer if a future liability question arises before the title fully retitles.