Definition: "Amount financed"

"Amount financed" means the total of the following items to the extent that payment is deferred: (1) the cash price of the goods, services, or interest in land, less the amount of any down payment whether made in cash or in property traded in; (2) the amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest in or a lien on property traded in; and (3) if not included in the cash price (a) any applicable sales, use, or excise and documentary stamp taxes; (b) amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and (c) additional charges permitted by this article (Section 2-202). Added by Laws 1969, c. 352, § 2-111, eff. July 1, 1969.