In an installment sales contract, what must be stated regarding the vehicle?

In an installment sales contract, it is crucial to provide a full description of the vehicle. This includes important details such as the make, model, year, VIN (Vehicle Identification Number), and any additional identifying features. This comprehensive description serves multiple purposes: it ensures that both parties have a clear understanding of the actual vehicle being sold, helps in preventing disputes regarding the specific vehicle involved in the transaction, and establishes ownership and uniqueness of the vehicle. Having a complete vehicle description allows for easier identification if there are any issues that arise later in the sales process, such as liens, registration, or title concerns.

Market value, insurance requirements, and warranty information, while important in the context of vehicle sales, are not mandatory elements that must be included in the installment sales contract. Market value fluctuates and may not be necessary for the contract itself, insurance requirements often depend on the buyer's preferences, and warranty information, while informative, does not need to be stated as part of the contract's essential components.