370 / 629
Sears, Roebuck and Co., Chicago, Illinois.
In consideration of your selling merchandise and serv–
ices for personal, family or household purposes to me on
my Sears Revolving Charge Account, I agree to the fol–
lowing regarding all purchases made by me or on my
Sears Revolving Charge Account Identification:
1. I have the privilege of a Charge Account, in which
case I will pay the full amount of all purchases within
25 days from the date of each billing statement.
2. If I do not pay the full amount for all purchases within
25 days from the date of each billing statement, the
following terms shall be in effect:
(A) I will pay the Deferred Payment Price for each item
purchased consisting of:
(1) The cash sale price, and
(2) A FINANCE CHARGE, which will be the greater
of a minimum charge of 50¢ (applied to pre–
vious balances of $1.00 through $33.00) or an
amount determined by applying a periodic rate
of 1.5% per month (ANNUAL PERCENTAGE
RATE of 18%) to the previous balance. The
FINANCE CHARGE is based upon account ac–
tivity during the billing period preceding the
current billing period, and is computed upon
the previous balance (new balance outstanding
at the end of the preceding billing period) be–
fore deducting payments and credits or adding
purchases made during the current billing
period.
(8)
I will pay for all purchases in monthly installments
which will be computed according to the following
schedule:
If
the unpaid
balance is:
The scheduled
monthly payment
will be:
S
.01
to S
10.00
Balance
10.01
to
200.00 $10.00
200.01
to
250.00
15.00
250.01
to
300.00 20.00
300.01
to
350.00 25.00
If
the unpaid
balance is:
Tbe scheduled
monthly payment
will be:
S350.01
to
$400.00
400.01
to
450.00
450.01
to
500.00
Over $500.00
$30.00
35.00
40.00
1/10 of
account bal.
I will pay each monthly installment computed according
to the schedule as stated at left upon receipt of each
statement. If I fail to pay any installment in full when due,
you may, at your option, take back the merchandise or
affirm the sale and hold me liable for the full balance on
my account which shall be immediately due. Ownership
of the merchandise purchased on this account shall
remain in Sears until I have paid the purchase price in
full. My installment payments shall be applied as follows:
in the case of items purchased on different dates, the
first purchased shall be deemed first paid for; in the
case of items purchased on the same date, the lowest
priced shall be deemed first paid for. I have risk of loss
or damage to merchandise.
(C) You are to send me a statement each month, which
will show my previous balance (last month's new
balance), new balance, scheduled payment,
Finance Charge, purchases, payments and credits,
and the amount of my monthly installment coming
due.
(D) I have the right to pay all or any portion of my
account in advance.
3. You are authorized to investigate my credit record
and report to proper persons and bureaus my per–
formance of this agreement.
NOTICE TO BUYER: Do not sign this contract before you
read it or if it contains blanks. You have the right to pay
in advance the full amount due.
(CUSTOMER'S SIGNATURE)
ACCEPTED, SEARS, ROEBUCK ANO CO.
Date___________________
NOTICE:
To open a new Sears Revolving Charge Account, residents of Illinois, Indiana, Iowa,
Kentucky and Michigan should read and sign the above agreement and return it to
us together with the credit information requested on page 370. When your applica–
tion is accepted, we will send you a copy of the agreement for you to keep.
Residents of Missouri, Ohio and Wisconsin should complete and return the credit
information requested on page 370. When your application is accepted, we .will send
you a copy of the agreement to sign arid return to us, together with a copy
f~r
you
to keep.
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Sears
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