Financing Contract SalesAgency: Insurance and Financial Services
Required State License(s):
For installment sales of passenger cars and motor homes. New and Used Vehicle Dealers are licensed with the Department of State, Dealer Division; 517-373-9460.
Contact the Department of Treasury, Sales, Use and Withholding Division at 517-636-4660 for a sales tax license.
Other Possible License(s):
If an auto dealer finances all purchases, the dealer is required to be licensed as an Installment Seller of Motor Vehicles with Department of Insurance and Financial Services; 517-373-0220.
For installment sales of other products, no license is required, but certain limits apply about the rate of interest that may be charged. Contact the Department of Insurance and Financial Services; 517-373-0220.