The Auto Finance Contract is a fundamental document used in Canadian vehicle sales transactions where financing is required. It serves as the primary agreement between a financial institution or lender and a borrower for the purchase of a motor vehicle. This contract type is essential for both consumer and commercial vehicle financing, incorporating mandatory requirements from Canadian federal banking regulations and provincial consumer protection laws. The document includes crucial elements such as vehicle identification, payment terms, security interests, insurance requirements, and default provisions. It must comply with various legislation including the federal Bank Act, Interest Act, and provincial Personal Property Security Acts. The contract is designed to protect both lender and borrower interests while ensuring transparency in the financing arrangement and adherence to all applicable Canadian legal requirements.
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1. Parties: Identifies the lender, borrower, and any co-signers with full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement
4. Vehicle Description: Detailed description of the financed vehicle including make, model, year, VIN, and condition
5. Financial Terms: Purchase price, down payment, amount financed, interest rate, term, and payment schedule
6. Payment Terms: Details of payment methods, dates, and locations
7. Security Interest: Creates and describes the security interest in the vehicle
8. Insurance Requirements: Mandatory insurance coverage requirements and terms
9. Borrower's Representations: Borrower's warranties about their financial condition and right to enter agreement
10. Borrower's Covenants: Ongoing obligations regarding vehicle maintenance, use, and location
11. Default and Remedies: Events of default and lender's rights upon default
12. Notice Requirements: How and where notices must be delivered
13. General Provisions: Standard contract clauses including governing law, amendments, and severability
14. Execution: Signature blocks and date of agreement
1. Co-Signer Provisions: Additional terms when a co-signer is involved, including their obligations and rights
2. Prepayment Terms: Special terms for early payment or loan termination if different from standard terms
3. Trade-In Details: When a trade-in vehicle is part of the transaction
4. Extended Warranty: If an extended warranty is being financed as part of the agreement
5. Additional Products Financed: For additional products like credit insurance or service contracts being financed
6. Electronic Communication Consent: When parties agree to receive documents and communications electronically
7. Assignment: If the lender commonly assigns these contracts to third parties
8. Language Choice: Required in Quebec to acknowledge language choice for the agreement
1. Schedule A - Vehicle Details: Comprehensive vehicle specifications and condition report
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments
3. Schedule C - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
4. Schedule D - Fees and Charges: Itemized list of all fees, charges, and cost of borrowing
5. Schedule E - Trade-In Details: Complete description and valuation of any trade-in vehicle
6. Schedule F - Additional Products: Details of any additional products or services being financed
7. Appendix 1 - Cost of Borrowing Disclosure: Mandatory disclosure statement as required by provincial law
8. Appendix 2 - Privacy Notice: Privacy policy and consent for information handling
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Consumer Finance
Auto Retail
Commercial Vehicle Leasing
Transportation
Fleet Management
Relevant Teams
Legal
Compliance
Finance
Credit Operations
Risk Management
Sales Operations
Contract Administration
Collections
Customer Service
Documentation
Dealer Relations
Commercial Banking
Consumer Banking
Relevant Roles
Finance Manager
Legal Counsel
Compliance Officer
Credit Manager
Auto Sales Manager
Financial Services Representative
Contract Administrator
Risk Manager
Collections Manager
Dealership Finance Manager
Commercial Vehicle Sales Manager
Banking Operations Manager
Consumer Protection Officer
Documentation Specialist
Legal Document Reviewer
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