The Auto Loan Security Agreement is a crucial document used in Canadian vehicle financing transactions when a lender provides funds for a vehicle purchase and requires security interest in that vehicle as collateral. This document is essential for financial institutions, automotive dealerships, and private lenders operating in Canada, as it provides legal protection under both federal banking laws and provincial personal property security legislation. The agreement must comply with the Personal Property Security Act (PPSA) of the relevant province, federal interest rate regulations, and consumer protection laws. It typically includes detailed information about the vehicle, loan terms, security interest, borrower obligations, default provisions, and enforcement rights. The document is particularly important in establishing the lender's right to repossess the vehicle in case of default while ensuring all parties' rights and obligations are clearly defined within the Canadian legal framework.
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1. Parties: Identifies and defines the Lender and Borrower with their complete legal names and addresses
2. Background: Establishes that the Borrower wishes to obtain a loan to purchase a vehicle and the Lender agrees to provide the loan secured against the vehicle
3. Definitions: Defines key terms used throughout the agreement including 'Vehicle', 'Loan Amount', 'Security Interest', 'Payment Terms', etc.
4. Loan Details: Specifies the principal amount, interest rate, term, and payment schedule of the loan
5. Grant of Security Interest: Formally establishes the security interest in the vehicle in favor of the lender
6. Description of Collateral: Detailed description of the vehicle including make, model, year, VIN, and any additional equipment
7. Borrower's Representations and Warranties: Borrower's confirmations regarding vehicle ownership, condition, and authority to enter agreement
8. Borrower's Covenants: Ongoing obligations including maintenance, insurance, usage restrictions, and notification requirements
9. Insurance Requirements: Specific insurance requirements for the vehicle and obligations to maintain coverage
10. Default Provisions: Defines events of default and the lender's rights and remedies upon default
11. Enforcement Rights: Lender's rights to repossess and dispose of the vehicle upon default
12. Notices: How and where formal notices between parties must be delivered
13. General Provisions: Standard clauses including governing law, amendments, severability, and entire agreement
1. Co-Signer Provisions: Include when there is a co-signer for the loan, outlining their obligations and liabilities
2. Cross-Collateralization: Include when the security interest extends to other vehicles or assets owned by the borrower
3. Electronic Communication Consent: Include when parties agree to receive notices and documents electronically
4. Prepayment Terms: Include when special prepayment privileges or penalties apply
5. Assignment Rights: Include when the lender wants the right to assign or sell the loan to another financial institution
6. Additional Borrower Representations: Include for special circumstances such as commercial use of vehicle or out-of-province operation
1. Schedule A - Vehicle Description: Detailed technical specifications and condition report of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocation
3. Schedule C - Insurance Requirements: Specific insurance coverage types and amounts required
4. Schedule D - Fees and Charges: Breakdown of all fees, charges, and costs associated with the loan
5. Appendix 1 - PPSA Registration Details: Copy of Personal Property Security Registration confirming the lender's security interest
6. Appendix 2 - Vehicle Registration: Copy of vehicle registration showing the lender's security interest
Relevant legal definitions
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Retail Automotive
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Relevant Teams
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Auto Finance
Compliance
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Relevant Roles
Loan Officer
Credit Manager
Auto Finance Specialist
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Finance and Insurance Manager
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Credit Analyst
Documentation Specialist
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Banking Operations Manager
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