The Car Loan Promissory Note is a fundamental document in Canadian vehicle financing transactions, used when an individual borrows money specifically for purchasing a vehicle. It serves multiple purposes by combining elements of a traditional promissory note with security agreement provisions, making it particularly efficient for vehicle financing. The document must comply with various Canadian federal laws including the Interest Act and Bills of Exchange Act, as well as provincial legislation such as the Personal Property Security Act and Consumer Protection Act. It typically includes detailed vehicle information, loan terms, interest rates, payment schedules, and security provisions. This document is essential for both direct lending by financial institutions and indirect lending through dealership financing programs, providing protection for the lender while ensuring transparent disclosure to the borrower as required by Canadian law.
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1. Parties: Identification of the lender and borrower, including full legal names, addresses, and contact information
2. Background: Brief context of the loan agreement, including the purpose of the loan (vehicle purchase)
3. Definitions: Key terms used in the document including 'Vehicle', 'Principal Amount', 'Interest Rate', 'Payment Date', etc.
4. Promise to Pay: Core provision stating the borrowed amount, interest rate, and unconditional promise to repay
5. Loan Details: Specific terms including principal amount, interest rate (APR), total amount payable, and loan term
6. Payment Terms: Payment schedule, amount of payments, payment methods, and due dates
7. Security Interest: Description of the vehicle serving as collateral, including VIN, make, model, and year
8. Default and Acceleration: Conditions constituting default and lender's rights upon default
9. Representations and Warranties: Borrower's confirmations regarding vehicle ownership, condition, and authority to enter agreement
10. Notice: How and where formal notices must be delivered to each party
1. Co-Signer Provisions: Used when a co-signer is guaranteeing the loan, defining their obligations and liability
2. Insurance Requirements: Used when specific insurance requirements are mandated by the lender
3. Early Payment Provisions: Used to specify terms for early loan payoff and any applicable penalties or benefits
4. Assignment: Used when the lender wants to retain the right to assign or sell the loan to another party
5. Electronic Payment Authorization: Used when automatic payments are being set up
6. Vehicle Use Restrictions: Used when the lender imposes specific restrictions on vehicle use or modification
1. Schedule A - Vehicle Description: Detailed description of the vehicle including all identifying information, condition, and value
2. Schedule B - Payment Schedule: Amortization schedule showing all payments, principal and interest breakdown
3. Schedule C - Insurance Requirements: Detailed insurance requirements including types of coverage and minimum amounts
4. Appendix 1 - Cost of Credit Disclosure: Mandatory disclosure of all costs of borrowing as required by provincial legislation
Relevant legal definitions
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Consumer Lending
Auto Finance
Risk Management
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Documentation
Contract Administration
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Relevant Roles
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Credit Manager
Finance Manager
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Compliance Officer
Auto Finance Specialist
Collections Manager
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Consumer Lending Specialist
Documentation Specialist
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