The Car Loan Security Agreement is a fundamental document in vehicle financing transactions across Canadian provinces and territories. It serves as both a loan agreement and a security document, establishing the terms under which a lender provides financing for a vehicle purchase while securing their interest in the vehicle as collateral. This document is essential when a borrower seeks financing for a vehicle purchase and the lender requires security for the loan. The agreement must comply with provincial Personal Property Security Act (PPSA) requirements, federal banking regulations, and consumer protection laws. It typically includes comprehensive details about the vehicle, loan terms, security interest, borrower obligations, and enforcement rights. The document is designed to protect the lender's interests while ensuring transparency and fairness for the borrower in accordance with Canadian consumer protection legislation.
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1. Parties: Identifies and provides full legal names and addresses of the lender and borrower
2. Background: Explains the context of the agreement - borrower wishes to purchase a vehicle and lender agrees to provide financing
3. Definitions: Defines key terms used throughout the agreement including 'Vehicle', 'Security Interest', 'Principal Amount', etc.
4. Loan Details: Specifies the principal amount, interest rate, term, and payment schedule
5. Grant of Security Interest: Creates and defines the security interest in the vehicle under PPSA
6. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, and any accessories
7. Borrower's Representations: Borrower's warranties about vehicle ownership, condition, and authority to enter agreement
8. Borrower's Covenants: Ongoing obligations including maintenance, insurance, and use restrictions
9. Insurance Requirements: Specific insurance requirements and lender's rights as loss payee
10. Default Events: Defines what constitutes default and consequences of default
11. Remedies: Lender's rights and remedies upon default, including repossession rights
12. General Provisions: Standard clauses including notices, amendments, governing law, etc.
13. Execution: Signature blocks and date of agreement
1. Co-Signer Provisions: Required when there is a co-signer guaranteeing the loan
2. Business Purpose Declaration: Include when vehicle is for business use to modify applicable consumer protections
3. Trade-In Details: Required when part of purchase price is paid by vehicle trade-in
4. Balloon Payment Terms: Include when loan structure includes a balloon payment at end of term
5. Cross-Collateralization: Include when security interest extends to other vehicles or assets
6. Electronic Payment Authorization: Include when borrower opts for automatic payment withdrawals
7. Privacy Consent: Optional section for specific consent to information sharing beyond statutory requirements
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocations
2. Schedule B - Vehicle Condition Report: Detailed description of vehicle condition at time of agreement
3. Schedule C - Insurance Requirements: Detailed insurance specifications including coverage types and amounts
4. Schedule D - Fees and Charges: Comprehensive list of all applicable fees and charges
5. Appendix 1 - Vehicle Registration: Copy of vehicle registration documents
6. Appendix 2 - Insurance Certificates: Copies of insurance certificates and endorsements
7. Appendix 3 - PPSA Registration: Copy of PPSA registration statement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Consumer Lending
Vehicle Finance
Insurance
Legal Services
Retail Automotive
Relevant Teams
Legal
Compliance
Credit Risk
Consumer Lending
Auto Finance
Documentation
Collections
Risk Management
Customer Service
Sales Finance
Relevant Roles
Loan Officer
Credit Manager
Financial Services Manager
Compliance Officer
Legal Counsel
Auto Finance Manager
Collections Manager
Risk Manager
Consumer Credit Analyst
Automotive Sales Manager
Finance and Insurance Manager
Contract Administrator
Legal Documentation Specialist
Consumer Protection Officer
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