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1. Parties: Identifies the full legal names and addresses of both parties (the friend selling/lending and the friend buying/borrowing)
2. Background: Brief context explaining the relationship between parties and the purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, mileage, and condition
5. Purchase Price and Payment Terms: Total amount to be paid, payment schedule, payment method, and any applicable interest
6. Transfer of Ownership: Terms regarding when and how vehicle ownership will be transferred
7. Maintenance and Insurance: Responsibilities for vehicle maintenance and insurance requirements during the payment period
8. Default and Remedies: Consequences of missed payments and steps to resolve payment issues
9. Representations and Warranties: Basic statements about vehicle ownership, right to sell, and condition
10. Governing Law: Specifies that the agreement is governed by Canadian law and the specific province
11. Entire Agreement: Confirms that this document represents the complete agreement between parties
12. Signatures: Space for both parties to sign and date the agreement
1. Late Payment Terms: Additional terms regarding late payments, including any grace periods or late fees
2. Early Payment Provisions: Terms for early payoff of the remaining balance, including any discount or penalty
3. Death or Incapacity: Provisions for what happens if either party dies or becomes incapacitated during the payment period
4. Dispute Resolution: Process for resolving disagreements through mediation or arbitration before court action
5. Vehicle Use Restrictions: Any specific restrictions on vehicle use during the payment period
6. Third-Party Authorization: Permission for other family members or friends to drive the vehicle
7. Registration and Licensing: Specific terms about who is responsible for registration and licensing fees
1. Schedule A - Vehicle Condition Report: Detailed description of the vehicle's condition at time of agreement, including photographs
2. Schedule B - Payment Schedule: Detailed breakdown of payment amounts and due dates
3. Schedule C - Maintenance Records: Copy of existing maintenance records and service history
4. Schedule D - Insurance Requirements: Specific details about required insurance coverage
5. Appendix 1 - Vehicle Registration Documents: Copies of current vehicle registration and ownership documents
Automotive
Financial Services
Legal Services
Insurance
Personal Transportation
Consumer Services
Private Lending
Legal
Finance
Risk Management
Collections
Consumer Banking
Document Processing
Compliance
Customer Service
Credit Analysis
Legal Counsel
Paralegal
Financial Advisor
Insurance Agent
Car Dealer
Loan Officer
Personal Banking Advisor
Legal Document Specialist
Consumer Protection Officer
Risk Management Specialist
Collections Officer
Credit Analyst
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