The Auto Loan Purchase Agreement is used when a financial institution wishes to sell part or all of its auto loan portfolio to another entity. This agreement, governed by English and Welsh law, establishes the framework for transferring these financial assets, including due diligence requirements, warranties about the loan quality, compliance with regulatory requirements, and post-sale servicing arrangements. It's particularly important in securitization transactions and portfolio management strategies, requiring careful consideration of both consumer protection legislation and financial services regulations.
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1. Parties: Identification of seller, purchaser, and any guarantors
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement including regulatory definitions from Consumer Credit Act and Financial Services and Markets Act
4. Sale and Purchase: Core terms of the loan purchase, including price and payment terms
5. Representations and Warranties: Statements about the condition and status of the loans being purchased
6. Conditions Precedent: Prerequisites that must be met before completion
7. Completion: Process and requirements for completing the transaction
8. Post-Completion Obligations: Ongoing responsibilities after the transfer
9. Governing Law and Jurisdiction: Specification of applicable law (England and Wales) and courts
1. Security Arrangements: Details of any security provided, used when additional security is required for the loan portfolio
2. Data Protection: Specific provisions for handling personal data under UK GDPR and Data Protection Act 2018, required if personal data is involved
3. Servicing Arrangements: Terms for ongoing loan servicing, if the purchaser requires the seller to continue servicing the loans
4. Buy-Back Provisions: Terms for repurchase of loans in case of breach of warranties or other specified circumstances
1. Schedule of Loans: Detailed list of auto loans being purchased including key information required under Consumer Credit Act
2. Form of Transfer Documents: Templates for documentation required to effect the transfer of loans
3. Eligibility Criteria: Specific requirements for loans included in the purchase including regulatory compliance criteria
4. Due Diligence Results: Summary of findings from loan portfolio review and regulatory compliance checks
5. Completion Checklist: List of documents and actions required for completion including regulatory filings
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