The Auto Security Agreement is essential when providing vehicle financing in England and Wales. It establishes the lender's security interest over the financed vehicle, protecting their position if the borrower defaults. The agreement must comply with the Consumer Credit Act 1974, Bills of Sale Acts, and FCA regulations. It typically accompanies a main loan agreement and includes detailed vehicle information, maintenance requirements, and enforcement provisions. This document is particularly crucial for asset-based lending and vehicle finance transactions.
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1. Parties: Identification of the lender and borrower/vehicle owner
2. Background: Context of the security agreement and reference to main loan agreement
3. Definitions: Key terms used throughout the agreement including references to relevant legislation (Consumer Credit Act, FSMA, Bills of Sale Acts)
4. Security Interest: Details of the security being created over the vehicle
5. Vehicle Description: Detailed description of the vehicle including registration, VIN, make, model
6. Representations and Warranties: Statements about ownership and condition of the vehicle
7. Covenants: Ongoing obligations regarding vehicle maintenance and insurance
8. Enforcement: Rights and remedies in case of default
9. Governing Law: Specification of English and Welsh law as governing law
1. Additional Security: Optional section for cases where other assets are also being secured alongside the vehicle
2. Insurance Requirements: Detailed section on specific insurance obligations when standard covenants are insufficient
3. Cross-Default: Section linking to other agreements when multiple loan agreements exist with the same parties
1. Vehicle Details Schedule: Comprehensive vehicle information including registration documents and technical specifications
2. Insurance Schedule: Details of required insurance coverage and minimum terms
3. Form of Notice: Standard form notices for registration or third parties
4. Related Loan Agreement Details: Summary of the main loan agreement terms and cross-reference information
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