The Auto Loan Contract serves as the primary legal instrument for vehicle financing transactions in the Philippines. It is used when an individual or entity seeks financing from a financial institution to purchase a motor vehicle, establishing the rights, obligations, and responsibilities of all parties involved. The document must comply with Philippine banking regulations, particularly the Truth in Lending Act and Consumer Protection laws, while incorporating specific requirements from the Bangko Sentral ng Pilipinas. The contract includes essential elements such as loan terms, interest calculations, payment schedules, collateral arrangements, insurance requirements, and default provisions. This standardized agreement protects both the lender's security interest and the borrower's rights under Philippine law.
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1. Parties: Identification of the Lender (financial institution) and Borrower with complete details
2. Background: Context of the loan agreement and purpose of the vehicle purchase
3. Definitions: Key terms used throughout the agreement including financial terms and technical definitions
4. Loan Details: Principal amount, interest rate, term, and total amount payable
5. Vehicle Information: Complete details of the vehicle being financed including make, model, year, and VIN
6. Payment Terms: Payment schedule, method of payment, and due dates
7. Security and Collateral: Details of the vehicle as collateral and additional security requirements
8. Insurance Requirements: Mandatory insurance coverage and terms
9. Events of Default: Circumstances constituting default and consequences
10. Representations and Warranties: Declarations by the borrower regarding their capacity to enter the agreement
11. Rights and Obligations: Detailed responsibilities of both parties
12. Termination: Conditions for early termination and its consequences
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
1. Co-Maker Provisions: Required when there is a co-maker or guarantor for the loan
2. Special Payment Arrangements: Used when specific payment arrangements differ from standard terms
3. Additional Security: Included when additional collateral besides the vehicle is required
4. Dealer Arrangements: Required when there are specific arrangements with the car dealer
5. Electronic Payments Authorization: Added when automatic debit arrangements are set up
6. Privacy Consent: Detailed data privacy provisions beyond standard terms when additional processing is required
1. Schedule A - Payment Schedule: Detailed amortization schedule showing principal, interest, and total payment for each installment
2. Schedule B - Vehicle Details: Complete technical specifications and condition report of the vehicle
3. Schedule C - Insurance Requirements: Detailed insurance specifications and coverage requirements
4. Schedule D - Fees and Charges: Complete breakdown of all fees, charges, and penalties
5. Appendix 1 - Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and total cost of credit
6. Appendix 2 - Vehicle Registration Documents: Copies of vehicle registration and related documents
7. Appendix 3 - Standard Terms and Conditions: General terms and conditions of the financial institution
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive
Insurance
Legal Services
Consumer Finance
Transportation
Retail Banking
Relevant Teams
Legal
Compliance
Risk Management
Consumer Banking
Credit Operations
Collections
Documentation
Auto Finance
Retail Banking
Sales Support
Customer Service
Relevant Roles
Credit Officer
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Auto Finance Manager
Branch Manager
Collections Manager
Consumer Banking Officer
Documentation Specialist
Relationship Manager
Underwriter
Sales Manager (Automotive)
Finance and Insurance Manager
Credit Risk Analyst
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