The Car Sale Contract With Payments is essential for any vehicle sale transaction in the Philippines where the full purchase price is not paid upfront. This document is commonly used by car dealerships, private sellers, and buyers to establish legally binding terms for vehicle sales with installment payments. It complies with Philippine regulations including the Civil Code, Consumer Act, and Truth in Lending Act. The contract encompasses crucial elements such as vehicle details, payment terms, ownership transfer conditions, and party obligations. It's particularly important as it serves dual purposes: documenting the sale transaction and securing the seller's interests until full payment is received. The agreement is designed to protect both parties' rights while ensuring compliance with local vehicle registration and transfer requirements.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the sale transaction and the parties' intentions
3. Definitions: Key terms used throughout the agreement
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine/chassis numbers, and current mileage
5. Purchase Price: Total purchase price, breakdown of payments, and payment schedule
6. Payment Terms: Detailed payment structure including installment amounts, due dates, and payment methods
7. Transfer of Ownership: Conditions and process for transferring vehicle ownership
8. Seller's Representations and Warranties: Seller's declarations regarding vehicle condition, ownership, and encumbrances
9. Buyer's Obligations: Buyer's responsibilities including insurance, maintenance, and usage restrictions during the payment period
10. Default and Remedies: Consequences of payment default and available legal remedies
11. Registration and Documentation: Requirements for vehicle registration transfer and necessary documentation
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Trade-In Details: Used when there is a trade-in vehicle as part of the payment
2. Co-Maker Provisions: Required when there is a guarantor for the installment payments
3. Insurance Requirements: Detailed insurance obligations when specific coverage is required during the payment period
4. Early Payment Provisions: Terms for early payment or full settlement of the remaining balance
5. Repossession Terms: Detailed process for vehicle repossession in case of default, if applicable
6. Maintenance Requirements: Specific maintenance obligations during the payment period
7. Assignment Rights: Terms for transferring rights and obligations under the contract
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates and amounts
3. Schedule C - Vehicle Inspection Report: Current condition report with photographs and noted defects
4. Schedule D - Warranty Details: Specific warranty terms and coverage details
5. Appendix 1 - Required Documents: List of all required documentation for the sale and transfer
6. Appendix 2 - Vehicle History: Service history and previous ownership records
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Insurance
Retail
Transportation
Legal Services
Vehicle Leasing
Fleet Management
Relevant Teams
Legal
Sales
Finance
Compliance
Risk Management
Documentation
Business Development
Operations
Customer Service
Administrative Support
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Auto Dealer
Fleet Manager
Credit Analyst
Automotive Sales Representative
Contract Administrator
Risk Manager
Business Development Manager
Documentation Officer
Vehicle Registration Specialist
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