The Car Sale Payment Agreement is essential for transactions involving vehicle purchases with installment payments in the Philippines. It serves as a comprehensive contract that protects both buyer and seller interests while ensuring compliance with Philippine laws, including the Civil Code, Consumer Act, and Land Transportation and Traffic Code. This document is particularly important when dealing with private sales, dealership transactions, or corporate fleet purchases where immediate full payment is not made. The agreement includes crucial details such as vehicle specifications, payment terms, ownership transfer conditions, warranties, and default remedies. It's commonly used by car dealerships, private sellers, and financial institutions to formalize vehicle sales with payment plans, ensuring all parties understand their rights and obligations throughout the payment period.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including names, addresses, and contact information
2. Background: Establishes the context of the sale and the parties' intention to enter into a vehicle sale payment arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN/chassis number, engine number, and current mileage
5. Purchase Price and Payment Terms: Specifies the total purchase price, down payment, installment amounts, payment schedule, and payment methods
6. Transfer of Title and Ownership: Details the conditions and process for transferring vehicle ownership, including registration requirements
7. Warranties and Representations: Outlines the Seller's warranties regarding vehicle condition and Buyer's acknowledgments
8. Default and Remedies: Specifies what constitutes default and the rights and remedies of both parties in case of default
9. Insurance Requirements: Stipulates mandatory insurance coverage during the payment period
10. Maintenance and Use: Outlines Buyer's obligations regarding vehicle maintenance and permitted use
11. Governing Law: Specifies that Philippine law governs the agreement
12. Execution: Formal closing section with signature blocks and notarization requirements
1. Trade-In Provisions: Include when there is a trade-in vehicle as part of the transaction, specifying details and value of the trade-in vehicle
2. Third-Party Financing: Include when a bank or financing company is involved in the transaction
3. Co-Maker Provisions: Include when there is a co-maker or guarantor for the payment obligations
4. Early Payment Provisions: Include when allowing early payment options with specific terms or discounts
5. Vehicle Inspection Report: Include when a detailed pre-sale inspection has been conducted
6. Delivery Terms: Include when the vehicle is not immediately transferred or requires special delivery arrangements
1. Schedule A - Vehicle Details: Comprehensive technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates, amounts, and balance
3. Schedule C - Vehicle Condition Report: Detailed assessment of vehicle condition at time of sale, including photographs
4. Schedule D - Required Insurance Coverage: Specific insurance requirements and minimum coverage amounts
5. Appendix 1 - Vehicle Documents: Copies of vehicle registration, insurance, and maintenance records
6. Appendix 2 - Deed of Sale Template: Template for the final deed of sale to be executed upon completion of payments
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Insurance
Legal Services
Retail
Transportation
Consumer Finance
Vehicle Leasing
Car Dealership
Asset Finance
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Collections
Contract Administration
Credit Analysis
Insurance
Document Processing
Fleet Management
Relevant Roles
Legal Counsel
Finance Manager
Sales Manager
Automotive Finance Specialist
Compliance Officer
Contract Administrator
Fleet Manager
Credit Analyst
Insurance Underwriter
Corporate Secretary
Risk Manager
Collections Manager
Legal Document Specialist
Auto Sales Executive
Finance and Insurance Manager
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