The Contract For Vehicle Sale With Payments is essential for transactions in the Philippines where vehicles are sold through installment financing arrangements. This document is commonly used by dealerships, private sellers, and financial institutions to formalize vehicle sales where the full purchase price is paid over time. It combines elements of a standard sales agreement with specific provisions required under Philippine law for installment purchases, including compliance with the Truth in Lending Act and Consumer Act. The contract protects both seller and buyer interests by clearly defining payment terms, ownership rights, and default remedies. It's particularly important in the Philippine context where vehicle financing is a common practice and requires specific legal protections and documentation for registration with the Land Transportation Office.
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1. Parties: Identifies and provides complete details of the seller and buyer, including their legal names, addresses, and contact information
2. Background: Explains the context of the sale and confirms the seller's ownership and right to sell the vehicle
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, engine number, chassis number, plate 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. Interest and Late Payment Charges: Details the interest rate applied to the installment payments and penalties for late payments
7. Transfer of Title and Registration: Outlines the process and timing for transferring vehicle ownership and updating registration documents
8. Seller's Representations and Warranties: States seller's guarantees regarding vehicle condition, ownership, and absence of liens
9. Buyer's Obligations: Lists buyer's responsibilities including maintenance, insurance, and proper use of the vehicle
10. Default and Remedies: Specifies what constitutes default and the remedies available to either party
11. Repossession Rights: Details the circumstances under which the seller may repossess the vehicle and the process
12. Governing Law and Jurisdiction: Specifies that Philippine law governs the agreement and establishes jurisdiction for disputes
13. Execution: Signature blocks and notarization requirements
1. Co-Maker Provisions: Required when there is a guarantor or co-maker for the purchase, detailing their obligations and liabilities
2. Insurance Requirements: Detailed insurance requirements beyond the basic comprehensive insurance, if additional coverage is required
3. Trade-In Provisions: Used when the buyer is trading in another vehicle as part of the purchase
4. Early Payment Provisions: Details terms for early payment or full settlement of the remaining balance
5. Vehicle Maintenance Agreement: Optional terms regarding specific maintenance requirements or included service packages
6. Assignment Rights: Terms allowing the seller to assign the contract to a financial institution or third party
7. Cross-Collateral Provisions: Used when the vehicle serves as collateral for other loans between the parties
1. Schedule A - Vehicle Details: Comprehensive technical specifications and current condition report of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization table showing all payment dates, principal, interest, and running balance
3. Schedule C - Vehicle Documents: List of all documents being transferred with the vehicle (registration, maintenance records, etc.)
4. Schedule D - Delivery Receipt: Form to be completed upon physical transfer of the vehicle
5. Appendix 1 - Vehicle Inspection Report: Third-party inspection report detailing the vehicle's condition at time of sale
6. Appendix 2 - Insurance Requirements: Detailed specifications of required insurance coverage
7. Appendix 3 - Deed of Chattel Mortgage: Standard form of chattel mortgage required for the vehicle
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Insurance
Transportation
Retail
Manufacturing
Fleet Management
Vehicle Leasing
Automotive Finance
Relevant Teams
Legal
Finance
Sales
Compliance
Credit Risk
Collections
Documentation
Vehicle Registration
Insurance
Customer Service
Business Development
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Credit Analyst
Automotive Sales Representative
Fleet Manager
Contract Administrator
Risk Manager
Collections Manager
Documentation Officer
Vehicle Registration Officer
Insurance Coordinator
Business Development Manager
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