The Personal Auto Loan Contract serves as the primary legal instrument for vehicle financing transactions in the Philippines, typically used when an individual seeks to purchase a motor vehicle through financing from a bank or lending institution. This document must comply with strict regulatory requirements including the Truth in Lending Act (RA 3765), Consumer Act of the Philippines (RA 7394), and various Bangko Sentral ng Pilipinas (BSP) circulars governing consumer loans. The contract comprehensively covers loan terms, security arrangements, borrower obligations, and lender rights, incorporating mandatory disclosures about interest rates, fees, and charges. It establishes the lender's security interest in the vehicle while ensuring consumer protection through clear terms and transparent fee structures, making it essential for both financial institutions and consumers in the Philippine auto financing market.
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1. Parties: Identifies the lender and borrower with complete details including name, address, and contact information
2. Background: Establishes the context of the loan agreement and the borrower's request for vehicle financing
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Details: Specifies the principal amount, interest rate, term, and purpose of the loan
5. Vehicle Details: Describes the vehicle being financed including make, model, year, color, and vehicle identification number
6. Repayment Terms: Details the payment schedule, installment amounts, and payment methods
7. Security Interest: Establishes the lender's security interest in the vehicle and registration requirements
8. Insurance Requirements: Specifies mandatory insurance coverage for the vehicle and requirements for policy maintenance
9. Borrower's Representations and Warranties: Contains borrower's declarations regarding their capacity to enter the agreement and vehicle ownership
10. Borrower's Obligations: Lists ongoing obligations including vehicle maintenance, usage restrictions, and reporting requirements
11. Events of Default: Defines circumstances constituting default and consequences thereof
12. Enforcement Rights: Details lender's rights and remedies in case of default, including repossession procedures
13. General Provisions: Contains standard clauses on notices, amendments, governing law, and dispute resolution
1. Co-Borrower Provisions: Additional terms when there is a co-borrower, including joint and several liability
2. Guarantor Provisions: Terms applicable when a guarantor is securing the loan
3. Early Repayment Terms: Conditions and calculations for early loan settlement if allowed
4. Cross-Default Provisions: Terms linking default in other loans with the same lender
5. Insurance Premium Financing: Additional terms if insurance premiums are included in the loan amount
6. Electronic Payment Authorization: Terms for automatic payment arrangements if applicable
7. Vehicle Usage for Business: Additional terms when vehicle is used for business purposes
1. Schedule A - Payment Schedule: Detailed amortization table showing payment dates, principal, interest, and balance
2. Schedule B - Vehicle Description: Complete technical specifications and photographs of the vehicle
3. Schedule C - Insurance Requirements: Detailed insurance specifications including minimum coverage requirements
4. Schedule D - Fees and Charges: Comprehensive list of all applicable fees and charges
5. Appendix 1 - Vehicle Registration Documents: Copies of vehicle registration and transfer documents
6. Appendix 2 - Disclosure Statement: Truth in lending disclosures as required by Philippine law
7. Appendix 3 - Pre-termination Fee Calculator: Formula and examples for calculating pre-termination fees if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive
Insurance
Legal Services
Consumer Finance
Retail Banking
Vehicle Dealerships
Financial Technology
Relevant Teams
Legal
Compliance
Credit Risk
Auto Finance
Collections
Customer Service
Sales
Documentation
Underwriting
Operations
Risk Management
Relevant Roles
Loan Officer
Credit Analyst
Legal Counsel
Compliance Officer
Risk Manager
Auto Finance Manager
Collections Manager
Branch Manager
Underwriter
Customer Service Representative
Sales Manager (Auto Dealership)
Documentation Specialist
Contract Administrator
Financial Advisor
Insurance Coordinator
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