The Vehicle Sales Agreement With Payments is essential for any vehicle purchase in the Philippines where the buyer opts for installment payments rather than a full upfront payment. This document is designed to comply with Philippine legal requirements, including the Civil Code, Consumer Act, and Truth in Lending Act. It serves as a comprehensive contract that protects both seller and buyer interests by clearly defining payment terms, vehicle specifications, warranties, and ownership transfer conditions. The agreement is particularly important as it creates a legally enforceable security interest under the Chattel Mortgage Law, allowing the seller to maintain a legal claim on the vehicle until full payment is received. It's commonly used by dealerships, financial institutions, and private sellers who need to document vehicle sales with payment plans while ensuring all regulatory requirements are met.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Key terms used throughout the agreement
4. Vehicle Description: Detailed specification of the vehicle including make, model, year, VIN, color, and current odometer reading
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate
6. Delivery and Transfer of Ownership: Terms of vehicle delivery and transfer of title
7. Warranties and Representations: Standard warranties about vehicle condition and ownership
8. Seller's Obligations: Responsibilities of the seller including documentation and registration assistance
9. Buyer's Obligations: Responsibilities of the buyer including payments and maintenance
10. Default and Remedies: Consequences of payment default and available legal remedies
11. Insurance Requirements: Mandatory insurance coverage during the payment period
12. Registration and Transfer Costs: Allocation of expenses for registration and transfer of ownership
13. Governing Law and Jurisdiction: Application of Philippine law and jurisdiction for disputes
14. Entire Agreement: Integration clause confirming the complete agreement between parties
1. Trade-In Details: Used when there is a trade-in vehicle as part of the purchase
2. Extended Warranty: When additional warranty coverage is being purchased
3. Co-Maker Provisions: When a co-maker or guarantor is involved in the purchase
4. Early Payment Terms: When early payment options and discounts are offered
5. Dealer Warranties: When additional dealer-specific warranties are provided
6. Vehicle Modifications: When pre-delivery modifications are included in the sale
7. Maintenance Agreement: When a service package is included in the sale
8. Export Restriction: When restrictions on vehicle export need to be specified
1. Schedule A - Vehicle Specifications: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization schedule with payment dates and amounts
3. Schedule C - Warranty Terms: Complete warranty terms and conditions
4. Schedule D - Vehicle Inspection Report: Pre-delivery inspection report and condition assessment
5. Schedule E - Required Insurance Coverage: Specific insurance requirements and minimum coverage
6. Appendix 1 - Vehicle Documents: List of all vehicle-related documents to be transferred
7. Appendix 2 - Delivery Checklist: Items to be checked and confirmed upon vehicle delivery
8. Appendix 3 - Registration Documents: List of requirements for vehicle registration transfer
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Insurance
Retail
Transportation
Fleet Management
Vehicle Leasing
Corporate Services
Relevant Teams
Legal
Sales
Finance
Compliance
Risk Management
Operations
Documentation
Credit
Procurement
Customer Service
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Automotive Sales Executive
Fleet Manager
Credit Analyst
Contract Administrator
Business Development Manager
Risk Management Officer
Vehicle Documentation Specialist
Dealership Manager
Corporate Procurement Manager
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