A Loan Agreement With Car As Collateral is essential when providing secured financing using a vehicle as collateral in the United States. This document is commonly used by banks, credit unions, and other lenders to protect their interests while extending credit to borrowers. It must comply with federal regulations including the Truth in Lending Act and state-specific lending laws. The agreement details loan terms, creates a security interest in the vehicle, and establishes procedures for default and repossession. It's particularly important for ensuring the lender's security interest is properly perfected under UCC Article 9.
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1. Parties: Identifies lender and borrower with full legal names and addresses
2. Background: Describes purpose of loan and intention to secure with vehicle
3. Definitions: Key terms used throughout agreement including Loan, Vehicle, Security Interest, Default
4. Loan Terms: Principal amount, interest rate, payment schedule, and term of the loan
5. Collateral Description: Detailed description of vehicle including VIN, make, model, year, and condition
6. Security Interest: Creation and perfection of security interest in vehicle, including UCC filing requirements
7. Representations and Warranties: Borrower's statements about ownership, condition of vehicle, and authority to enter agreement
8. Events of Default: Circumstances constituting default and available remedies including repossession rights
9. Governing Law: Specification of applicable state law and jurisdiction
1. Insurance Requirements: Details of required insurance coverage and lender's rights regarding insurance
2. Prepayment Provisions: Terms and conditions for early loan payoff including any penalties or incentives
3. Cross-Collateralization: Provisions linking this loan to other obligations between the parties
4. Assignment and Transfer: Terms governing the transfer or assignment of the loan by either party
1. Schedule A - Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Schedule B - Vehicle Documentation: Copies of vehicle title, registration, and insurance documents
3. Schedule C - Truth in Lending Disclosure: Federally required disclosure of loan terms and costs
4. Schedule D - UCC-1 Financing Statement: Copy of filed UCC-1 financing statement perfecting security interest
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