The Auto Loan Contract is a fundamental document used in the United Arab Emirates for vehicle financing transactions between financial institutions and borrowers. It serves as the primary agreement governing the terms of vehicle financing, incorporating requirements from UAE Federal Law No. 14 of 2018 (Central Bank Law) and relevant Central Bank circulars on auto financing. The document is essential for both conventional and Islamic auto financing structures, detailing loan amounts, payment schedules, security interests, and compliance with UAE's maximum loan-to-value ratios. It includes mandatory consumer protection provisions, vehicle registration requirements, and insurance obligations specific to the UAE market.
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1. Parties: Identifies the financial institution (lender) and the borrower with full legal names and details
2. Background: Brief context of the auto loan arrangement and purpose
3. Definitions: Defines key terms used throughout the agreement including Vehicle, Loan Amount, Interest Rate/Profit Rate, Payment Schedule
4. Loan Details: Specifies the principal amount, term, interest/profit rate, and payment schedule
5. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, color, and registration details
6. Security Interest: Establishes the lender's security interest in the vehicle and registration requirements
7. Payment Terms: Details of payment obligations, including method, timing, and consequences of late payment
8. Borrower's Obligations: Specifies maintenance requirements, insurance obligations, and usage restrictions
9. Events of Default: Lists circumstances constituting default and consequences
10. Lender's Rights and Remedies: Details lender's rights in case of default, including repossession
11. Insurance Requirements: Specifies required insurance coverage and lender's rights as loss payee
12. Representations and Warranties: Borrower's confirmations regarding their ability to enter into and perform the contract
13. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes
1. Islamic Finance Provisions: Required when the auto loan is structured as an Islamic finance product, including Murabaha terms
2. Early Settlement: Details early payment options and any associated fees or discounts
3. Co-Signer Provisions: Required when there is a guarantor or co-signer for the loan
4. Cross-Border Usage: Required when vehicle may be used outside UAE, specifying conditions and requirements
5. Electronic Communication Consent: Optional section for consent to electronic notices and communications
6. Assignment Rights: Optional section detailing if and how the loan can be assigned by either party
1. Payment Schedule: Detailed amortization schedule showing all payments, dates, and breakdown of principal/interest
2. Vehicle Specification: Detailed technical specifications and condition report of the vehicle
3. Insurance Requirements: Detailed list of required insurance coverage and terms
4. Fee Schedule: List of all applicable fees including processing fees, late payment charges, and early settlement charges
5. Required Documents: List of documents required from borrower including ID, visa, salary certificate
6. Key Facts Statement: Summary of key terms and conditions as required by UAE Central Bank regulations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Automotive
Insurance
Consumer Finance
Islamic Finance
Transportation
Retail
Relevant Teams
Legal
Compliance
Credit
Risk Management
Consumer Banking
Islamic Banking
Operations
Collections
Documentation
Retail Banking
Auto Finance
Customer Service
Relevant Roles
Legal Counsel
Credit Manager
Loan Officer
Compliance Officer
Risk Manager
Financial Services Manager
Auto Finance Specialist
Branch Manager
Relationship Manager
Documentation Specialist
Islamic Finance Specialist
Consumer Banking Manager
Underwriter
Collections Manager
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