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The Car Loan Contract is a fundamental document used in the United Arab Emirates for vehicle financing transactions between financial institutions and borrowers. It is designed to comply with UAE Central Bank regulations, particularly Notice No. 4481/2012, which stipulates specific requirements such as maximum loan amounts (80% of vehicle value) and repayment periods (up to 60 months). The contract includes essential provisions for vehicle security, registration, insurance, and repayment terms, while incorporating consumer protection measures under UAE Federal Law. It serves as the primary agreement documenting the rights and obligations of both lender and borrower in vehicle financing transactions, including provisions for default scenarios and early settlement options. The document must align with both UAE banking regulations and traffic laws to ensure proper vehicle registration and ownership transfer procedures.

1. Parties: Identification of the lender (financial institution) and borrower with full legal names and details

2. Background: Brief context of the loan application and purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Details: Principal amount, interest rate, term, and payment schedule

5. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, and VIN

6. Security and Registration: Details of vehicle registration and security interest in favor of the lender

7. Repayment Terms: Payment amounts, frequency, method, and due dates

8. Interest and Fees: Breakdown of interest calculation, processing fees, and other charges

9. Borrower's Representations: Warranties and declarations by the borrower regarding their eligibility and financial status

10. Borrower's Obligations: Ongoing obligations including vehicle maintenance, insurance, and usage restrictions

11. Events of Default: Circumstances constituting default and consequences

12. Lender's Rights: Rights of the lender in various scenarios, including default

13. Insurance Requirements: Mandatory insurance coverage and requirements

14. Early Settlement: Terms and conditions for early loan repayment

15. Governing Law: UAE law as the governing law and jurisdiction

16. Notices: Method and addresses for official communications

17. Execution: Signature blocks and execution requirements