The Car Mortgage Agreement is a vital legal instrument used in Nigerian financial transactions when a lender provides financing for a vehicle purchase or refinancing while taking a security interest in the vehicle. This document is essential for financial institutions, vehicle dealers, and borrowers engaging in secured vehicle financing transactions in Nigeria. It must comply with various Nigerian regulations, including the Secured Transactions in Movable Assets Act 2017, Central Bank of Nigeria regulations, and consumer protection laws. The agreement typically includes detailed vehicle specifications, loan terms, maintenance requirements, insurance obligations, and enforcement procedures. It's commonly used in both consumer and commercial vehicle financing, with variations depending on whether the borrower is an individual or a corporation.
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1. Parties: Identification of the Mortgagor (borrower) and Mortgagee (lender), including full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, including the borrower's request for financing and the lender's agreement to provide it
3. Definitions: Definitions of key terms used throughout the agreement, including 'Vehicle', 'Mortgage', 'Security Interest', 'Event of Default'
4. Loan Details: Specific details of the loan amount, interest rate, payment terms, and duration
5. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and condition
6. Grant of Security Interest: Creation of the security interest in the vehicle in favor of the lender
7. Borrower's Representations: Borrower's warranties regarding vehicle ownership, condition, and authority to enter agreement
8. Borrower's Obligations: Ongoing obligations including maintenance, insurance, usage restrictions, and payment commitments
9. Insurance Requirements: Mandatory insurance coverage types and terms
10. Events of Default: Circumstances constituting default and their consequences
11. Enforcement Rights: Lender's rights and remedies upon default, including repossession procedures
12. Notices: Process for serving notices between parties
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when a third party guarantees the loan, including guarantor's obligations and rights
2. Early Repayment Terms: Include when early repayment options are offered, detailing any penalties or benefits
3. Cross-Collateralization: Used when the vehicle secures other loans between the parties
4. Assignment Rights: Include when either party may need to assign their rights under the agreement
5. Electronic Documentation: Include when parties agree to use electronic signatures or documentation
6. Vehicle Use Outside Nigeria: Required when vehicle may be used internationally
7. Co-owner Provisions: Include when the vehicle has multiple owners
1. Schedule 1 - Vehicle Details: Detailed technical specifications, photographs, and condition report of the vehicle
2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
3. Schedule 3 - Insurance Requirements: Specific insurance requirements including minimum coverage amounts and approved insurers
4. Schedule 4 - Vehicle Registration Documents: Copies of vehicle registration and ownership documents
5. Appendix A - Vehicle Inspection Report: Independent vehicle inspection report documenting condition at time of agreement
6. Appendix B - Guarantor Details: Required when there is a guarantor, containing their full details and capacity
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Insurance
Legal Services
Transportation
Fleet Management
Consumer Finance
Asset Finance
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Collections
Auto Finance
Documentation
Customer Relations
Operations
Relevant Roles
Finance Manager
Credit Officer
Legal Counsel
Compliance Officer
Risk Manager
Auto Finance Specialist
Collections Manager
Loan Officer
Contract Administrator
Vehicle Finance Manager
Asset Finance Manager
Documentation Specialist
Relationship Manager
Chief Financial Officer
Fleet Manager
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