The Title Loan Contract is essential for financial institutions and licensed money lenders in Nigeria who provide loans secured by vehicle titles. This document type is used when a borrower seeks short to medium-term financing using their vehicle as collateral while retaining possession for continued use. The contract must comply with Nigerian secured lending regulations, including the Secured Transactions in Movable Assets Act 2017 and Central Bank of Nigeria guidelines. It includes comprehensive details about the loan terms, vehicle description, security interest creation, borrower obligations, and enforcement mechanisms. The document becomes particularly important in Nigeria's growing asset-based lending market, where vehicle title loans provide an alternative to traditional unsecured personal loans.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Brief context explaining the borrower's request for a loan and the vehicle being used as collateral
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Terms: Specific details of the loan amount, interest rate, repayment schedule, and term of the loan
5. Vehicle Details and Security Interest: Detailed description of the vehicle serving as collateral and creation of the security interest
6. Representations and Warranties: Borrower's confirmations regarding vehicle ownership, condition, and authority to enter into agreement
7. Borrower's Obligations: Ongoing obligations including vehicle maintenance, insurance, and prohibited actions
8. Default and Remedies: Events of default and lender's rights upon default, including repossession procedures
9. Interest and Fees: Detailed breakdown of interest calculations and any additional fees
10. Term and Termination: Duration of the agreement and conditions for early termination
11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Insurance Requirements: Detailed section on insurance requirements when the lender requires specific types of coverage
2. Co-signer Provisions: Additional section when a co-signer is involved in guaranteeing the loan
3. Cross-Collateralization: Section needed when multiple vehicles or assets are used as collateral
4. Electronic Payment Authorization: Optional section for automatic payment arrangements
5. Privacy Policy: Detailed privacy terms when collecting additional personal information
6. Military Lending Provisions: Special provisions required when lending to active military personnel
1. Schedule A - Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, registration details, and condition report
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
3. Schedule C - Fee Schedule: Comprehensive list of all applicable fees and charges
4. Appendix 1 - Vehicle Registration Documents: Copies of vehicle registration and ownership documents
5. Appendix 2 - Insurance Certificates: Copies of required insurance documentation
6. Appendix 3 - Vehicle Inspection Report: Independent vehicle inspection report documenting condition at time of loan
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Consumer Lending
Asset-Based Lending
Insurance
Legal Services
Vehicle Registration Services
Relevant Teams
Legal
Compliance
Credit Risk
Loan Operations
Collections
Documentation
Underwriting
Asset Management
Customer Service
Vehicle Inspection
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Collections Manager
Vehicle Inspector
Underwriter
Branch Manager
Documentation Specialist
Financial Services Manager
Asset Recovery Specialist
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