The Car Loan Agreement Between Employer And Employee is a crucial document used when companies in the Philippines offer vehicle financing as an employee benefit. This arrangement, governed by Philippine law, provides employees with an accessible means to vehicle ownership while giving employers security through direct salary deductions. The agreement must comply with various Philippine regulations, including the Labor Code, Civil Code, and Truth in Lending Act. It is typically used when companies want to provide transportation benefits to eligible employees, particularly those requiring vehicles for work purposes or as part of their compensation package. The document includes comprehensive details about the loan terms, vehicle specifications, maintenance requirements, insurance obligations, and provisions for various scenarios such as employment termination or loan default. This type of agreement has become increasingly common in Philippine businesses as a way to attract and retain valuable employees while ensuring proper legal protection for both parties.
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1. Parties: Identifies the employer (lender) and employee (borrower) with complete details
2. Background: States the employment relationship and the employee's request for a car loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies loan amount, interest rate, term, and total repayment amount
5. Vehicle Details: Describes the vehicle being financed including make, model, year, and VIN
6. Repayment Terms: Details the repayment schedule, salary deduction mechanism, and payment processes
7. Security and Ownership: Establishes the vehicle as security and conditions of ownership during loan term
8. Insurance Requirements: Specifies mandatory insurance coverage and responsibilities
9. Employee Obligations: Lists employee's responsibilities regarding vehicle maintenance and use
10. Default and Remedies: Defines events of default and employer's remedies
11. Termination of Employment: Addresses loan handling in case of employment termination
12. General Provisions: Contains standard clauses including governing law, amendments, and notices
1. Co-Maker Provisions: Include when a co-maker/guarantor is required for the loan
2. Additional Security: Include when additional collateral beyond the vehicle is required
3. Early Repayment Terms: Include when allowing early loan repayment options
4. Vehicle Usage Restrictions: Include when specific restrictions on vehicle use are needed
5. Tax Provisions: Include when special tax considerations apply to the loan arrangement
6. Transfer Provisions: Include when transfer of vehicle or loan obligations might be permitted
1. Schedule A - Vehicle Specifications: Detailed description of vehicle including accessories and condition
2. Schedule B - Amortization Schedule: Monthly breakdown of payments showing principal and interest portions
3. Schedule C - Salary Deduction Authorization: Formal authorization for employer to deduct loan payments from salary
4. Schedule D - Insurance Requirements: Detailed insurance specifications and coverage requirements
5. Appendix 1 - Vehicle Documentation: Copies of vehicle registration and other relevant documents
6. Appendix 2 - Loan Calculation: Detailed breakdown of loan calculations including interest and charges
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Sales and Distribution
Professional Services
Construction
Real Estate
Logistics and Transportation
Retail
Energy and Utilities
Technology and Telecommunications
Healthcare
Education
Relevant Teams
Human Resources
Finance
Legal
Compliance
Administration
Payroll
Risk Management
Employee Benefits
Fleet Management
Internal Audit
Treasury
Relevant Roles
Human Resources Director
Finance Manager
Legal Counsel
Compliance Officer
Employee Benefits Manager
Payroll Manager
Fleet Manager
Risk Manager
Chief Financial Officer
HR Operations Manager
Compensation and Benefits Specialist
Corporate Secretary
Administrative Manager
Treasury Manager
Internal Auditor
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