The Loan Vehicle Sale Agreement is a specialized legal instrument used in the Philippines when a vehicle purchase involves financing arrangements. This document is essential when a buyer wishes to purchase a vehicle through loan financing, whether from a dealer, manufacturer, or third-party financial institution. The agreement comprehensively addresses both the sale and financing aspects of the transaction, ensuring compliance with Philippine regulations including the Civil Code, Consumer Act, and Truth in Lending Act. It details the vehicle specifications, purchase price, loan terms, payment schedules, security interests, and the rights and obligations of all parties involved. The document is particularly important as it serves as both the primary sale document and the loan agreement, protecting the interests of the seller, buyer, and financing party throughout the duration of the loan term.
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1. Parties: Identification of the Seller, Buyer/Borrower, and Financing Party (if separate from Seller)
2. Background: Context of the transaction, including the Seller's ownership of the vehicle and Buyer's desire to purchase with financing
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Details of the vehicle sale transaction, including vehicle description and purchase price
5. Loan Terms: Financing amount, interest rate, payment schedule, and loan duration
6. Payment Terms: Payment mechanics, including down payment, installment payments, and payment methods
7. Vehicle Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance
8. Title and Registration: Provisions regarding transfer of title and registration requirements
9. Security Interest: Creation of security interest in the vehicle and related rights
10. Representations and Warranties: Statements of fact and promises by both parties regarding the vehicle and their capacity to enter the agreement
11. Events of Default: Circumstances constituting default and consequences
12. Remedies: Rights and remedies available to parties in case of default
13. General Provisions: Standard legal provisions including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a third party guarantees the loan obligations
2. Insurance Requirements: Detailed insurance obligations when specific coverage is required beyond standard requirements
3. Prepayment Terms: Include when early payment options are allowed with specific terms
4. Co-Borrower Provisions: Required when there are multiple borrowers for the vehicle
5. Trade-In Provisions: Include when the buyer is trading in another vehicle as part of the purchase
6. Post-Dated Checks: Required when payment via post-dated checks is part of the arrangement
7. Electronic Payment Authorization: Include when automatic electronic payments are being set up
1. Schedule A - Vehicle Details: Detailed description of the vehicle including make, model, year, VIN, color, and specifications
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocations
3. Schedule C - Delivery Receipt: Form for documenting vehicle delivery and acceptance
4. Schedule D - Insurance Requirements: Detailed insurance specifications and requirements
5. Appendix 1 - Vehicle Inspection Report: Pre-delivery inspection report detailing vehicle condition
6. Appendix 2 - Vehicle Registration Documents: Copies of current registration and transfer documents
7. Appendix 3 - Disclosure Statement: Truth in Lending Act disclosures and financial terms summary
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