The Owner Finance Car Sale Contract is essential when a vehicle seller in the Philippines provides direct financing to the buyer instead of requiring third-party financing through a bank or financial institution. This arrangement is particularly common in private vehicle sales, small dealerships, or situations where traditional financing options may not be available or desired. The document must comply with Philippine regulations including the Civil Code, Consumer Act, Truth in Lending Act, and Land Transportation and Traffic Code. It details the vehicle specifications, purchase price, financing terms, payment schedule, security arrangements, and both parties' obligations. This type of contract is especially useful for sellers willing to accept periodic payments while maintaining a security interest in the vehicle until full payment is received.
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1. Parties: Identification of the Seller/Financier and the Buyer/Borrower with complete details including name, address, and government ID information
2. Background: Context of the transaction, establishing that this is an owner-financed vehicle sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, plate number, and other identifying details
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, financing amount, interest rate, payment schedule, and payment methods
6. Title and Registration: Terms regarding the transfer of title, registration requirements, and retention of title until full payment
7. Security Interest: Establishment of the seller's security interest in the vehicle until full payment
8. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities
9. Buyer's Obligations: Maintenance requirements, usage restrictions, and other obligations of the buyer
10. Default and Remedies: Definition of default events and seller's remedies including repossession rights
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
12. Signatures and Notarization: Execution requirements and notarization provisions
1. Co-Buyer Provisions: Additional terms when there is a co-buyer or co-guarantor involved
2. Early Payment Provisions: Terms for early payment or prepayment of the loan, including any applicable penalties or discounts
3. Cross-Border Use: Special provisions if the vehicle will be used across borders or in other jurisdictions
4. Modification and Customization: Terms regarding allowed and prohibited modifications to the vehicle
5. Trade-In Details: Terms related to any vehicle trade-in that forms part of the transaction
6. Death or Disability Provisions: Special provisions for handling the contract in case of buyer's death or disability
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, including principal and interest breakdown
2. Schedule B - Vehicle Condition Report: Detailed inspection report of the vehicle's condition at the time of sale
3. Schedule C - Vehicle Documents: List of all vehicle documents provided (registration, maintenance records, etc.)
4. Appendix 1 - Insurance Requirements: Detailed specifications of required insurance coverage
5. Appendix 2 - Maintenance Schedule: Required maintenance schedule and service requirements
6. Appendix 3 - Disclosure Statement: Truth in Lending Act disclosures and other required financial disclosures
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