The Private Car Sale Contract With Monthly Payments is essential for transactions involving the sale of vehicles between private parties in the Philippines where immediate full payment is not feasible. This document is designed to protect both buyer and seller interests while complying with Philippine legal requirements, including the Civil Code, Consumer Act, and Truth in Lending Act. It establishes clear payment terms, creates a valid security interest through a chattel mortgage, and ensures proper documentation for vehicle ownership transfer. The contract is particularly useful for private sellers who want to offer financing options without involving financial institutions, while maintaining legal protection for their interests. It includes comprehensive vehicle details, payment schedules, maintenance requirements, insurance obligations, and default remedies, making it suitable for both urban and provincial transactions throughout the Philippines.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the sale, including the parties' intention to enter into a vehicle sale with installment payments
3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Installment Payments', etc.
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, VIN/chassis number, engine number, and current mileage
5. Purchase Price and Payment Terms: Total purchase price, down payment, monthly payment amount, payment schedule, and interest rate if applicable
6. Transfer of Title and Ownership: Conditions for the transfer of vehicle ownership and timing of registration transfer
7. Seller's Representations and Warranties: Seller's declarations regarding vehicle condition, ownership, and absence of liens
8. Buyer's Obligations: Buyer's responsibilities including maintenance, insurance, and proper use of the vehicle
9. Security Interest: Establishment of seller's security interest in the vehicle until full payment
10. Default and Remedies: Consequences of payment default and available remedies for both parties
11. Risk and Insurance: Requirements for vehicle insurance and responsibility for damage
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Co-Maker Provision: Required when there is a guarantor or co-maker for the installment payments
2. Early Payment Provisions: Include when allowing early payment options with potential discounts
3. Vehicle Maintenance Agreement: Optional section specifying maintenance requirements if seller requires specific maintenance conditions
4. Refinancing Terms: Include when the parties want to allow for potential refinancing of the remaining balance
5. Trade-In Details: Required when part of the purchase price is paid through a vehicle trade-in
6. Assignment Rights: Include when either party may need to assign their rights under the contract
7. Dispute Resolution: Optional detailed arbitration or mediation procedures
1. Schedule A - Vehicle Inspection Report: Detailed inspection report documenting the vehicle's condition at time of sale
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payment dates and amounts
3. Schedule C - Vehicle Documents: List of all vehicle documents transferred (registration, maintenance records, etc.)
4. Schedule D - Insurance Requirements: Specific insurance coverage requirements and terms
5. Appendix 1 - Vehicle Photographs: Dated photographs of the vehicle documenting its condition at sale
6. Appendix 2 - Deed of Chattel Mortgage: Standard form of chattel mortgage for vehicle security
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