The Private Car Sale Installment Agreement is a crucial legal document used in the Philippines when selling or purchasing a vehicle through periodic payments rather than a single lump sum. This document becomes necessary when private individuals or dealers arrange vehicle sales with payment terms extending over time. It must comply with several Philippine regulations, including the Maceda Law (RA 6552), the Consumer Act, and relevant BSP guidelines on financial transactions. The agreement typically includes comprehensive details about the vehicle, payment terms, interest rates, insurance requirements, and conditions for ownership transfer. It serves to protect both the seller's financial interest and the buyer's rights while ensuring a clear understanding of obligations throughout the installment period. This type of agreement is particularly important in the Philippine context, where installment purchases of vehicles are common and require careful documentation to ensure legal compliance and enforceability.
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1. Parties: Identifies and provides complete details of the Seller and Buyer, including their full legal names, addresses, and contact information
2. Background: Briefly explains the context of the sale and confirms the Seller's ownership of the vehicle and the Buyer's intention to purchase on installment terms
3. Definitions: Defines key terms used throughout the agreement to ensure clear interpretation
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: Specifies the total purchase price, down payment, installment amounts, payment schedule, and interest rate in compliance with BSP regulations
6. Delivery and Transfer of Ownership: Details the conditions and timing for vehicle delivery and transfer of ownership documentation
7. Buyer's Rights and Obligations: Outlines the Buyer's responsibilities including maintenance, insurance, and prohibited actions
8. Seller's Rights and Obligations: Specifies the Seller's duties and rights throughout the installment period
9. Default and Remedies: Describes what constitutes default and the legal remedies available to either party
10. Insurance Requirements: Specifies mandatory insurance coverage and responsibilities for premium payments
11. Warranties and Representations: Details the warranties provided by the Seller and representations made by both parties
12. General Provisions: Standard contract clauses including governing law, notices, and amendment procedures
1. Co-Maker Provision: Required when there is a guarantor or co-maker for the installment payments
2. Early Payment Terms: Details the terms and potential discounts for early payment of the remaining balance
3. Vehicle Maintenance Agreement: Used when specific maintenance terms or service agreements are included in the sale
4. Trade-In Provisions: Required when part of the payment includes a vehicle trade-in
5. Cross-Collateral Provisions: Used when additional collateral besides the vehicle is provided for the loan
6. Special Conditions: For any unique terms specific to the transaction that don't fit in standard sections
1. Schedule A - Vehicle Details: Comprehensive technical specifications and condition report of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization table showing all installment payments, due dates, and interest calculations
3. Schedule C - Vehicle Documents: List of all vehicle-related documents being transferred (registration, maintenance records, etc.)
4. Schedule D - Inspection Report: Third-party inspection report or detailed condition assessment of the vehicle
5. Appendix 1 - Insurance Requirements: Detailed specifications of required insurance coverage
6. Appendix 2 - Deed of Sale Template: Template for the final deed of sale to be executed upon full payment
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