The Selling A Car With Payments Contract is essential for transactions involving the sale of vehicles through installment payments in the Philippines. This document is particularly useful for both private sellers and dealerships who wish to offer financing options to buyers while protecting their interests. It complies with Philippine regulations, including the Civil Code, Consumer Act, and Truth in Lending Act, making it suitable for both commercial and private vehicle sales. The contract includes comprehensive provisions for payment terms, ownership transfer, vehicle maintenance requirements, and default remedies. It's designed to protect both parties' interests while ensuring smooth transfer of vehicle ownership upon completion of payments, with specific considerations for Philippine vehicle registration and documentation requirements.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Brief context of the transaction and the parties' intention to enter into a car sale agreement with installment payments
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, and current mileage
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, installment payment schedule, and payment methods
6. Transfer of Title and Ownership: Conditions for the transfer of ownership, including when final transfer will occur
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. Default and Remedies: Consequences of payment default and available remedies for both parties
10. Possession and Risk: Terms regarding vehicle possession and assumption of risk
11. Registration and Taxes: Responsibilities for vehicle registration and payment of associated taxes
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and execution details
1. Insurance Requirements: Detailed insurance requirements beyond minimum coverage - used when seller wants to specify particular insurance terms
2. Co-Maker Provisions: Terms relating to a co-maker or guarantor - used when buyer requires a guarantor
3. Repossession Terms: Detailed process for vehicle repossession - used in higher-risk transactions
4. Prepayment Options: Terms for early payment or full settlement - used when allowing prepayment discounts
5. Vehicle Maintenance Requirements: Specific maintenance requirements - used for high-value or special vehicles
6. Cross-Collateral Provisions: Terms regarding additional collateral - used in high-risk or high-value transactions
1. Schedule A - Vehicle Details: Comprehensive vehicle specifications, including photographs and condition report
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payment dates and amounts
3. Schedule C - Vehicle Documentation: Copies of vehicle registration, insurance certificates, and other relevant documents
4. Schedule D - Inspection Report: Third-party vehicle inspection report if applicable
5. Appendix 1 - Deed of Sale Template: Template for the final deed of sale to be executed upon full payment
6. Appendix 2 - Promissory Note: Standard promissory note for the installment payments
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