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The Auto Loan Contract is essential for financial institutions and customers engaging in vehicle financing transactions in Saudi Arabia. It serves as the primary legal document governing the financing relationship, incorporating Shariah-compliant structures to avoid conventional interest (riba). The document is designed to comply with SAMA regulations, the Banking Control Law, and Islamic financing principles while protecting both lender and borrower interests. It includes crucial details about the vehicle, financing terms, payment schedule, security arrangements, and customer obligations. This contract type is particularly important in Saudi Arabia's growing automotive market, where most vehicle purchases involve some form of Islamic financing.

1. Parties: Identification of the Finance Company/Bank (Lender) and the Customer (Borrower) with full legal names and details

2. Background: Context of the agreement including the customer's application for vehicle financing and the lender's approval

3. Definitions: Key terms used throughout the agreement including Vehicle, Financing Amount, Profit Rate, Payment Schedule, etc.

4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, VIN, color, and specifications

5. Financing Terms: Details of the financing structure, including principal amount, profit rate (Shariah-compliant), and total cost

6. Payment Terms: Payment schedule, installment amounts, and payment methods

7. Security and Title: Provisions regarding vehicle ownership, registration, and security interests

8. Insurance Requirements: Mandatory insurance coverage requirements and related obligations

9. Customer Undertakings: Customer's obligations regarding vehicle maintenance, use, and compliance with laws

10. Events of Default: Circumstances constituting default and consequences thereof

11. Termination: Conditions and procedures for early termination or completion of the financing

12. Governing Law and Jurisdiction: Application of Saudi law and jurisdiction for disputes