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The Car Loan Contract is a fundamental document used in Saudi Arabia for vehicle financing transactions between financial institutions and customers. It serves as the primary agreement documenting the terms and conditions of vehicle financing, typically structured as a Murabaha arrangement to ensure Sharia compliance. The document is essential for any vehicle financing transaction in Saudi Arabia and must comply with SAMA regulations, Islamic banking principles, and consumer protection laws. It includes crucial details such as vehicle specifications, financing terms, payment schedules, insurance requirements, and security arrangements. This contract type is commonly used by banks, finance companies, and automotive dealerships in Saudi Arabia for both personal and commercial vehicle financing.

1. Parties: Identification of the finance provider and the borrower with full legal names and details

2. Background: Context of the agreement including the borrower's request for vehicle financing and confirmation of Sharia compliance

3. Definitions: Key terms used throughout the agreement including Vehicle, Financing Amount, Payment Schedule, and Murabaha terms

4. Vehicle Details: Specific information about the vehicle being financed including make, model, year, and VIN

5. Financing Structure: Details of the Murabaha financing arrangement including cost price, profit margin, and total amount

6. Payment Terms: Schedule of payments, payment methods, and early payment provisions

7. Security and Registration: Details of vehicle registration, ownership documentation, and security requirements

8. Insurance Requirements: Mandatory insurance coverage and requirements

9. Warranties and Representations: Declarations by both parties regarding their capacity and authority

10. Events of Default: Circumstances constituting default and consequences

11. Termination: Conditions and process for early termination or completion of the agreement

12. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution process