The Car Payment Agreement Between Two Parties is essential for transactions involving vehicle purchases with installment payments in Belgium. This document is commonly used when a buyer cannot or prefers not to make a full upfront payment for a vehicle. It provides legal protection for both parties by clearly defining payment terms, ownership rights, and obligations under Belgian law. The agreement incorporates requirements from the Belgian Civil Code, Consumer Credit Act, and vehicle registration regulations. It's particularly important for ensuring compliance with Belgian financial regulations regarding payment terms and ownership transfer. The document typically includes detailed vehicle information, payment schedules, insurance requirements, and default provisions, making it suitable for both private and commercial transactions.
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1. Parties: Identification and details of the seller and buyer, including full legal names, addresses, and identification numbers
2. Background: Context of the agreement, establishing the seller's ownership of the vehicle and buyer's intention to purchase through installment payments
3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Payment Schedule', 'Default', 'Interest Rate', etc.
4. Vehicle Details: Complete description of the vehicle including make, model, year, VIN, mileage, and current condition
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment frequency, and payment methods
6. Transfer of Ownership: Terms regarding when and how ownership transfers, including registration requirements
7. Warranties and Representations: Statements about the vehicle's condition and seller's right to sell
8. Default and Remedies: Consequences of missed payments and available remedies for both parties
9. Insurance Requirements: Mandatory insurance coverage during the payment period
10. Governing Law: Specification of Belgian law as governing law and jurisdiction
11. Signatures: Execution blocks for both parties and date of signing
1. Interest Charges: Include when interest is being charged on the installment payments
2. Early Payment Provisions: Include when early payment options or discounts are offered
3. Security Interest: Include when the seller maintains a security interest in the vehicle until full payment
4. Maintenance Requirements: Include when specific maintenance conditions are required during the payment period
5. Co-signer Provisions: Include when a third party is acting as guarantor for the payments
6. Vehicle Use Restrictions: Include when there are specific restrictions on vehicle use during the payment period
7. Cross-Border Usage: Include when the vehicle may be used across national borders
1. Schedule A - Vehicle Inspection Report: Detailed inspection report documenting the vehicle's condition at time of agreement
2. Schedule B - Payment Schedule: Detailed breakdown of all payment dates, amounts, and running balance
3. Schedule C - Vehicle Documentation: Copies of vehicle registration, technical inspection certificates, and maintenance history
4. Schedule D - Insurance Certificate: Copy of required insurance coverage
5. Schedule E - Vehicle Photographs: Dated photographs documenting the vehicle's condition at time of agreement
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