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Loan Vehicle Sale Agreement
"I need a Loan Vehicle Sale Agreement for a fleet of 5 delivery vans being purchased by my logistics company from Toyota Manila, with financing through BDO Bank over 48 months starting March 2025, including provisions for commercial vehicle insurance and GPS tracking requirements."
1. Parties: Identification of the Seller, Buyer/Borrower, and Financing Party (if separate from Seller)
2. Background: Context of the transaction, including the Seller's ownership of the vehicle and Buyer's desire to purchase with financing
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Details of the vehicle sale transaction, including vehicle description and purchase price
5. Loan Terms: Financing amount, interest rate, payment schedule, and loan duration
6. Payment Terms: Payment mechanics, including down payment, installment payments, and payment methods
7. Vehicle Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance
8. Title and Registration: Provisions regarding transfer of title and registration requirements
9. Security Interest: Creation of security interest in the vehicle and related rights
10. Representations and Warranties: Statements of fact and promises by both parties regarding the vehicle and their capacity to enter the agreement
11. Events of Default: Circumstances constituting default and consequences
12. Remedies: Rights and remedies available to parties in case of default
13. General Provisions: Standard legal provisions including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a third party guarantees the loan obligations
2. Insurance Requirements: Detailed insurance obligations when specific coverage is required beyond standard requirements
3. Prepayment Terms: Include when early payment options are allowed with specific terms
4. Co-Borrower Provisions: Required when there are multiple borrowers for the vehicle
5. Trade-In Provisions: Include when the buyer is trading in another vehicle as part of the purchase
6. Post-Dated Checks: Required when payment via post-dated checks is part of the arrangement
7. Electronic Payment Authorization: Include when automatic electronic payments are being set up
1. Schedule A - Vehicle Details: Detailed description of the vehicle including make, model, year, VIN, color, and specifications
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocations
3. Schedule C - Delivery Receipt: Form for documenting vehicle delivery and acceptance
4. Schedule D - Insurance Requirements: Detailed insurance specifications and requirements
5. Appendix 1 - Vehicle Inspection Report: Pre-delivery inspection report detailing vehicle condition
6. Appendix 2 - Vehicle Registration Documents: Copies of current registration and transfer documents
7. Appendix 3 - Disclosure Statement: Truth in Lending Act disclosures and financial terms summary
Authors
Automotive
Financial Services
Banking
Insurance
Consumer Finance
Retail
Transportation
Vehicle Leasing
Legal
Finance
Sales
Compliance
Credit
Risk Management
Collections
Customer Service
Documentation
Business Development
Operations
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Credit Analyst
Auto Finance Specialist
Dealership Manager
Contract Administrator
Risk Manager
Collections Manager
Vehicle Finance Officer
Business Development Manager
Customer Service Manager
Documentation Specialist
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