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The Car Payment Agreement Template is designed for use in the United Arab Emirates when structuring vehicle payment arrangements between sellers/financial institutions and buyers. This document is essential for businesses engaged in vehicle sales with installment payment plans, ensuring compliance with UAE Federal Law No. 5 of 1985 (Civil Code), Consumer Protection Law, and Central Bank regulations regarding financial installations. It includes comprehensive provisions for payment terms, vehicle details, security interests, insurance requirements, and ownership transfer conditions. The template is particularly valuable for car dealerships, financial institutions, and automotive businesses operating in the UAE market, providing a standardized approach to vehicle financing while maintaining legal compliance with local regulations.

1. Parties: Identification of the seller/financer and the buyer/borrower with full legal names and details

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

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

5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and payment methods

6. Interest and Finance Charges: Details of any applicable interest rates and finance charges in compliance with UAE Central Bank regulations

7. Security Interest: Declaration of the seller's security interest in the vehicle until full payment is made

8. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities

9. Maintenance and Use: Buyer's obligations regarding vehicle maintenance and permitted use

10. Default and Remedies: Consequences of payment default and available legal remedies

11. Transfer of Title: Conditions and process for the transfer of vehicle ownership

12. Governing Law: Specification of UAE law as governing law and jurisdiction

13. Entire Agreement: Standard clause confirming the agreement represents the complete understanding between parties