The Car Payment Contract is a vital legal instrument used in the Philippines for vehicle purchase transactions involving installment payments. This document is essential when a buyer wishes to purchase a vehicle through structured payments rather than a full upfront payment. It must comply with Philippine legislation, including the Civil Code, Consumer Act, and Truth in Lending Act, among others. The contract typically includes comprehensive details about the vehicle, payment terms, interest rates, insurance requirements, and conditions for ownership transfer. It serves to protect both the seller's financial interests and the buyer's consumer rights while ensuring transparency in the transaction as required by Philippine law. The document is particularly important for car dealerships, financial institutions, and individual buyers, as it provides a clear framework for the entire duration of the payment period.
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1. Parties: Identifies and provides complete details of the seller/dealer and the buyer
2. Background: Establishes the context of the sale and payment arrangement
3. Definitions: Defines key terms used throughout the contract
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine number, chassis number
5. Purchase Price and Payment Terms: Details of the total purchase price, down payment, and installment payment structure
6. Interest Rate and Finance Charges: Clearly stated interest rate and all applicable finance charges as required by the Truth in Lending Act
7. Payment Schedule: Specific dates and amounts for all required payments
8. Late Payment and Default: Consequences of late payments and conditions constituting default
9. Vehicle Possession and Use: Terms regarding vehicle possession, permitted use, and maintenance requirements
10. Insurance Requirements: Mandatory insurance coverage requirements and terms
11. Transfer of Title: Conditions and process for the transfer of vehicle ownership
12. Representations and Warranties: Statements of fact and promises made by both parties
13. Termination: Conditions and process for contract termination
14. Governing Law: Specification of Philippine law as governing law and relevant jurisdictions
1. Co-Maker Provisions: Used when a co-maker or guarantor is involved in guaranteeing the payments
2. Trade-In Details: Include when there is a trade-in vehicle involved in the transaction
3. Early Payment Terms: Terms for early payment or full settlement of the remaining balance
4. Vehicle Modifications: Include when specific modifications are allowed or prohibited
5. Cross-Default Provisions: Used when the buyer has multiple contracts with the seller
6. Assignment Rights: Include when either party may need to assign their rights to third parties
7. Repossession Terms: Detailed process for repossession in case of default, if applicable
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization table showing all payments, interest, and principal portions
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and terms
4. Schedule D - Delivery Receipt: Document confirming the delivery and acceptance of the vehicle
5. Appendix 1 - Vehicle Inspection Report: Pre-delivery inspection report detailing the condition of the vehicle
6. Appendix 2 - Warranty Terms: Detailed warranty terms and conditions
7. Appendix 3 - Required Documents: List of all required documentation for vehicle registration and transfer
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Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Legal Services
Consumer Retail
Transportation
Vehicle Leasing
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Collections
Customer Service
Documentation
Credit Assessment
Operations
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Credit Officer
Insurance Underwriter
Automotive Sales Executive
Contracts Administrator
Risk Manager
Collections Manager
Customer Service Representative
Documentation Specialist
Vehicle Registration Officer
Financial Controller
Branch Manager
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