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The Vehicle Sales Agreement With Payments is essential for any vehicle purchase in the Philippines where the buyer opts for installment payments rather than a full upfront payment. This document is designed to comply with Philippine legal requirements, including the Civil Code, Consumer Act, and Truth in Lending Act. It serves as a comprehensive contract that protects both seller and buyer interests by clearly defining payment terms, vehicle specifications, warranties, and ownership transfer conditions. The agreement is particularly important as it creates a legally enforceable security interest under the Chattel Mortgage Law, allowing the seller to maintain a legal claim on the vehicle until full payment is received. It's commonly used by dealerships, financial institutions, and private sellers who need to document vehicle sales with payment plans while ensuring all regulatory requirements are met.
