The Car Finance Contract is essential for transactions involving vehicle financing in Germany. It is used when a customer seeks financial assistance to purchase a vehicle, whether new or used, through a financial institution or authorized dealer. The document must comply with strict German consumer protection laws and banking regulations, including detailed disclosure requirements under the Verbraucherkreditgesetz. It contains comprehensive information about the vehicle, financing terms, interest calculations, payment schedules, and security arrangements. The contract also addresses specific German legal requirements such as withdrawal rights, data protection under GDPR, and mandatory insurance provisions. This document is crucial for establishing clear terms between the finance provider and the customer while ensuring compliance with German regulatory requirements.
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1. Parties: Identification of the finance provider and the customer with full legal names and addresses
2. Background: Context of the agreement and brief description of the financing arrangement
3. Definitions: Definitions of key terms used throughout the contract
4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, VIN, and condition
5. Financial Terms: Purchase price, down payment, interest rate, total amount payable, and APR
6. Payment Terms: Payment schedule, payment methods, and due dates
7. Security and Title: Retention of title provisions and security arrangements
8. Insurance Requirements: Mandatory insurance requirements and specifications
9. Customer Obligations: Maintenance, usage restrictions, and other responsibilities
10. Default and Remedies: Consequences of payment default and lender's remedies
11. Termination: Conditions and process for early termination
12. Data Protection: GDPR compliance and data processing provisions
13. Governing Law: Confirmation of German law application and jurisdiction
1. Balloon Payment Terms: Used when the financing includes a final balloon payment option
2. Service Package: Included when maintenance or service packages are part of the financing
3. Trade-In Details: Required when a vehicle trade-in is part of the transaction
4. Additional Drivers: Needed when regular additional drivers need to be registered
5. Gap Insurance: Included when gap insurance is offered or required
6. Extended Warranty: Used when an extended warranty is included in the financing
7. Return Conditions: Required for contracts with end-of-term return options
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and equipment list
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates and amounts
3. Schedule 3 - Interest Calculation: Detailed explanation of interest calculation method
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Appendix A - Standard Terms: Standard terms and conditions referenced in the main agreement
6. Appendix B - Withdrawal Form: Mandatory withdrawal form as required by German consumer law
7. Appendix C - Vehicle Condition Report: Initial condition report and documentation of the vehicle
Authors
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Consumer Finance
Retail Automotive
Vehicle Leasing
Consumer Credit
Relevant Teams
Legal
Finance
Compliance
Sales
Credit Risk
Customer Service
Documentation
Operations
Underwriting
Account Management
Relevant Roles
Finance Manager
Credit Officer
Legal Counsel
Compliance Officer
Sales Manager
Customer Service Representative
Automotive Finance Specialist
Risk Manager
Contract Administrator
Financial Controller
Vehicle Finance Advisor
Documentation Specialist
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