The Car Down Payment Agreement Form is a crucial document in Philippine vehicle transactions that establishes the legal framework for the initial payment in a vehicle purchase. This document is essential when any party makes a down payment towards the purchase of a vehicle, whether through a dealership or private seller. It serves to protect both the buyer's and seller's interests by clearly documenting the amount paid, payment terms, and conditions attached to the down payment. The agreement must comply with Philippine consumer protection laws, banking regulations, and transportation authority requirements. It is particularly important in cases where the down payment is substantial or made in installments, or when there are specific conditions attached to the sale. The document helps prevent disputes by clearly outlining the consequences of default and the process for completing the final sale.
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1. Parties: Identification of the seller (dealership/private seller) and buyer, including complete names, addresses, and contact information
2. Background: Brief context of the transaction, including the intent to purchase and sell the specified vehicle
3. Definitions: Clear definitions of key terms used throughout the agreement
4. Vehicle Details: Complete description of the vehicle including make, model, year, color, engine number, chassis number, and other identifying features
5. Purchase Price and Down Payment: Total purchase price of the vehicle and the agreed down payment amount
6. Payment Terms: Details of how and when the down payment will be made, including installment schedule if applicable
7. Conditions and Requirements: Conditions that must be met before and after the down payment, including documentation requirements
8. Rights and Obligations: Specific rights and obligations of both parties regarding the down payment and subsequent transaction steps
9. Default and Remedies: Consequences of default in payment and available remedies for both parties
10. Governing Law: Specification that the agreement is governed by Philippine law and relevant regulations
11. Execution: Signature block and execution requirements
1. Trade-in Details: Used when there is a trade-in vehicle being used as part of the down payment
2. Third-Party Financing: Required when the down payment involves bank financing or other third-party lenders
3. Insurance Requirements: Added when specific insurance requirements are tied to the down payment period
4. Special Conditions: Used for any unique terms or conditions specific to the transaction
5. Broker/Agent Details: Required when a broker or agent is involved in the transaction
6. Delivery Terms: Added when specific delivery arrangements are tied to the down payment
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed breakdown of payment dates and amounts if the down payment is to be made in installments
3. Schedule C - Required Documents: List of all required documents from both parties
4. Appendix 1 - Vehicle Inspection Report: Pre-purchase inspection report or current condition report of the vehicle
5. Appendix 2 - Proof of Ownership: Copies of current vehicle registration and other ownership documents
6. Appendix 3 - Payment Evidence: Copies of payment receipts or bank transfer confirmations for the down payment
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