The Car Loan Contract is a crucial legal document used in the Philippines when financing the purchase of motor vehicles. It serves as the primary agreement between a financial institution and a borrower, establishing the terms under which the loan is granted and the vehicle is used as security. This document is essential when a purchaser requires financing for a vehicle acquisition and must comply with various Philippine regulations, including the Truth in Lending Act, Consumer Act, and BSP guidelines. The contract includes comprehensive details about the loan terms, vehicle specifications, payment schedules, insurance requirements, and security arrangements. It's designed to protect both the lender's security interest and the borrower's rights while ensuring transparency in the lending process as required by Philippine banking and consumer protection laws.
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1. Parties: Identification of the lender (financing company) and borrower with complete details including names, addresses, and contact information
2. Background: Brief context of the loan agreement, stating the borrower's intention to purchase a vehicle and the lender's agreement to provide financing
3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Loan Amount', 'Interest Rate', 'Term', 'Monthly Payment', etc.
4. Loan Details: Specific details of the loan including principal amount, interest rate, term, and total amount payable in compliance with Truth in Lending Act
5. Vehicle Information: Complete description of the vehicle including make, model, year, color, engine number, chassis number, and registration details
6. Payment Terms: Schedule of payments, payment methods, due dates, and consequences of late or missed payments
7. Security Interest: Creation of security interest in the vehicle, including chattel mortgage provisions
8. Insurance Requirements: Mandatory insurance coverage requirements for the vehicle
9. Borrower's Representations: Warranties and representations by the borrower regarding their capacity to enter into the agreement
10. Events of Default: Circumstances constituting default and the lender's remedies in such events
11. Vehicle Use and Maintenance: Borrower's obligations regarding vehicle maintenance and permitted use
12. Termination: Conditions for early termination and its consequences
13. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a guarantor is involved in securing the loan
2. Co-Borrower Details: Included when there is a co-borrower sharing responsibility for the loan
3. Electronic Payment Authorization: Added when automatic payment methods are being established
4. Cross-Default Provisions: Included when the borrower has other loans with the same lender
5. Additional Security: Required when additional collateral besides the vehicle is provided
6. Insurance Through Lender: Used when insurance is arranged through the lender's preferred providers
7. International Use: Required if the vehicle will be used outside the Philippines
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, principal, and interest breakdown
2. Schedule B - Vehicle Specifications: Detailed technical specifications and condition report of the vehicle
3. Schedule C - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
4. Schedule D - Fees and Charges: Complete list of all applicable fees, charges, and penalties
5. Appendix 1 - Vehicle Registration Documents: Copies of vehicle registration and related documents
6. Appendix 2 - Borrower's Information Sheet: Completed loan application and borrower information forms
7. Appendix 3 - Truth in Lending Disclosure: Mandatory disclosure statement as required by the Truth in Lending Act
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Automotive
Insurance
Consumer Finance
Retail Banking
Vehicle Dealership
Relevant Teams
Legal
Compliance
Credit Risk
Operations
Sales
Customer Service
Collections
Documentation
Underwriting
Finance
Insurance
Relevant Roles
Credit Officer
Loan Officer
Financial Services Manager
Auto Finance Manager
Legal Counsel
Compliance Officer
Risk Manager
Collections Manager
Customer Service Representative
Sales Manager
Insurance Coordinator
Documentation Specialist
Contract Administrator
Branch Manager
Underwriter
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