The Vehicle Sales Agreement Payment Plan is a legally binding document used in the Philippines when a vehicle is sold with scheduled installment payments rather than a full upfront payment. This agreement type is essential for both commercial and private vehicle sales where financing is required. It must comply with Philippine regulations including the Consumer Act, Truth in Lending Act, and Land Transportation and Traffic Code. The document typically includes detailed vehicle specifications, payment terms, interest rates, security provisions, and warranty details. It's designed to protect both the seller's financial interests and the buyer's consumer rights while ensuring clear documentation of the transaction and payment obligations. The agreement becomes particularly important in cases of default or dispute, serving as the primary reference for both parties' rights and obligations.
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1. Parties: Identification of the Seller and Buyer with complete legal names and addresses
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN, and other identifying characteristics
5. Purchase Price: Total purchase price, down payment, and remaining balance
6. Payment Terms: Details of the payment plan including installment amounts, payment schedule, interest rate, and payment methods
7. Title and Registration: Terms regarding transfer of title and registration responsibilities
8. Delivery: Terms and conditions for vehicle delivery or collection
9. Warranties: Warranties provided by the seller and/or manufacturer
10. Default and Remedies: Consequences of payment default and available remedies
11. Insurance Requirements: Mandatory insurance coverage during the payment period
12. Governing Law: Specification of Philippine law as governing law and jurisdiction
13. Signatures: Execution block for all parties
1. Trade-In Details: Terms related to any vehicle trade-in, used when buyer is trading in an existing vehicle
2. Co-Buyer Information: Details and obligations of a co-buyer, if applicable
3. Early Payment Provisions: Terms for early payment or full settlement of the remaining balance
4. Maintenance Requirements: Specific maintenance obligations during the payment period, often used for luxury or commercial vehicles
5. Export Restrictions: Restrictions on exporting the vehicle while under payment plan, used for high-value vehicles
6. Security Interest: Additional security interests or collateral requirements, used for high-risk transactions
7. Dealer Services: Additional services provided by the dealer, used when dealer offers maintenance packages
1. Schedule A - Vehicle Specifications: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal
3. Schedule C - Warranty Details: Complete warranty terms and conditions
4. Schedule D - Insurance Requirements: Detailed insurance coverage requirements and terms
5. Appendix 1 - Vehicle Inspection Report: Pre-delivery inspection report detailing vehicle condition
6. Appendix 2 - Required Documentation: List of required documents for registration and transfer
7. Appendix 3 - Deed of Sale Template: Template for the deed of sale to be executed upon full payment
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Transportation
Fleet Management
Logistics
Car Dealership
Vehicle Leasing
Insurance
Retail
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Operations
Documentation
Credit
Customer Service
Business Development
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Compliance Officer
Fleet Manager
Credit Analyst
Automotive Sales Executive
Contract Administrator
Risk Manager
Business Development Manager
Operations Manager
Documentation Officer
Vehicle Finance Specialist
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