Car Payment Contract
This Car Payment Contract (the "Contract") is entered into as of this [Date] (the "Effective Date"), by and between [Buyer's Name], located at [Buyer's Address] referred to herein as the "Buyer" and [Your Name], located at [Your Company Address] referred to herein as the "Seller".
BACKGROUND
WHEREAS, the Seller is the owner of the vehicle described below:
Make | |
Model | |
Year | |
VIN (Vehicle Identification Number) | |
WHEREAS, the Seller desires to sell and the Buyer desires to purchase the above-described vehicle. The parties, therefore, agree as follows:
1. TERMS OF SALE
1.1 The Seller agrees to sell, and the Buyer agrees to buy the above-described vehicle (the "Vehicle") for a purchase price of [Purchase Price], payable according to the following terms:
Down Payment: The Buyer shall pay a down payment of [Down Payment Amount] upon signing this Contract.
Monthly Payments: The remaining balance shall be paid in equal monthly installments of [Monthly Payment Amount] for [Number of Months] months, commencing on [Commencement Date].
1.2 All payments shall be made in [Currency] to the Seller at the address specified in this Agreement or at such other place as the Seller may designate in writing.
2. PASSING OF OWNERSHIP AND RISK
Upon receipt of the full payment by the Seller from the Buyer, ownership of the Vehicle will be transferred to the Buyer. All risks and benefits related to the Vehicle shall pass to the Buyer upon delivery of the Vehicle.
3. DEFAULT AND REMEDIES
In the event of default by the Buyer, the Seller shall have the following remedies:
Late Payment: If the Buyer fails to make any payment on time, the Seller may charge a late fee of [Late Fee Amount] for each late payment.
Default: If the Buyer fails to make any payment within [Number of Days] days after the due date, the Seller may declare the entire remaining balance of the purchase price immediately due and payable, and may take possession of the vehicle.
Legal Remedies: In addition to any other remedies available at law or in equity, the Seller may pursue legal action to enforce the terms of this Contract and to recover any amounts owed.
3. REPRESENTATIONS AND WARRANTIES
The Seller represents and warrants to the Buyer that: the Seller is the legal owner of the Vehicle, the Vehicle is free from any liens and encumbrances, the Seller has full authority to sell the Vehicle, and the Vehicle is sold "as is".
4. GOVERNING LAW
This Contract will be governed by and construed by the laws of [State/Country], without regard to its conflict of laws principles.
IN WITNESS WHEREOF, the parties have executed this Contract as of the Effective Date.
[Your Name]
Seller
[Date Signed]
[Buyer's Name]
Buyer
[Date Signed]
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