Free Vehicle Payment Agreement

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This Vehicle Payment Agreement ("Agreement") is entered into as of the date last entered below ("Effective Date"), by and between the Seller and the Buyer.

Parties Involved:

• Buyer:
  Cyrus Ortiz
  Corpus Christi, TX 78401
  

• Seller:
  [Your Name]

  [Your Company Name]
  [Your Company Address]

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1. Vehicle Details:

1.1 Description of Vehicle:

• Make: Toyota

• Model: Camry

• Year: 2050

• VIN Number: 1HGCM82633A004352

• Mileage: 30,000 miles

• Color: Silver

1.2 Condition of Vehicle: The vehicle is being sold in the condition that it currently sits in. The individual who is purchasing or buying the vehicle has given their acknowledgments and expressed that they have thoroughly inspected the vehicle themselves. They understand, acknowledge, and accept the fact that the vehicle is being sold "as it is" without any promises of modifications, repairs, or improvements.

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2. Purchase Price and Payment Terms:

2.1 Total Purchase Price: The total sum that is required to be paid for the procurement of the vehicle amounts to Five Thousand Dollars - a monetary value that is numerically represented as $5,000.

2.2 Down Payment: Upon signing this agreement, the individual who is purchasing agrees that they will pay a down payment. The sum agreed upon for this initial payment is Two Thousand Dollars ($2,000).

2.3 Remaining Balance: The remaining balance of Three Thousand Dollars ($3,000) shall be paid in installments as detailed below.

2.4 Installment Payments: The buyer shall make installment payments as follows:

• First Installment: One Thousand Dollars ($1,000) due on April 15, 2050.

• Subsequent Installments: Two subsequent installments of One Thousand Dollars ($1,000) each, due on May 15, 2050, and June 15, 2050.

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3. Interest Rate:

3.1 Interest Rate: The entire remaining amount of the loan, which is referred to as the outstanding balance, will be subjected to an interest rate of 5%. This specified rate is planned to be systematically applied on an annual basis, every year until the completion of the loan repayment.

3.2 Calculation of Interest: The interest will be calculated daily, considering the outstanding balance. This calculated interest will then be added to each payment installment in the repayment plan. In addition, the interest rate will undergo a process in which the interest is calculated not only on the initial amount of money but also on the accumulated interest from previous periods. This process is known as compounding, and it will be performed every month.

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4. Security Interest:

4.1 Collateral: Under the terms of this agreement, the vehicle in question is being used as collateral. This remains in effect until such a time as the purchaser fulfills their financial obligation and remits the complete purchase price for the vehicle, at which point this agreement stipulation will cease to apply.

4.2 Title Transfer: The seller retains the vehicle title until the buyer completes all payments, at which point the title will be transferred to the buyer. The seller agrees to provide the buyer with a clear and marketable title upon full payment.

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5. Default and Remedies:

5.1 Default: Should the situation arise wherein any required payment is not successfully made on the date that it is due, or if any other terms that have been specifically stipulated within this agreement are violated for any reason, such actions will indeed be considered, and legally treated as a default as defined within the context of this agreement.

5.2 Remedies: In the event, that a situation arises where the buyer defaults on their agreement, the seller holds the right to take back the vehicle. In addition, the seller can also keep all the payments that have been made by the buyer up until the point of default and consider them as liquidated damages. Alternatively, they have the right to seek out and pursue any other solutions or remedies that are legally available to them under the jurisdiction of the law to come to a resolution.

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6. Governing Law and Jurisdiction:

6.1 Governing Law: The laws of this particular state or country will be the authoritative guidelines that this agreement will strictly observe and operate under.

6.2 Jurisdiction: Any disputes arising out of or related to this agreement shall be resolved exclusively in the courts of Texas.

This Agreement constitutes the entire understanding between the Buyer and the Seller and supersedes all prior understandings and agreements, whether written or oral, regarding such subject matter.

IN WITNESS WHEREOF, the Seller and Buyer execute this Agreement as of the Effective Date.

[Your Name]

[Your Company Name]

Cyrus Ortiz

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