Private Car Sale Payment Plan
I. Introduction
This Private Car Sale Payment Plan outlines the financial arrangements and terms agreed upon between the seller, [Your Company Name], and the buyer, [Buyer's Name], for the purchase of a vehicle. The plan includes details such as the sale price, payment schedule, deposit amount, and any applicable interest rates or penalties. Both parties agree to adhere to the terms specified herein.
II. Vehicle Details
Vehicle Make: Toyota
Vehicle Model: Camry
Vehicle Year: 2050
VIN: 1HGCM82633A004352
III. Financial Terms
Sale Price: $15,000
Deposit Amount: $2,000
Amount Financed: $13,000
Interest Rate: 5%
Loan Term: 24 months
IV. Payment Schedule
The payment schedule is structured as follows:
Payment Number | Due Date | Payment Amount |
|---|
1 | 05/01/2050 | $600 |
2 | 06/01/2050 | $600 |
3 | 07/01/2050 | $600 |
Final Payment | 08/01/2050 | $600 |
V. Penalties and Interest
A penalty fee of $50 will be applied in case of a late payment. An interest rate of 1% per month will also be charged on the outstanding balance until paid in full.
VI. Terms and Conditions
A. Vehicle Ownership
The seller warrants full ownership rights to the vehicle listed in this agreement and the legal authority to sell it to the buyer. The buyer acknowledges that the vehicle is sold "as-is," and the seller makes no warranties, express or implied, regarding the condition, merchantability, or fitness for a particular purpose of the vehicle.
B. Transfer of Title
The seller agrees to transfer the title and any relevant documentation necessary for the buyer to register the vehicle in their name upon receipt of the final payment as outlined in this agreement. The buyer agrees to cooperate with the seller in completing all necessary paperwork for the transfer of title.
C. Maintenance and Repairs
The buyer acknowledges responsibility for all maintenance and repairs of the vehicle from the date of purchase. The seller is not liable for any costs associated with maintenance or repairs once the vehicle is transferred to the buyer.
D. Insurance
The buyer agrees to obtain insurance coverage for the vehicle effective from the date of purchase and to maintain such coverage for the duration of the loan term. The seller shall not be held responsible for any loss, damage, or liability arising from the buyer's failure to maintain adequate insurance coverage.
E. Default
In the event of default by the buyer, including but not limited to failure to make payments as scheduled or breach of any other terms of this agreement, the seller reserves the right to repossess the vehicle and retain all payments made by the buyer as liquidated damages, without prejudice to any other rights or remedies available under law.
F. Governing Law
This agreement shall be governed by and construed by the laws of [State/Country], without regard to its conflict of law principles. Any dispute arising under or in connection with this agreement shall be resolved exclusively in the courts of [State/Country].
G. Entire Agreement
This agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements, negotiations, representations, and understandings, whether written or oral.
VII. Signatures
This agreement is made under the company, [Your Company Name], and both parties agree to the terms and conditions outlined above.
[YOUR NAME]
[YOUR POSITION]
[YOUR COMPANY NAME]
[DATE SIGNED]
[BUYER'S NAME]
[DATE SIGNED]
Plan Templates @ Template.net
