The Auto Loan Contract is a legally binding agreement used in Canadian jurisdictions when financing the purchase of a vehicle, whether new or used. It serves as the primary document establishing the lending relationship between a financial institution or auto financier and a borrower. The contract must comply with federal legislation such as the Interest Act and Bank Act, as well as provincial consumer protection laws and the Personal Property Security Act. This document is essential when a borrower needs financing to purchase a vehicle and includes critical information such as loan terms, interest rates, payment schedules, security interests, insurance requirements, and default remedies. It's designed to protect both lender and borrower interests while ensuring transparent disclosure of all financing terms as required by Canadian law.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Brief context about the loan purpose and vehicle purchase
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies principal amount, interest rate, term, and payment schedule
5. Vehicle Information: Detailed description of the financed vehicle including make, model, VIN, and year
6. Security Interest: Establishes the lender's security interest in the vehicle
7. Payment Terms: Details of payment amounts, frequency, and methods
8. Borrower's Representations: Borrower's warranties about their financial situation and intended use of vehicle
9. Insurance Requirements: Mandatory insurance coverage requirements for the vehicle
10. Default and Remedies: Conditions constituting default and lender's available remedies
11. Prepayment Rights: Terms and conditions for early loan repayment
12. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Co-Signer Provisions: Required when there is a co-signer for the loan, detailing their obligations and rights
2. Trade-In Details: Used when there is a vehicle trade-in as part of the purchase
3. Extended Warranty: Included when an extended warranty is financed as part of the loan
4. GAP Insurance: Required when GAP insurance is included in the financing
5. Electronic Communication Consent: Added when parties agree to electronic communications and statements
6. Automatic Payment Authorization: Included when borrower opts for automatic payment withdrawals
7. Privacy Policy: Detailed privacy terms when additional data collection or sharing is involved
8. Assignment Provisions: Detailed terms for loan assignment when the lender may sell or transfer the loan
1. Schedule A - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocations
2. Schedule B - Vehicle Specification: Detailed description of vehicle including optional features and conditions
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and minimum policy terms
4. Schedule D - Cost of Borrowing Disclosure: Detailed breakdown of all costs, fees, and charges as required by regulations
5. Appendix 1 - Vehicle Condition Report: Initial condition report of the vehicle at time of financing
6. Appendix 2 - Provincial Disclosures: Province-specific disclosures and notices required by law
Relevant legal definitions
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Automotive
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Consumer Finance
Retail Automotive
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Loan Officer
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Compliance Officer
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Auto Sales Manager
F&I Manager
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Customer Service Representative
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