The Car Loan Assumption Agreement Form is a crucial document used when one party wishes to take over the existing car loan obligations of another party in Canada. This document is commonly used in situations such as family transfers, relationship breakdowns, or when a third party agrees to assume responsibility for an existing car loan. The agreement must comply with Canadian federal banking regulations, provincial consumer protection laws, and personal property security legislation. It includes detailed information about the vehicle, current loan status, payment terms, and the rights and obligations of all parties involved. The document serves to protect the interests of the lending institution while facilitating the smooth transfer of loan obligations between parties. It requires careful review and execution to ensure all regulatory requirements are met and the security interest in the vehicle is properly maintained.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies all parties to the agreement: Original Borrower, Assuming Party, and Lender
2. Background: Outlines the existing loan agreement details and the intention to transfer the loan obligations
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the current loan balance, interest rate, payment terms, and remaining duration
5. Vehicle Information: Details of the vehicle including make, model, year, VIN, and current condition
6. Assumption Terms: Core terms of the assumption including transfer of rights and obligations
7. Representations and Warranties: Statements of fact and promises made by both Original Borrower and Assuming Party
8. Payment Terms: Details of how and when payments will be made by the Assuming Party
9. Security Interest: Confirmation of the continuing security interest in the vehicle
10. Default Provisions: Consequences of default under the assumed loan
11. Governing Law: Specifies that the agreement is governed by Canadian law and the relevant province
12. Execution: Signature blocks for all parties and witness requirements
1. Co-Signer Provisions: Include when the Assuming Party requires a co-signer for loan approval
2. Insurance Requirements: Include when specific insurance requirements differ from the original loan agreement
3. Release of Original Borrower: Include when the original borrower is to be fully released from all obligations
4. Transfer Conditions: Include when there are specific conditions that must be met before the assumption becomes effective
5. Cross-Collateralization: Include when the vehicle serves as collateral for other loans
6. Electronic Payment Authorization: Include when automatic payments are required from the Assuming Party
1. Schedule A - Original Loan Agreement: Copy of the original loan agreement being assumed
2. Schedule B - Vehicle Condition Report: Detailed report of the vehicle's current condition and any existing damage
3. Schedule C - Payment Schedule: Detailed amortization schedule showing remaining payments
4. Schedule D - Credit Application: Assuming Party's credit application and approval
5. Appendix 1 - Vehicle Registration: Copy of current vehicle registration documents
6. Appendix 2 - Insurance Certificates: Proof of insurance coverage meeting lender requirements
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Consumer Lending
Auto Finance
Legal Services
Insurance
Relevant Teams
Legal
Compliance
Credit Administration
Risk Management
Auto Finance
Customer Service
Documentation
Collections
Operations
Underwriting
Relevant Roles
Loan Officer
Credit Manager
Financial Services Representative
Legal Counsel
Compliance Officer
Auto Finance Manager
Bank Manager
Credit Analyst
Contract Administrator
Risk Manager
Collections Manager
Customer Service Representative
Documentation Specialist
Find the exact document you need
Loan Agreement With Co Maker
A Canadian-law governed loan agreement establishing terms between a lender, borrower, and co-maker, with shared repayment responsibility.
Download
Family Loan Contract
A Canadian legal agreement formalizing monetary loans between family members, establishing terms, conditions, and repayment obligations while complying with federal and provincial laws.
Download
Take Over Car Loan Payments Contract
A Canadian legal agreement facilitating the transfer of car loan payment obligations from an original borrower to a new borrower, outlining terms and protecting all parties' interests.
Download
Repayment Of Debt Agreement
A Canadian-law governed agreement establishing formal terms for debt repayment, including payment schedule, interest rates, and default provisions.
Download
Private Lending Agreement
A Canadian-law governed agreement establishing terms and conditions for a private loan between parties, including loan amount, interest, repayment terms, and security arrangements.
Download
Pre Contract Agreement Car (Finance)
A Canadian jurisdiction preliminary agreement outlining terms and conditions for potential vehicle financing, serving as a precursor to the final finance contract.
Download
Cellphone Loan Agreement
A Canadian-law governed agreement establishing terms and conditions for mobile device loans, including usage rights, responsibilities, and return requirements.
Download
Car Payment Agreement Form
A Canadian legal document establishing terms and conditions for vehicle payment arrangements, including purchase details, payment schedules, and party obligations.
Download
Agreement Between Co Signer And Borrower
A Canadian legal agreement defining the relationship and obligations between a co-signer and borrower for a loan guarantee, governed by federal and provincial laws.
Download
Friendship Loan Agreement
A Canadian legal document formalizing a loan agreement between friends, establishing clear terms while complying with federal and provincial lending laws.
Download
Syndicated Facility Agreement
Canadian law-governed agreement establishing terms for a syndicated loan facility provided by multiple lenders to a borrower, including loan terms, parties' rights, and obligations.
Download
Private Loan Agreement For (Real Estate)
A Canadian-law governed agreement establishing terms and conditions for a private loan secured by real estate property, including loan terms, security arrangements, and party obligations.
Download
Peer To Peer Lending Agreement
A Canadian-law governed agreement establishing terms and conditions for direct lending between private individuals, including loan terms, interest rates, and mutual obligations.
Download
Revolving Credit Contract
A Canadian law-governed agreement establishing a revolving credit facility that allows for multiple draw-downs and repayments up to a specified credit limit.
Download
Family Member Promissory Note
A Canadian legal document formalizing loan agreements between family members, establishing terms, conditions, and repayment obligations in compliance with federal and provincial regulations.
Download
Vendor Finance Loan Agreement
Canadian-law governed agreement establishing terms for vendor-provided financing for goods or equipment purchase, including loan terms, security, and enforcement provisions.
Download
Fixed Sum Loan Agreement Early Settlement
Canadian-law governed fixed-sum loan agreement with early settlement provisions, compliant with federal and provincial lending regulations.
Download
Employee Loan Agreement Interest
A Canadian-law governed agreement establishing terms for an employer-provided loan to an employee, including interest rates, repayment terms, and compliance with relevant regulations.
Download
Acknowledgement Of Debt Agreement
A Canadian legal document formally acknowledging a debt obligation and establishing repayment terms, governed by federal and provincial laws.
Download
Construction Loan Contract
A legal agreement governing construction project financing in Canada, outlining loan terms, construction requirements, and compliance with federal and provincial regulations.
Download
Demand Loan
A Canadian jurisdiction agreement establishing terms for a loan that can be called for repayment at any time by the lender, including amount, interest, and parties' obligations.
Download
Home Equity Loan Agreement
A Canadian-law governed agreement establishing terms for borrowing against home equity, detailing loan conditions, security arrangements, and compliance with federal and provincial regulations.
Download
Inter Lender Agreement
A Canadian-law governed agreement establishing priorities and relationships between multiple lenders providing financing to the same borrower.
Download
Overagreement
Canadian master agreement establishing framework terms for ongoing business relationships and subsequent agreements.
Download
Facility Letter Mortgage
A Canadian legal document combining credit facility terms with mortgage security requirements, setting out the conditions for property-secured lending under Canadian federal and provincial regulations.
Download
Credit Terms Agreement
A Canadian-law governed agreement establishing credit terms between parties, including credit limits, interest rates, and payment conditions in compliance with federal and provincial regulations.
Download
Assignment Of Loan Agreement
A Canadian legal document transferring loan rights and obligations from one lender to another, compliant with federal and provincial regulations.
Download
Agreement Between Two Persons For Money
A Canadian-law governed agreement documenting a monetary loan between two individuals, establishing loan terms, repayment conditions, and legal obligations.
Download
Subordinated Loan Agreement
A Canadian-law governed agreement establishing terms for a subordinated loan and its ranking below senior debt obligations.
Download
Work Loan Agreement
A Canadian legal agreement establishing terms for an employer-provided loan to an employee, including repayment terms and employment relationship considerations.
Download
Peer To Peer Lending Contract
A Canadian-law governed agreement establishing terms and conditions for direct lending between private individuals, including loan terms, obligations, and regulatory compliance requirements.
Download
Letter To Borrow Money From Friend
A Canadian-compliant formal letter documenting a personal loan agreement between friends, establishing loan terms while maintaining legal validity under Canadian law.
Download
Student Loan Agreement
A Canadian-law governed agreement establishing terms and conditions for student financial assistance, compliant with federal and provincial student loan regulations.
Download
Simple Loan Application Form
A Canadian-compliant loan application form for collecting borrower information and required disclosures under federal and provincial lending regulations.
Download
Private Lending Term Sheet
A Canadian-compliant document outlining key terms and conditions for a private lending arrangement, serving as the foundation for a final loan agreement.
Download
Personal Loan Receipt
A Canadian-compliant document acknowledging receipt of a personal loan, specifying loan amount, terms, and parties' obligations.
Download
Payday Loan Contract
Canadian payday loan agreement template compliant with federal and provincial regulations, governing short-term consumer loans with mandatory disclosures and protections.
Download
Loan Note
A Canadian-law governed financial instrument documenting loan terms, repayment obligations, and security arrangements between lender and borrower.
Download
Investment Loan Contract
A Canadian-law governed agreement establishing terms for an investment-purposed loan, including loan terms, investment parameters, and regulatory compliance requirements.
Download
Facility Agreement
A Canadian law-governed agreement establishing terms for providing credit facilities, including loan terms, security arrangements, and compliance with Canadian banking regulations.
Download
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)