The Vehicle Installment Sale Agreement is essential for transactions where vehicles are sold through structured payment plans in India. This document is commonly used by automotive dealers, banks, and finance companies to facilitate vehicle purchases while protecting their security interests. The agreement must comply with multiple Indian regulations including the Motor Vehicles Act 1988, Sale of Goods Act 1930, and banking regulations. It includes crucial details such as vehicle specifications, payment terms, interest rates, insurance requirements, and conditions for transfer of ownership. The document serves as both a sale agreement and a security instrument, enabling the seller/financier to maintain a legal interest in the vehicle until all payments are completed.
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1. Parties: Identification of the Seller/Finance Company and the Buyer/Purchaser with complete details
2. Background: Context of the sale transaction and financing arrangement
3. Definitions: Key terms used throughout the agreement including Vehicle, Installments, Due Dates, etc.
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate
6. Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance conditions
7. Title and Ownership: Provisions regarding retention of title until full payment and transfer of ownership conditions
8. Insurance Requirements: Mandatory insurance coverage, beneficiary details, and insurance maintenance obligations
9. Maintenance and Use: Buyer's obligations regarding vehicle maintenance, permitted use, and restrictions
10. Security Interest: Creation and terms of security interest in favor of the seller/finance company
11. Events of Default: Definition of default events and consequences
12. Remedies and Repossession: Seller's rights and remedies in case of default, including repossession procedures
13. Representations and Warranties: Statements and guarantees by both parties
14. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
15. Notices: Method and addresses for serving notices between parties
1. Prepayment Terms: Include when early payment options are offered, detailing prepayment penalties or benefits
2. Co-Borrower Details: Required when there is a co-borrower or guarantor for the loan
3. Extended Warranty: Include when extended warranty or service contract is part of the sale
4. Trade-In Details: Required when the buyer is trading in another vehicle as part of the purchase
5. Additional Services: Include when additional services like registration assistance or road-side assistance are provided
6. GPS/Tracking Device: Include when installation of tracking device is required by the finance company
1. Schedule A - Vehicle Specifications: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization schedule with due dates, principal and interest breakup
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and terms
4. Schedule D - Delivery Receipt: Vehicle inspection report and delivery acceptance form
5. Appendix 1 - KYC Documents: List of required KYC documents and copies
6. Appendix 2 - Registration Documents: Vehicle registration and transfer documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Consumer Finance
Transportation
Retail
Relevant Teams
Legal
Finance
Sales
Compliance
Credit
Collections
Risk Management
Operations
Customer Service
Documentation
Dealer Relations
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Credit Officer
Compliance Officer
Auto Finance Specialist
Collections Manager
Risk Manager
Contract Administrator
Dealer Relationship Manager
Customer Service Manager
Documentation Specialist
Vehicle Finance Officer
Branch Manager
Operations Manager
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