The Auto Loan Agreement Between Friends is designed for use in Malaysia when one individual wishes to lend money to a friend specifically for vehicle purchase. This document becomes essential when friends want to formalize their lending arrangement to protect both parties' interests while maintaining their personal relationship. It includes crucial elements such as loan amount, interest (if any), payment schedule, vehicle details as security, and default procedures, all while ensuring compliance with Malaysian contract law and relevant financial regulations. The agreement is particularly useful in situations where traditional bank financing isn't preferred or available, but parties still want a legally sound document that's simpler than commercial loan agreements yet provides adequate protection for private lending.
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1. Parties: Identifies and provides full details of both the lender and borrower, including names, identification numbers, and addresses
2. Background: Establishes the context of the loan agreement, stating the borrower's request for a loan to purchase a specific vehicle and the lender's agreement to provide it
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Details: Specifies the loan amount, interest rate (if any), and term of the loan
5. Vehicle Details: Full description of the vehicle including make, model, year, color, engine number, and chassis number
6. Repayment Terms: Details of payment schedule, payment method, and consequences of early or late payments
7. Vehicle Ownership and Registration: Clarifies ownership status during the loan period and transfer of ownership requirements
8. Default and Remedies: Specifies what constitutes default and the agreed-upon remedies
9. Representations and Warranties: Basic warranties about the capacity to enter into the agreement and the accuracy of information provided
10. Governing Law: Specifies that Malaysian law governs the agreement
11. Execution: Signature blocks for both parties and witnesses
1. Insurance Requirements: Include when parties agree on specific insurance requirements for the vehicle
2. Vehicle Maintenance: Include when parties want to specify responsibilities for vehicle maintenance during the loan period
3. Death or Incapacity: Include when parties want to address loan handling in case of death or incapacity of either party
4. Guarantor: Include when a third party is guaranteeing the loan
5. Early Termination: Include when parties want specific provisions for early loan payoff
6. Dispute Resolution: Include when parties want to specify mediation or arbitration before court proceedings
7. Assignment: Include when parties want to address whether the loan can be transferred to another party
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Vehicle Documentation: Copies of vehicle registration card, insurance certificates, and other relevant vehicle documents
3. Schedule 3 - Vehicle Inspection Report: Condition report of the vehicle at the time of the agreement
4. Appendix A - Vehicle Photographs: Dated photographs of the vehicle documenting its condition
5. Appendix B - Proof of Funds: Documentation showing the source and transfer of loan funds
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