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The Private Car Sale Installment Agreement is essential for private vehicle sales in Nigeria where the full purchase price is paid in installments rather than as a lump sum. This document is commonly used when private sellers wish to offer financing options to buyers without involving financial institutions. It ensures compliance with Nigerian commercial law, consumer protection regulations, and vehicle registration requirements while protecting both parties' interests. The agreement covers crucial aspects including vehicle details, payment terms, ownership transfer conditions, default remedies, and insurance requirements. It's particularly important in the Nigerian context where private vehicle sales with installment payments are common but require careful documentation to ensure enforceability and protect both parties' rights.

1. Parties: Identification and details of the Seller and Buyer, including full names, addresses, and contact information

2. Background: Brief context of the transaction and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, mileage, and current condition

5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amount, payment schedule, and payment methods

6. Transfer of Title and Registration: Terms regarding when and how vehicle title will be transferred, and registration requirements

7. Delivery and Possession: Terms of vehicle delivery and possession arrangements

8. Warranties and Representations: Seller's warranties about vehicle condition and Buyer's acknowledgments

9. Default and Remedies: Consequences of payment default and available remedies for both parties

10. Insurance Requirements: Mandatory insurance coverage requirements during the installment period

11. Governing Law: Specification of Nigerian law as governing law and jurisdiction

12. Execution: Signature blocks and execution requirements