The Car Loan Agreement is a crucial document used in New Zealand for financing vehicle purchases, whether through financial institutions, banks, or car dealerships. It serves to protect both lender and borrower interests while ensuring compliance with New Zealand's stringent consumer credit laws, particularly the Credit Contracts and Consumer Finance Act 2003 (CCCFA). This agreement is essential when any party seeks to finance a vehicle purchase, establishing the loan terms, security interests, repayment obligations, and consequences of default. It includes mandatory disclosure requirements, creates a registrable security interest under the Personal Property Securities Act 1999, and incorporates consumer protection measures required by New Zealand law.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement, purpose of the loan, and acknowledgment of the CCCFA requirements
3. Definitions: Key terms used throughout the agreement, including financial and legal terminology
4. Loan Details: Principal amount, interest rate, term of loan, and total amount payable
5. Vehicle Details: Specific information about the vehicle being financed including make, model, year, VIN, and registration number
6. Security Interest: Creation of security interest in the vehicle and PPSR registration details
7. Repayment Terms: Payment schedule, method of payment, and payment amounts
8. Interest and Fees: Detailed breakdown of interest calculations and applicable fees
9. Borrower's Obligations: Maintenance of vehicle, insurance requirements, and other ongoing obligations
10. Default and Enforcement: Events of default, consequences, and enforcement rights
11. General Terms: Assignment, notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when there is a guarantor for the loan
2. Early Repayment: Include when early repayment options are offered, detailing any fees or calculations
3. Insurance Requirements: Detailed section when specific insurance requirements beyond standard comprehensive insurance are needed
4. Direct Debit Authorization: Include when automatic payments are being set up
5. Co-Borrower Terms: Required when there are multiple borrowers
6. Trade-in Details: Include when a vehicle trade-in is part of the transaction
1. Schedule 1 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and allocation between principal and interest
2. Schedule 2 - Vehicle Description: Comprehensive description of the vehicle including all accessories and modifications
3. Schedule 3 - Disclosure Statement: Initial disclosure information required under the CCCFA
4. Schedule 4 - Fee Schedule: Detailed breakdown of all fees and charges applicable to the loan
5. Appendix A - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
6. Appendix B - Direct Debit Terms: Terms and conditions for direct debit payments if applicable
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Consumer Finance
Insurance
Legal Services
Vehicle Leasing
Car Dealership
Relevant Teams
Legal
Compliance
Credit Risk
Consumer Lending
Collections
Documentation
Sales Finance
Customer Service
Operations
Credit Assessment
Vehicle Finance
Relevant Roles
Credit Manager
Loan Officer
Compliance Officer
Legal Counsel
Finance Manager
Car Sales Manager
Credit Risk Analyst
Consumer Credit Specialist
Collections Officer
Documentation Specialist
Lending Manager
Financial Advisor
Auto Finance Specialist
Contract Administrator
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