The Bill of Sale for Financed Vehicle is a crucial document in Philippine vehicle transactions where financing is involved. It serves as a comprehensive agreement that protects the interests of all parties - the seller, buyer, and financing institution. This document is specifically designed to comply with Philippine legal requirements, including regulations from the Land Transportation Office (LTO) and banking regulations from Bangko Sentral ng Pilipinas (BSP). The document is used when a vehicle purchase involves financing arrangements, combining elements of a traditional bill of sale with financing terms and security interests. It includes detailed vehicle information, payment terms, ownership transfer conditions, and financing provisions, ensuring compliance with Republic Act No. 4136 (Land Transportation and Traffic Code) and relevant consumer protection laws. The document is essential for both new and used vehicle sales where financing is involved, providing clear documentation of the transaction terms and protecting the rights of all parties involved.
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1. Parties: Identification of the Seller, Buyer, and Financing Institution with complete details including names, addresses, and contact information
2. Background: Brief context of the transaction, including the intention to sell and finance the vehicle
3. Definitions: Definitions of key terms used throughout the document including 'Vehicle', 'Purchase Price', 'Financing Amount', 'Security Interest', etc.
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN/chassis number, engine number, plate number, and current registration details
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, financing amount, interest rate, and payment schedule
6. Transfer of Title and Ownership: Terms regarding the transfer of ownership, subject to financing conditions and security interest of the financing institution
7. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and absence of undisclosed liens
8. Buyer's Obligations: Buyer's responsibilities including maintenance, insurance, registration, and compliance with financing terms
9. Security Interest: Details of the financing institution's security interest in the vehicle until full payment
10. Default and Remedies: Consequences of payment default and available remedies for all parties
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
1. Insurance Requirements: Detailed insurance requirements if not covered in main financing agreement
2. Co-Maker Provisions: Terms relating to a co-maker or guarantor if required by the financing institution
3. Early Payment Terms: Provisions for early payment or full settlement of the financing amount
4. Vehicle Inspection Report: Detailed inspection findings if the sale is of a used vehicle
5. Trade-In Details: Terms relating to any vehicle trade-in if applicable to the transaction
1. Schedule A - Vehicle Details: Comprehensive technical specifications and photos of the vehicle
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, due dates, and interest calculations
3. Schedule C - Delivery Receipt: Documentation of vehicle handover and acceptance
4. Appendix 1 - Vehicle Registration Documents: Copies of current registration papers and transfer requirements
5. Appendix 2 - Insurance Documentation: Copy of insurance policy and requirements
6. Appendix 3 - Financing Terms and Conditions: Detailed terms and conditions from the financing institution
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Banking and Financial Services
Insurance
Legal Services
Transportation
Vehicle Leasing
Car Dealerships
Fleet Management
Consumer Finance
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Collections
Documentation
Credit Administration
Contract Management
Customer Service
Relevant Roles
Legal Counsel
Finance Manager
Automotive Sales Manager
Credit Officer
Compliance Officer
Fleet Manager
Car Dealership Manager
Risk Assessment Officer
Contract Administrator
Vehicle Finance Specialist
Collections Manager
Documentation Officer
Legal Documentation Specialist
Auto Loan Officer
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