The Car Loan Security Agreement is a crucial document used in Philippine vehicle financing transactions to protect the lender's interests while ensuring compliance with local regulations. This document is required whenever a financial institution provides a loan for vehicle purchase and requires security over the vehicle. It must comply with multiple Philippine regulations including the Truth in Lending Act (RA 3765), Personal Property Security Act (RA 11057), and relevant Bangko Sentral ng Pilipinas (BSP) circulars. The agreement includes mandatory disclosures, creates an enforceable security interest, and sets out the parties' rights and obligations. It's particularly important in the Philippine context where vehicle financing is a significant part of consumer lending and requires specific regulatory compliance measures.
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1. Parties: Identifies the Lender, Borrower, and their complete details including addresses and registration information
2. Background: Explains the context of the agreement - that the Borrower wishes to obtain a loan to purchase a vehicle and the Lender agrees to provide the loan secured against the vehicle
3. Definitions: Defines key terms used throughout the agreement including 'Vehicle', 'Loan', 'Security Interest', 'Event of Default', etc.
4. Loan Terms: Details of the loan including principal amount, interest rate, term, payment schedule, and all fees as required by the Truth in Lending Act
5. Grant of Security Interest: Creates and establishes the security interest in the vehicle in favor of the Lender
6. Description of Security: Detailed description of the vehicle serving as security, including make, model, year, color, engine/chassis numbers
7. Borrower's Representations and Warranties: Borrower's confirmations regarding ownership, condition of vehicle, authority to enter agreement, etc.
8. Borrower's Obligations: Obligations including maintenance of vehicle, insurance, restrictions on sale/transfer, permit inspection
9. Insurance Requirements: Specific requirements for vehicle insurance, naming of Lender as loss payee
10. Events of Default: Lists circumstances constituting default, including payment defaults, breach of obligations
11. Enforcement Rights: Lender's rights upon default, including repossession rights and sale procedures
12. General Provisions: Standard clauses including notices, amendments, governing law, jurisdiction
1. Guarantor Provisions: Required when there is a guarantor for the loan, including guarantor's obligations and representations
2. Additional Security: Used when additional collateral besides the vehicle is being provided
3. Insurance Premium Financing: Include when the insurance premium is being financed as part of the loan
4. Special Payment Arrangements: Used for non-standard payment arrangements like post-dated checks
5. Vehicle Dealer Provisions: Required when the dealer is party to the agreement or has specific obligations
6. Electronic Payment Authorization: Include when automatic electronic payments are being set up
1. Schedule 1 - Vehicle Details: Complete technical specifications and details of the vehicle including registration information
2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocation
3. Schedule 3 - Insurance Requirements: Detailed insurance requirements including types of coverage, minimum amounts
4. Schedule 4 - Fees and Charges: Complete breakdown of all fees and charges as required by Truth in Lending Act
5. Appendix A - Vehicle Inspection Report: Initial condition report of the vehicle at time of agreement
6. Appendix B - Disclosure Statement: Truth in Lending Act disclosures in prescribed format
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Insurance
Consumer Finance
Vehicle Leasing
Asset Finance
Retail Banking
Relevant Teams
Legal
Compliance
Credit Risk
Auto Finance
Collections
Operations
Customer Service
Documentation
Underwriting
Sales Support
Contract Administration
Relevant Roles
Credit Officer
Loan Officer
Legal Counsel
Compliance Officer
Risk Manager
Auto Finance Manager
Collections Manager
Relationship Manager
Credit Analyst
Documentation Specialist
Car Sales Manager
Finance and Insurance Manager
Branch Manager
Underwriter
Contract Administrator
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