The Car Installment Agreement is a crucial document used in the United Arab Emirates for facilitating vehicle purchases through structured payment plans. This agreement is essential when a purchaser wishes to buy a vehicle but needs to spread the payment over time through regular installments. The document must comply with UAE Federal Law No. 24 of 2006 (Consumer Protection Law) and UAE Central Bank regulations on auto financing, including specific requirements for down payments, maximum loan amounts, and installment periods. The agreement comprehensively covers vehicle details, payment terms, ownership conditions, and security interests, while ensuring adherence to Islamic banking principles where applicable. It's commonly used by banks, financial institutions, and car dealerships throughout the UAE for both individual and corporate vehicle purchases.
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Key Requirements PROMPT example:
Car Installment Agreement
"I need a Car Installment Agreement for a 2024 Tesla Model 3 purchase with a 20% down payment and 48 monthly installments starting March 2025, including early payment options and comprehensive insurance requirements under UAE law."
1. Parties: Identification of the seller/financier and the purchaser with full legal names and details
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, color, and specifications
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amount, payment schedule, and interest rate details
6. Delivery and Registration: Terms regarding vehicle delivery and registration process
7. Title and Ownership: Provisions regarding transfer of title and ownership conditions
8. Insurance Requirements: Mandatory insurance requirements and responsibilities
9. Security and Liens: Details of security interest and liens on the vehicle until full payment
10. Warranties and Representations: Warranties provided by both parties regarding the vehicle and financial capacity
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Conditions and process for agreement termination
13. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction
14. Notices: Process and requirements for formal communications between parties
1. Early Payment Provisions: Terms for early repayment of the installments, used when early payment options are offered
2. Trade-In Details: Terms relating to any vehicle trade-in, included when there is a trade-in vehicle involved
3. Extended Warranty: Additional warranty terms, included when extended warranty is purchased
4. Assignment Rights: Terms regarding the right to assign the agreement, included for commercial sellers
5. Force Majeure: Provisions for unforeseen circumstances, included in longer-term agreements
6. Maintenance Requirements: Specific maintenance obligations, included when required by financier
7. Cross-Border Usage: Terms for using the vehicle outside UAE, included when international travel is anticipated
1. Payment Schedule: Detailed breakdown of all payments including dates, amounts, and interest calculations
2. Vehicle Specification Sheet: Detailed technical specifications and features of the vehicle
3. Condition Report: Detailed report of vehicle condition at time of sale
4. Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Trade-In Valuation: Details of trade-in vehicle assessment and valuation if applicable
6. Required Documentation: List of all required documents for vehicle registration and transfer
7. Warranty Terms: Detailed warranty terms and conditions including any extended warranty
Authors
Relevant legal definitions
Agreement
Vehicle
Purchase Price
Down Payment
Installment Payment
Payment Date
Interest Rate
Default Rate
Delivery Date
Registration Certificate
Insurance Policy
Security Interest
Default Event
Warranty Period
Seller
Purchaser
Guarantor
Business Day
Dealership
Force Majeure
Identity Card
License
Maintenance Schedule
Outstanding Balance
Payment Schedule
Registration Authority
Title Deed
Vehicle Identification Number
Warranty
Working Hours
Vehicle
Purchase Price
Down Payment
Installment Payment
Payment Date
Interest Rate
Default Rate
Delivery Date
Registration Certificate
Insurance Policy
Security Interest
Default Event
Warranty Period
Seller
Purchaser
Guarantor
Business Day
Dealership
Force Majeure
Identity Card
License
Maintenance Schedule
Outstanding Balance
Payment Schedule
Registration Authority
Title Deed
Vehicle Identification Number
Warranty
Working Hours
Clauses
Definitions
Purchase Price
Payment Terms
Interest
Security Interest
Title Transfer
Vehicle Registration
Insurance
Delivery
Warranties
Default
Repossession
Early Payment
Assignment
Force Majeure
Notices
Governing Law
Dispute Resolution
Termination
Amendment
Severability
Entire Agreement
Representations
Maintenance
Risk and Liability
Documentation
Confidentiality
Indemnification
Purchase Price
Payment Terms
Interest
Security Interest
Title Transfer
Vehicle Registration
Insurance
Delivery
Warranties
Default
Repossession
Early Payment
Assignment
Force Majeure
Notices
Governing Law
Dispute Resolution
Termination
Amendment
Severability
Entire Agreement
Representations
Maintenance
Risk and Liability
Documentation
Confidentiality
Indemnification
Relevant Industries
Automotive
Banking & Financial Services
Insurance
Transportation
Fleet Management
Retail
Consumer Finance
Leasing Services
Relevant Teams
Legal
Finance
Sales
Compliance
Risk Management
Credit Operations
Collections
Consumer Banking
Contract Administration
Vehicle Finance
Retail Banking
Relevant Roles
Legal Counsel
Finance Manager
Sales Manager
Credit Officer
Compliance Officer
Risk Manager
Fleet Manager
Automotive Finance Specialist
Consumer Banking Officer
Collections Manager
Contract Administrator
Vehicle Finance Officer
Retail Banking Manager
Auto Loan Officer
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