Document background
The Car Installment Agreement is a crucial legal document used in Canadian vehicle financing transactions when a buyer wishes to purchase a vehicle through periodic payments rather than a single lump sum. This agreement type is commonly used by dealerships, financial institutions, and private sellers across Canada, requiring compliance with federal and provincial regulations including consumer protection laws, security registration requirements, and financial disclosure rules. The document typically includes detailed vehicle information, payment terms, interest calculations, security interests, insurance requirements, and default remedies. It's essential for both commercial and consumer vehicle sales where financing is involved, and must adapt to specific provincial requirements while maintaining compliance with federal regulations such as the Interest Act and Personal Property Security Act.
