The Auto Loan Agreement Between Friends is designed for situations where one individual is lending money to a friend specifically for vehicle purchase in England and Wales. This document becomes essential when friends wish to formalize their lending arrangement, protecting both parties' interests and ensuring clear understanding of obligations. It includes crucial details such as loan amount, repayment terms, vehicle specifications, and any security arrangements, while complying with relevant legislation including the Consumer Credit Act 1974 and Bills of Sale Acts. The agreement helps prevent misunderstandings and provides legal recourse if needed.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement between the parties
3. Definitions: Key terms used throughout the agreement
4. Loan Details: Amount, purpose, and basic terms of the loan
5. Repayment Terms: Payment schedule, amounts, and method of payment
6. Vehicle Details: Full description of the vehicle including make, model, VIN, and registration
7. Signatures: Execution blocks for both parties
1. Interest: Terms of any interest charged, if applicable to the loan arrangement
2. Security: Details of any security arrangements over the vehicle, if the vehicle is being used as security
3. Early Repayment: Terms for early loan settlement, if early repayment is to be permitted
4. Default Provisions: Consequences of missing payments or breaching terms, when specific default provisions are required
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Vehicle Documentation: Copies of vehicle registration and other relevant documents
3. Insurance Requirements: Details of required insurance coverage for the vehicle
Relevant legal definitions
Agreement
Borrower
Business Day
Default Event
Default Interest Rate
Early Repayment
Effective Date
Interest Rate
Lender
Loan
Loan Amount
Monthly Payment
Parties
Payment Date
Payment Schedule
Principal Amount
Repayment Period
Security Interest
Term
Vehicle
Vehicle Documentation
Vehicle Identification Number (VIN)
Vehicle Registration Number
Working Day
Borrower
Business Day
Default Event
Default Interest Rate
Early Repayment
Effective Date
Interest Rate
Lender
Loan
Loan Amount
Monthly Payment
Parties
Payment Date
Payment Schedule
Principal Amount
Repayment Period
Security Interest
Term
Vehicle
Vehicle Documentation
Vehicle Identification Number (VIN)
Vehicle Registration Number
Working Day
Clauses
Loan Amount and Purpose
Repayment Terms
Interest
Vehicle Details
Security Interest
Insurance Requirements
Default and Remedies
Early Repayment
Representations and Warranties
Vehicle Maintenance and Use
Transfer and Assignment
Notices
Amendment and Modification
Governing Law
Dispute Resolution
Severability
Force Majeure
Entire Agreement
Counterparts
Registration and Documentation
Default Interest
Vehicle Inspection Rights
Death or Incapacity
Costs and Expenses
Repayment Terms
Interest
Vehicle Details
Security Interest
Insurance Requirements
Default and Remedies
Early Repayment
Representations and Warranties
Vehicle Maintenance and Use
Transfer and Assignment
Notices
Amendment and Modification
Governing Law
Dispute Resolution
Severability
Force Majeure
Entire Agreement
Counterparts
Registration and Documentation
Default Interest
Vehicle Inspection Rights
Death or Incapacity
Costs and Expenses
Relevant Industries
Relevant Teams
Relevant Roles
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