The Car Payment Plan Contract serves as a crucial document for vehicle financing arrangements in England and Wales. It is typically used when a customer wishes to purchase a vehicle through regular installment payments rather than a single lump sum. The contract ensures compliance with UK consumer credit legislation, including the Consumer Credit Act 1974 and FCA regulations, while protecting both the finance provider's security interest and the customer's consumer rights. This document includes essential information about the vehicle, payment terms, interest rates, and the consequences of default, making it fundamental for any vehicle financing arrangement.
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1. Parties: Identifies the finance provider and the customer
2. Background: Explains the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Vehicle Details: Specific details of the vehicle being financed including registration, VIN, and features
5. Payment Terms: Details of payment amount, frequency, and duration of the payment plan
6. Interest Rate and Charges: Specification of interest rate, calculation method and any additional charges
7. Default and Termination: Consequences of default and provisions for contract termination
8. Signatures: Execution block for all parties to sign and date the agreement
1. Insurance Requirements: Details of mandatory insurance coverage and minimum requirements
2. Early Repayment: Terms and conditions for early repayment including any fees or calculations
3. Maintenance Requirements: Specific vehicle maintenance obligations and service requirements
4. Balloon Payment: Terms and conditions for final balloon payment if applicable
1. Payment Schedule: Detailed breakdown of all payments including dates and amounts
2. Vehicle Specification: Comprehensive description of the vehicle including condition report
3. Interest Rate Calculation: Detailed breakdown of interest calculation methodology and examples
4. Pre-contract Information: Standard information required under Consumer Credit Act 1974
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Balloon Payment
Business Day
Commencement Date
Condition Precedent
Customer
Default
Default Interest Rate
Default Payment
Early Termination
Finance Provider
Fixed Interest Rate
Guarantor
Initial Payment
Installment
Interest
Late Payment Fee
Monthly Payment
Payment Date
Payment Plan
Payment Schedule
Principal Amount
Purchase Price
Regular Payment
Repayment Period
Security Interest
Term
Total Amount Payable
Vehicle
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration Number
Vehicle Value
Working Day
Annual Percentage Rate (APR)
Balloon Payment
Business Day
Commencement Date
Condition Precedent
Customer
Default
Default Interest Rate
Default Payment
Early Termination
Finance Provider
Fixed Interest Rate
Guarantor
Initial Payment
Installment
Interest
Late Payment Fee
Monthly Payment
Payment Date
Payment Plan
Payment Schedule
Principal Amount
Purchase Price
Regular Payment
Repayment Period
Security Interest
Term
Total Amount Payable
Vehicle
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration Number
Vehicle Value
Working Day
Clauses
Payment Terms
Interest Rate
Vehicle Description
Delivery and Acceptance
Title and Ownership
Security Interest
Insurance Requirements
Maintenance Obligations
Default and Remedies
Early Termination
Early Repayment
Representations and Warranties
Assignment and Transfer
Notices
Force Majeure
Amendments and Modifications
Governing Law
Jurisdiction
Data Protection
Entire Agreement
Severability
Third Party Rights
Indemnification
Registration and Licensing
Vehicle Use Restrictions
Default Interest
Late Payment Charges
Credit Checks
Customer Obligations
Lender Obligations
Dispute Resolution
Termination Rights
Change of Circumstances
Documentation Requirements
Repossession Rights
Interest Rate
Vehicle Description
Delivery and Acceptance
Title and Ownership
Security Interest
Insurance Requirements
Maintenance Obligations
Default and Remedies
Early Termination
Early Repayment
Representations and Warranties
Assignment and Transfer
Notices
Force Majeure
Amendments and Modifications
Governing Law
Jurisdiction
Data Protection
Entire Agreement
Severability
Third Party Rights
Indemnification
Registration and Licensing
Vehicle Use Restrictions
Default Interest
Late Payment Charges
Credit Checks
Customer Obligations
Lender Obligations
Dispute Resolution
Termination Rights
Change of Circumstances
Documentation Requirements
Repossession Rights
Relevant Industries
Relevant Teams
Relevant Roles
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