The Auto Finance Contract is essential for financial institutions and vehicle dealers operating in Nigeria who offer financing solutions for vehicle purchases. This document is used when a customer seeks financing to purchase a vehicle, whether for personal or business use, and requires a structured repayment plan. The contract must comply with Nigerian banking regulations, including the Central Bank of Nigeria Act and BOFIA, while incorporating consumer protection requirements and vehicle ownership regulations. It includes comprehensive details about the vehicle, financing terms, security arrangements, insurance requirements, and enforcement provisions. The document is particularly important in the Nigerian market where vehicle financing is a growing sector and regulatory compliance is strictly monitored.

1. Parties: Identification of the finance provider and the borrower/customer with full legal names and addresses

2. Background: Context of the agreement including the customer's application for finance and the lender's agreement to provide it

3. Definitions: Definitions of key terms used throughout the agreement including 'Vehicle', 'Finance Amount', 'Interest Rate', etc.

4. Vehicle Details: Comprehensive description of the financed vehicle including make, model, year, VIN, registration number

5. Financial Terms: Details of the finance amount, interest rate, total amount payable, and payment schedule

6. Payment Obligations: Terms regarding payment methods, dates, and consequences of late or missed payments

7. Security Interest: Creation of security interest over the vehicle in favor of the finance provider

8. Insurance Requirements: Mandatory insurance requirements and specifications

9. Vehicle Use and Maintenance: Conditions for vehicle use, maintenance obligations, and restrictions

10. Default and Enforcement: Events of default and lender's enforcement rights

11. Termination: Conditions and process for early termination or completion of the agreement

12. General Provisions: Standard contractual provisions including notices, amendments, governing law