A Letter of Intent to Purchase Vehicle is commonly used in Nigeria as a preliminary step in vehicle acquisition transactions, whether for personal or business use. This document is typically employed when parties wish to formalize their initial understanding before proceeding with a full purchase agreement. It serves multiple purposes: documenting the serious intent of the buyer, outlining the basic terms of the proposed transaction, and establishing a framework for due diligence and final negotiations. The document includes essential details such as vehicle specifications, proposed price, timeline, and any specific conditions that need to be met before finalizing the purchase. While non-binding in nature, it provides important protection for both parties under Nigerian commercial law and helps ensure smooth progression toward the final transaction. This type of document is particularly valuable in corporate or high-value vehicle purchases where formal documentation of intent is necessary for internal approval processes or securing financing.

1. Date and Address Block: Current date and full contact details of both the intended buyer and seller

2. Subject Line: Clear indication that this is a Letter of Intent to Purchase Vehicle

3. Opening Statement: Formal introduction expressing intent to purchase the specified vehicle

4. Vehicle Details: Complete description of the vehicle including make, model, year, VIN, color, mileage, and any distinctive features

5. Purchase Terms: Proposed purchase price, payment method, and any specific conditions of the purchase

6. Timeline: Proposed timeline for completing the purchase and taking possession of the vehicle

7. Due Diligence: Statement regarding inspection rights and verification of vehicle condition

8. Closing Statement: Statement of non-binding nature of the letter and intention to proceed with formal purchase agreement

9. Signature Block: Space for signatures of both parties, including full names and dates