The Owner Finance Car Sale Contract is essential for transactions in Nigeria where traditional bank financing is not utilized and the vehicle seller provides direct financing to the buyer. This document is particularly relevant when sellers wish to offer in-house financing options to potential buyers who may not qualify for traditional bank loans or prefer direct seller financing. The agreement must comply with Nigerian financial regulations, consumer protection laws, and vehicle transfer requirements. It includes comprehensive details about the vehicle, payment terms, security arrangements, and ownership transfer conditions. The document protects both parties' interests by clearly defining their rights and obligations throughout the financing period, from initial sale until the final payment and title transfer.

1. Parties: Identification of the seller/financer and the buyer/borrower with full legal names and addresses

2. Background: Context of the agreement, establishing that the seller owns the vehicle and agrees to sell it with owner financing

3. Definitions: Key terms used throughout the agreement including Vehicle, Purchase Price, Loan Amount, Payment Terms etc.

4. Sale and Purchase: Core terms of the vehicle sale including the purchase price and basic transaction details

5. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, and current condition

6. Financial Terms: Loan amount, interest rate, payment schedule, and total amount payable

7. Payment Terms: Details of payment method, due dates, and consequences of late payment

8. Security Interest: Seller's security interest in the vehicle until full payment is made

9. Transfer of Title: Process and conditions for transferring vehicle title upon completion of payments

10. Warranties and Representations: Statements about vehicle condition and seller's right to sell

11. Default and Remedies: Consequences of default and available remedies for both parties

12. Insurance Requirements: Mandatory insurance coverage requirements during the finance period

13. Governing Law: Specification of Nigerian law as governing law and jurisdiction

14. Execution: Signature blocks and execution requirements