The Vehicle Purchase Agreement With Monthly Payments is essential for transactions involving the sale of vehicles in Nigeria where immediate full payment is not required. This document is commonly used by dealerships, financial institutions, and private sellers to structure vehicle sales with installment payments while protecting both parties' interests under Nigerian law. It incorporates necessary elements from the Nigerian Sale of Goods Act, Consumer Protection Council Act, and relevant banking regulations. The agreement covers crucial aspects including vehicle specifications, payment terms, title retention, warranties, insurance requirements, and registration procedures. It's particularly important in the Nigerian market where vehicle financing is becoming increasingly common and requires careful documentation to ensure enforceability and compliance with local regulations.

1. Parties: Identification of the Seller and Buyer with complete legal names and addresses

2. Background: Context of the transaction and brief description of the parties' intentions

3. Definitions: Definitions of key terms used throughout the agreement

4. Vehicle Description: Detailed specification of the vehicle including make, model, year, VIN, color, and current mileage

5. Purchase Price and Payment Terms: Total purchase price, down payment, monthly payment amount, payment schedule, and interest rate

6. Title and Ownership: Terms regarding retention of title until full payment and conditions for transfer of ownership

7. Delivery and Acceptance: Terms of vehicle delivery, inspection, and acceptance procedures

8. Warranties and Representations: Seller's warranties regarding vehicle condition and Buyer's acknowledgments

9. Insurance Requirements: Mandatory insurance coverage during the payment period

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

11. Registration and Transfer: Requirements for vehicle registration and eventual transfer of title

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

13. General Provisions: Standard contract clauses including notices, amendments, and severability