The Legal Contract For Selling A Car With Payments is essential for any vehicle sale transaction in the Philippines where the full purchase price is not paid upfront. This document is commonly used by car dealerships, private sellers, and buyers to establish legally binding terms for vehicle sales with installment payments. It complies with Philippine regulations, including the Civil Code of the Philippines, Consumer Act, and Truth in Lending Act. The contract covers crucial elements such as vehicle details, payment terms, ownership transfer conditions, and party obligations. It's particularly important in protecting both seller and buyer interests by clearly defining payment schedules, default consequences, and ownership rights during the payment period. The document can be customized for various scenarios, including dealer financing, bank financing, or private seller-financed transactions.

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

2. Background: Context of the sale, establishing the Seller's ownership and intention to sell, and Buyer's intention to purchase

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

4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN/chassis number, plate number, and current mileage

5. Purchase Price and Payment Terms: Total purchase price, down payment amount, installment amounts, payment schedule, and interest rate if applicable

6. Payment Method and Collection: Acceptable payment methods, payment processing details, and consequences of late or missed payments

7. Transfer of Ownership: Conditions and process for transferring vehicle ownership, including timing and registration requirements

8. Seller's Representations and Warranties: Seller's declarations regarding vehicle condition, ownership, and absence of liens

9. Buyer's Obligations: Buyer's responsibilities including insurance, maintenance, and restriction on resale until full payment

10. Default and Remedies: Circumstances constituting default and available remedies including repossession rights

11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

12. Execution: Signature blocks and notarization requirements