A used auto contract is a document wherein a vendee agrees to purchase a used automobile for an agreed fixed price. This agreement is made on basis of certain terms and conditions and also specifies the minute payment details to avoid any disputes in the future.
Sample Used Auto Contract:
This used auto contract is made on the 5’Th day of October of the year 2010 by and among Greg Henry of Los Angeles, California herein called the SELLER and Tom Matthew of Townsville, California herein called the BUYER. The buyer and seller are together known as ‘parties’ throughout the contract.
Buyer’s correspondence address: R-4, high lane, California
Seller’s office address: 12, Kelly Street, California
Total cost: $25000(U.S.)
Down payment: $10000
Amount to be paid by the means of equal monthly installments. Each installment to be paid every three months on the 1’st of the respective month and bears 8% rate of interest.
Description of the used vehicle
The vehicle is a fiat 1990 model with moon roof and the following details:
Body Type: 4 doors
Body color: black
Identification no.: 498400uu
Terms and conditions:
- The seller shall deliver the automobile to the correspondence address of the buyer on the date of delivery which is 4th of November, 2010.
- The seller shall convey the title of the automobile to the buyer on the date of delivery.
- This agreement shall be governed by the laws of the state of California.
- The seller will not be subjected to any unpaid taxes by the federal laws of the state.
It is therefore agreed between the parties and signed:
Greg Henry Tom Matthew