A varied number of vehicle sellers nowadays provide the service of accepting the payment for the vehicle sold in installments. The installments are pre-decided and include a certain interest rate. The installments continue until the whole amount is recovered. These terms and conditions may be formatted in form of a contract, a sample of which has been provided below.
Sample Vehicle Payment Contract
Contract No.: 397305485
Date of signing the contract: 5th February, 2012
The contract is being signed between Mr. Mathew McConaughey and M/s Statham Dealers Pvt. Ltd.
The contract lays down the mode and structure of payment for the car namely an Audi Q7, which has been purchased by Mr. Mathew from Mr. Statham’s agency. The payment has to be made in regular installments of $1000 till the amount is recovered.
Details of the Seller:
Official Name: Statham Dealers Pvt. Ltd.
Authorized Personnel: Mr. Jason Statham
Contact No.: 373-86-086
Official Address: 33rd Shop, Block- AC, Jersey Shore, United States
Details of the Buyer:
Name: Mr. Mathew McConaughey
Correspondence Address: House No. 5, Block- AZ, Jersey Shore, USA.
Contact No.: 308- 84- 748
Details of the Vehicle:
Engine No.: 0283-OS039
Car No.: US-4928
Terms and Conditions:
- The buyer is required to make all the payments on the 5th of every month.
- Any default on the payments is punishable by the law of United States Government.
- In case of default/ delay of the payment the dealer reserve the right to grant an extension or forfeit the vehicle as he seeks suitable in the situation.
_____________________ (Mr. Jason Statham)
_____________________ (Mr. Mathew McConaughey)