A vehicle retail installment contract is a document which specifies the terms of an agreement between the seller and the buyer, when the payment of the vehicle is to be made in regular installments. The contract is legally binding, thus any violation of terms laid is punishable by law. An example has been provided below which can be easily used as a reference document.
Sample Vehicle Retail Installment Contract
Contract No.: 397305
Date of signing: February 6, 2012.
The contract is being signed between the parties: M/s Lake & Sons Automobiles and Mr. Mathew Henderson, to certify the purchase of a vehicle. The contract binds the buyer of the vehicle to pay the installments which cover the cost of the vehicle as per the terms of contract.
Details of the Seller:
Business Name: M/s Lake & Sons Automobiles
Authorized Personnel: Mr. Jason Lake
Contact No.: 649-87-987
Details of the Buyer:
Name: Mr. Mathew Henderson.
Correspondence Address: House No. 5, Victoria Lane, UK.
Contact No.: 658-88-987
Details of the Vehicle:
Manufacturer: General Motors, Chevrolet.
Engine No.: 7643098
Car Plate No.: UK-7653
Terms and Conditions:
- The buyer is required to make all the payments on the 7th of every month for the 60 months following February 2012.
- Any default on the payments is punishable by the law of United States Government and the dealer reserves the right to grant an extension or forfeit the vehicle.
- The installment amount is $350; the amount includes taxes and the interest due.
- The delivery of the vehicle is responsibility of the seller.
_____________________ (Mr. Jason Lake)
_____________________ (Mr. Mathew Henderson)