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Loan Vehicle Sale Agreement

Loan Vehicle Sale Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Loan Vehicle Sale Agreement

"I need a Loan Vehicle Sale Agreement for my car dealership in Dubai, UAE, to sell a new Mercedes-Benz with bank financing, including a trade-in option and extended warranty, with the agreement to take effect from March 1, 2025."

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Document background
The Loan Vehicle Sale Agreement is a specialized legal instrument used in the United Arab Emirates for vehicle purchase transactions involving financing. This document is particularly relevant when a buyer wishes to purchase a vehicle through loan financing, requiring a comprehensive agreement that addresses both the sale and financing aspects of the transaction. The agreement must comply with various UAE federal laws, including the Civil Code, Commercial Code, Consumer Protection Law, and Central Bank regulations. It includes essential provisions for vehicle specifications, financing terms, security interests, insurance requirements, and ownership transfer procedures. The document is structured to protect all parties' interests while ensuring enforceability under UAE law, making it suitable for both commercial and private vehicle sales with financing arrangements. Key aspects include clear identification of parties, detailed vehicle specifications, comprehensive loan terms, and specific UAE-compliant transfer and registration requirements.
Suggested Sections

1. Parties: Identification of the Seller, Buyer/Borrower, and Financing Party with full legal names and details

2. Background: Context of the transaction, including the Seller's ownership of the vehicle and Buyer's desire to purchase with financing

3. Definitions: Key terms used throughout the agreement including Vehicle, Loan Amount, Payment Terms, etc.

4. Sale and Purchase: Core terms of the vehicle sale including price, payment method, and delivery arrangements

5. Loan Terms: Details of the financing arrangement including principal amount, interest rate, repayment schedule, and early repayment provisions

6. Vehicle Details and Condition: Comprehensive description of the vehicle and warranties regarding its condition

7. Security Interest: Creation of security interest over the vehicle in favor of the financing party

8. Registration and Transfer: Provisions for vehicle registration transfer and related procedures under UAE traffic laws

9. Representations and Warranties: Statements of fact and assurances from all parties regarding their capacity and the vehicle

10. Insurance Requirements: Mandatory insurance provisions and requirements

11. Events of Default: Circumstances constituting default and consequences

12. Enforcement Rights: Rights and remedies of the financing party in case of default

13. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

Optional Sections

1. Guarantor Provisions: Required when there is a third-party guarantor for the loan

2. Trade-in Provisions: Included when the buyer is trading in another vehicle as part of the purchase

3. Extended Warranty: Optional additional warranty coverage terms

4. Cross-Border Use: Required when the vehicle will be regularly used in other GCC countries

5. Co-Borrower Terms: Included when there are multiple borrowers for the loan

6. Shariah Compliance: Required for Islamic financing structures

7. Power of Attorney: Optional authorization for the financing party to handle registration/transfer

Suggested Schedules

1. Schedule 1 - Vehicle Specifications: Detailed technical specifications, features, and condition report of the vehicle

2. Schedule 2 - Payment Schedule: Detailed breakdown of loan installments, dates, and amounts

3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and terms

4. Schedule 4 - Vehicle Documentation: List of vehicle documents, including registration, service history, etc.

5. Appendix A - Vehicle Inspection Report: Third-party inspection report detailing vehicle condition

6. Appendix B - Transfer Documents: Templates for vehicle transfer documentation required by UAE authorities

7. Appendix C - Warranty Terms: Detailed warranty terms and conditions

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Seller
Buyer
Financing Party
Vehicle
Purchase Price
Loan Amount
Interest Rate
Payment Date
Installment Payment
Security Interest
Registration Certificate
Insurance Policy
Default Event
Business Day
Completion Date
Delivery Date
Down Payment
Vehicle Documents
Loan Term
Principal Amount
Identity Card
Trade License
Vehicle Registration
Repayment Schedule
Outstanding Balance
Default Interest
Insurance Requirements
Transfer Date
Warranties
Encumbrance
Registration Authority
Maintenance Records
Inspection Report
Notice
Effective Date
Early Repayment
Security Deposit
Title Deed
Enforcement Rights
Applicable Law
Clauses
Parties
Recitals
Definitions
Sale and Purchase
Loan Terms
Payment Obligations
Security Interest
Registration and Transfer
Representations and Warranties
Delivery
Vehicle Condition
Insurance
Default
Enforcement
Assignment
Notices
Entire Agreement
Severability
Force Majeure
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Amendments
Costs and Expenses
Indemnification
Termination
Title and Ownership
Loan Repayment
Early Settlement
Vehicle Maintenance
Risk Transfer
Inspection Rights
Documentation Requirements
Regulatory Compliance
Relevant Industries

Automotive

Banking and Financial Services

Insurance

Vehicle Leasing

Auto Dealerships

Consumer Finance

Transportation

Relevant Teams

Legal

Compliance

Auto Finance

Risk Management

Credit Assessment

Sales

Documentation

Vehicle Operations

Customer Service

Contract Administration

Relevant Roles

Finance Manager

Auto Sales Manager

Legal Counsel

Compliance Officer

Credit Risk Manager

Vehicle Finance Specialist

Automotive Finance Consultant

Banking Relationship Manager

Auto Dealership Manager

Contract Administrator

Risk Assessment Officer

Vehicle Documentation Specialist

Consumer Finance Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Governs contractual relationships, general principles of contracts, and obligations between parties. Particularly relevant for sale conditions, warranties, and transfer of ownership.
UAE Federal Law No. 18 of 1993 (Commercial Code): Regulates commercial transactions and business dealings, including provisions relevant to commercial sales and financing.
UAE Federal Law No. 24 of 2006 (Consumer Protection Law): Ensures consumer rights and protection in sales transactions, including vehicle purchases, warranties, and fair dealing requirements.
UAE Federal Law No. 14 of 2018 (Central Bank Law): Regulates banking operations and finance activities, including provisions for vehicle financing and loan agreements.
UAE Federal Traffic Law No. 21 of 1995: Governs vehicle registration, transfer of ownership, and related procedures required for vehicle sales.
UAE Federal Law No. 4 of 2020 (Securing Interest in Movable Property): Regulates the creation and enforcement of security interests over movable assets, including vehicles subject to financing.
UAE Federal Law No. 19 of 2018 (Foreign Direct Investment Law): May be relevant if any party to the agreement is a foreign entity, affecting ownership and business transaction requirements.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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