Bill Of Sale For Financed Vehicle Template for Australia

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Key Requirements PROMPT example:

Bill Of Sale For Financed Vehicle

"I need a Bill of Sale for Financed Vehicle for my 2022 Toyota RAV4 being sold to a private buyer in Melbourne, with ABC Finance providing 80% of the $35,000 purchase price, scheduled for settlement on March 15, 2025."

Document background
The Bill of Sale for Financed Vehicle is a crucial document in Australian vehicle transactions where financing is involved. It serves as official documentation of the sale and ownership transfer while protecting the interests of all parties - seller, buyer, and financier. This document is commonly used in both private sales and dealership transactions where the purchase is funded through a finance agreement. It must comply with the National Consumer Credit Protection Act 2009, the Personal Property Securities Act 2009, and relevant state-specific motor vehicle legislation. The document includes detailed vehicle information, financial terms, warranties, and security interests, ensuring clear documentation of the transaction and associated financing arrangements. It's particularly important for establishing clear title, registering security interests, and protecting the rights of all parties involved in the financed vehicle transaction.
Suggested Sections

1. Parties: Identifies and provides full details of the Seller, Buyer, and Financier including legal names, addresses, and ACN/ABN where applicable

2. Background: Sets out the context of the sale, including that the Buyer wishes to purchase the vehicle with financing assistance from the Financier

3. Definitions: Defines key terms used throughout the document including 'Vehicle', 'Purchase Price', 'Finance Amount', 'Security Interest', etc.

4. Sale and Purchase: Details the agreement to sell and purchase the vehicle, including the purchase price and payment terms

5. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and current odometer reading

6. Finance Terms: Summary of the financing arrangement, cross-referencing the separate finance agreement

7. Transfer of Title: Specifies when and how legal title transfers, subject to the security interest of the Financier

8. Seller's Warranties: Warranties regarding vehicle ownership, condition, and absence of other encumbrances

9. Security Interest: Details of the Financier's security interest and PPSR registration requirements

10. Risk and Insurance: Specifies when risk passes to the Buyer and insurance requirements

11. Execution: Formal signing section for all parties with witness requirements

Optional Sections

1. Trade-in Vehicle: Required when there is a trade-in vehicle as part of the purchase arrangement, including details and value of the trade-in

2. Condition Report: Optional section detailing the current condition of the vehicle, recommended for used vehicles

3. Delivery Terms: Required when specific delivery arrangements need to be documented, including timing and responsibility for delivery costs

4. Outstanding Fines and Charges: Required when there are any outstanding fines, charges, or encumbrances that need to be addressed before completion

5. Cooling-off Period: Required in states where cooling-off periods apply to vehicle sales

6. Dealer Obligations: Required when the seller is a licensed motor vehicle dealer, incorporating statutory warranty obligations

Suggested Schedules

1. Schedule 1 - Vehicle Details: Detailed technical specifications of the vehicle, including all features and modifications

2. Schedule 2 - Payment Schedule: Breakdown of the payment structure including deposit, finance amount, and payment timeline

3. Schedule 3 - Vehicle Condition Report: Detailed report of the vehicle's condition including photographs and noted defects

4. Schedule 4 - Included Accessories: List of all accessories and additional items included in the sale

5. Appendix A - Copy of Registration Certificate: Copy of current vehicle registration certificate

6. Appendix B - Service History: Vehicle's service history and maintenance records

7. Appendix C - PPSR Search Results: Results of Personal Property Securities Register search showing clear title

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

Relevant legal definitions
Clauses
Relevant Industries

Automotive

Financial Services

Banking

Insurance

Legal Services

Consumer Lending

Motor Vehicle Retail

Fleet Management

Asset Finance

Vehicle Leasing

Relevant Teams

Legal

Finance

Compliance

Risk Management

Sales

Credit Assessment

Collections

Contract Administration

Business Development

Asset Management

Relevant Roles

Finance Manager

Automotive Sales Manager

Credit Officer

Legal Counsel

Compliance Officer

Fleet Manager

Vehicle Finance Specialist

Contract Administrator

Risk Manager

Automotive Finance Broker

Collections Manager

Dealership Manager

Business Development Manager

Asset Finance Manager

Industries
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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