Document background
The Seller Financing Car Contract is utilized when a vehicle seller offers direct financing to a buyer without involving traditional lending institutions. This arrangement is particularly common in private sales and smaller dealerships across England and Wales. The contract ensures compliance with the Consumer Credit Act 1974 and other relevant legislation while protecting both parties' interests. It includes crucial details such as vehicle specifications, payment terms, interest rates, default provisions, and ownership transfer conditions. This document is essential for establishing a clear legal framework for seller-financed vehicle transactions and maintaining compliance with UK financial regulations.
