With a tempered purchase contract for retail, you may have additional rights under the law of your country (e.g. B the possibility to suspend payments to the dealer) if there is a defect in your vehicle. A payment agreement would be concluded between all private parties who sell cars. It is important to write this documentation, especially when no distributor is involved. Documentation is necessary not only for your documents, but also for legal purposes. Your tempering plan may be submitted to the VDD when you have completed the transfer of title to the vehicle. Whenever a car is sold between two parties and not through a car dealership, a instalment payment agreement must be used. The only time this is not the case is when a buyer can pay the full sale price in advance. If the buyer intends to pay overtime, the payment plan must be designated on paper. Both the buyer and seller should keep a copy of the payment plan for their financial and legal records. This instalment payment contract is the legal document that explains the payment plan. It includes the selling price of the car, the negotiated deposit and instalment payments. With the payout plan, there will be an expected end date by which the car will be fully refunded.

If the buyer has not paid the balance on time, there may be late fees and higher interest rates. It`s not exactly the same as a credit agreement, it`s more of a Layaway. A tempe purchase agreement for the retail trade is slightly different from a credit. Both options are ways for you to get a vehicle by agreeing to make payments over time. In both cases, you are usually bound by the agreement after signing. After receiving a signature and authentication documents of his contract to be tempered, the seller must prepare the rest of the sales file of the vehicle. These include the transfer of ownership and registration documents. Depending on the state, they may have to file a sales contract. For sales rights, the same information is used as that recorded on the time plan. Private car sale contract After the terms have been negotiated and verified by a lawyer, both the seller and the buyer should go to their local notary. Both parties then sign the contract and it is notarized. At this point, the seller should give the buyer a copy of the plan and prepare all vehicle sales documents required by the state.

There are a number of problems that can arise if you do not use a instalment payment agreement: the agreement should be negotiated between the buyer and the seller. Both parties must understand the conditions and be on board. You should not sign a instalment payment contract until you are sure you understand the terms. Many people have a lawyer who checks the conditions of buying or selling the car. This contributes to the treaty being legally binding and financially secure.