Free Download Sample Car Purchase Agreement and Tips of What To Watch Before Purchasing
Of course, purchasing a car is the most exciting thing in our life that we buy something from the money we have. It is an overwhelming moment! But if it is your first purchase, probably you will get confused by the long car purchase agreement. Therefore, on this page we provide you a sample agreement so you can learn and understand what you need to underline when purchasing a car. As a reference, we give you short important information about why this matters for your financial future.
What Is A Car Purchase Agreement
A car purchase agreement is a sale agreement between seller and buyer which needs to be signed before finalizing the sale. In this agreement, there are a lot of important points to be understood before making a purchase. Generally, there are some elements need to be remembered in the contract.
- The seller and buyer details (including the name and address)
- The exact date of the sale
- The amount of money paid for the vehicle purchase
- The specification of the vehicle such as color, year, model and other important description of it
- The Vehicle Identification Number (VIN)
- The number of miles at the time purchase, year, date of the vehicle
- The signature of both parties (buyer and seller)
Besides this agreement, you need to understand the purchase and sale agreements and commercial agreements too. Both terms are pretty similar and will be very helpful if you also learn and read it.
What Are The Three Parts of Car Purchase Agreement?
Typically there are three parts of the purchase agreement you should understand, which includes:
The information of the buyer – this information contains personal details generally such as information taken from the driver’s license. The dealer generally will ask the buyer about these details as well as the background. Things like when you have a co-owner his/her personal details should be included.
Pricing Information – this information contains the total cost of the unit. This is broken down into the following fees:
- Price for features or customization
- Price of the vehicle
Terms Information – If you buy a car and pick the financing terms, then important details such as the interest of the lease, your trade value, the total amount of the financing terms, the duration of the payment period and the total amount of the down payment will be mentioned in the document.
What To Watch In A Car Lease Agreement?
A car lease contract is an agreement between the car company and the lessee. This agreement will talk about how the car is used and penalties will be given when the lessee violates the agreement. There are so many aspects to watch in the car lease agreement, such as:
Mileage Limitation – One of the main benefits why people love leasing is they are not tied with the responsibilities of the car in the long term while they still can enjoy having a car. The company usually put a limitation on how many miles per year a lessee can reach which is around 12,000-15,000. If this lessee violates the agreement, there will be a surcharge per mile. It is generally $0.01-0.15 per mile or even higher.
- Provisions – check if there are some tear and wear on the vehicle so the company will not press an issue.
- Payment and penalties – check certain penalties such the overrun mileage.
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