Connecticut Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement is a legal document that outlines the terms and conditions for the sale of a motor vehicle in Connecticut where the owner provides financing to the buyer. This type of contract ensures that both parties are protected and have a clear understanding of their rights and obligations. The contract typically includes the following key provisions: 1. Vehicle Description: The contract starts with a detailed description of the motor vehicle being sold, including its make, model, year, mileage, and vehicle identification number (VIN). 2. Purchase Price: The agreed-upon purchase price of the vehicle is stated in the contract. It includes any down payment made by the buyer. 3. Financing Details: This section specifies the terms of the owner financing arrangement, such as the interest rate, repayment schedule, and any late payment fees. It outlines the total amount financed and how it will be paid back over a specific period. 4. Rights and Obligations of the Parties: The contract outlines the responsibilities of both the buyer and the seller. It includes obligations such as properly maintaining the vehicle, providing insurance coverage, and ensuring timely payments. 5. Title and Ownership: This section addresses the transfer of the title from the owner (seller) to the buyer upon full payment of the vehicle. It also includes provisions for the buyer to obtain the necessary paperwork to complete the title transfer process. 6. Default and Remedies: The contract specifies the conditions under which a default may occur, such as failure to make timely payments or breach of other terms. It outlines the legal remedies available to both parties in case of default, which may include repossession of the vehicle and legal action to recover any outstanding balance. 7. Security Agreement: The contract includes a security agreement where the buyer grants the seller a security interest in the vehicle to secure the payment of the financing. This allows the seller to repossess the vehicle if the buyer defaults on the payment. Different types of Connecticut contracts for the sale of motor vehicles with owner financing may vary depending on specific terms agreed upon between the buyer and the seller. Some variations may include different interest rates, repayment schedules, or additional provisions for warranties or repairs. It's important for both parties to carefully review and understand the contract before signing it. Consulting an attorney is advisable to ensure that the contract complies with state laws and adequately protects each party's interests.