In this form, the Buyer is assuming the indebtedness on a loan used to purchase a vehicle. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Mecklenburg North Carolina Conditional Sales Agreement of Automobile between Individuals and Assumption of Outstanding Indebtedness
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Multi-State
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Mecklenburg
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US-02363BG
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How to fill out Conditional Sales Agreement Of Automobile Between Individuals And Assumption Of Outstanding Indebtedness?
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FAQ
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.
A conditional sale refers to a transaction in which the purchaser receives possession of and the right to use certain goods, but the title remains with the seller until the performance of a condition is met by the buyer.
A conditional contract is a binding contract for the sale and purchase of property (used in place of the usual contract on exchange) which is subject to satisfaction of a condition precedent.
Conditional sale is essentially a loan that is secured against your vehicle. The finance provider will pay for the car and legally own the car for the length of the finance term. You will make repayments to the provider, and once you have made your final payment, ownership of the vehicle will then transfer to you.
What is the difference between a conditional sale agreement and a credit sale agreement? A credit sale agreement takes a similar legal form as a conditional sale agreement. However, under a credit sale agreement the buyer of the goods will immediately become the owner of them.
Conditional sale is similar to hire purchase. The agreement usually includes the condition that the goods don't belong to you until you've paid the final instalment and the lender may be able to repossess (take back) the goods if you fall behind with payments.
A conditional sales agreement is a financing arrangement where a buyer takes possession of an asset, but its title and right of repossession remain with the seller until the purchase price is paid in full.
A Conditional Sale agreement is the same as Hire Purchase, except that you will automatically own the car once the finance has been repaid in full.
A type of sale which depends on the full cost being paid, usually in a series of regular payments over a period of time. The buyer does not own the goods or property until they have finished paying the full amount: a conditional sale agreement.
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.