Bexar Texas Contract for the Sale of Motor Vehicle - Owner Financed with Provisions for Note and Security Agreement

• Category: Automobiles - Sales
• State: Multi-State
• County: Bexar
• Control #: US-02681BG
• Format: Word; Rich Text

Description

This agreement is between individuals and does not involve a dealer. Therefore, no disclosures normally required by the Federal Consumer Credit Protection Act are necessary. The Bexar Texas 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 Bexar County, Texas, when the owner provides financing to the buyer. This contract includes specific provisions for a promissory note and security agreement to protect the interests of both parties involved in the transaction. The Bexar Texas Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement covers essential elements such as: 1. Parties: Clearly identifies the buyer and seller involved in the vehicle sale transaction. 2. Vehicle Details: Provides a comprehensive description of the motor vehicle being sold, including its make, model, year, Vehicle Identification Number (VIN), mileage, and any additional accessories or features included. 3. Purchase Price: States the total selling price of the vehicle and outlines the payment terms agreed upon between the buyer and the seller. 4. Financing Options: Specifies that the owner is providing financing for the buyer's purchase of the vehicle and includes details about the agreed-down payment, interest rate, payment schedule, and any late fee charges. 5. Promissory Note: Establishes a legally binding agreement between the buyer and the seller, acknowledging the buyer's promise to repay the loan amount plus interest as per the agreed terms. This note includes details regarding the due date, interest rate, and consequences of default on payment. 6. Security Agreement: Outlines the security arrangement that the buyer provides to the seller to secure the loan, such as a lien on the vehicle's title until the loan is fully repaid. 7. Default and Repossession: Defines the conditions under which the seller has the right to repossess the vehicle in the event of payment default by the buyer. 8. Governing Law: Indicates that the contract is governed by the laws of Bexar County, Texas, and any disputes will be settled in the appropriate courts of that jurisdiction. Different types of the Bexar Texas Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement may exist if there are variations in the payment terms or additional provisions specific to certain types of vehicles, such as motorcycles, commercial trucks, or recreational vehicles. However, the core elements mentioned above will typically remain consistent across these different variations.

The Bexar Texas 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 Bexar County, Texas, when the owner provides financing to the buyer. This contract includes specific provisions for a promissory note and security agreement to protect the interests of both parties involved in the transaction. The Bexar Texas Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement covers essential elements such as: 1. Parties: Clearly identifies the buyer and seller involved in the vehicle sale transaction. 2. Vehicle Details: Provides a comprehensive description of the motor vehicle being sold, including its make, model, year, Vehicle Identification Number (VIN), mileage, and any additional accessories or features included. 3. Purchase Price: States the total selling price of the vehicle and outlines the payment terms agreed upon between the buyer and the seller. 4. Financing Options: Specifies that the owner is providing financing for the buyer's purchase of the vehicle and includes details about the agreed-down payment, interest rate, payment schedule, and any late fee charges. 5. Promissory Note: Establishes a legally binding agreement between the buyer and the seller, acknowledging the buyer's promise to repay the loan amount plus interest as per the agreed terms. This note includes details regarding the due date, interest rate, and consequences of default on payment. 6. Security Agreement: Outlines the security arrangement that the buyer provides to the seller to secure the loan, such as a lien on the vehicle's title until the loan is fully repaid. 7. Default and Repossession: Defines the conditions under which the seller has the right to repossess the vehicle in the event of payment default by the buyer. 8. Governing Law: Indicates that the contract is governed by the laws of Bexar County, Texas, and any disputes will be settled in the appropriate courts of that jurisdiction. Different types of the Bexar Texas Contract for the Sale of Motor Vehicle — Owner Financed with Provisions for Note and Security Agreement may exist if there are variations in the payment terms or additional provisions specific to certain types of vehicles, such as motorcycles, commercial trucks, or recreational vehicles. However, the core elements mentioned above will typically remain consistent across these different variations.