Free Automotive Purchase Agreement Template

Automotive Purchase Agreement

This Automotive Purchase Agreement ("Agreement") is entered into on this 1st day of January, 2050, by and between [Your Company Name], a corporation organized and existing under the laws of [Your State], with its principal office located at [Your Company Address] ("Seller"), and [Buyer's Full Name], a resident of [Buyer's Address] ("Buyer"). Collectively, the parties may be referred to as "the Parties." This Agreement sets forth the terms and conditions under which the Seller agrees to sell, and the Buyer agrees to purchase, the motor vehicle described below.

The Parties agree as follows:

I. Definitions and Interpretations

A. Definitions

  1. Vehicle: The motor vehicle being sold under this Agreement, including any associated equipment, accessories, and modifications, as described in Section II below. The term “Vehicle” also refers to all additional components, documentation, and warranties provided with it.

  2. Purchase Price: The total amount to be paid by the Buyer for the Vehicle as specified in Section III below. This includes all applicable taxes, fees, and other charges, unless otherwise agreed in writing by the Parties.

  3. Delivery Date: The date on which the Vehicle is scheduled to be delivered to the Buyer, as defined in Section IV below.

  4. Warranties: The terms and conditions relating to any guarantees made by the Seller regarding the condition, performance, or quality of the Vehicle. These warranties are detailed in Section V.

  5. Taxes and Fees: All applicable sales taxes, registration fees, and any other governmental charges associated with the Vehicle, which are the responsibility of the Buyer. These are outlined in Section VI.

B. Interpretations

  1. References to "days" in this Agreement are calendar days, unless specified otherwise.

  2. Any singular term shall be interpreted to include its plural form and vice versa where applicable. The use of any gendered terms shall be interpreted to refer to all genders as appropriate to the context.

  3. If any part of this Agreement is found to be invalid or unenforceable, the remainder of the Agreement will continue in full force and effect, and the Parties agree to work together to revise the invalid portion to reflect the Parties' intent as closely as possible.

II. Vehicle Description

The Vehicle being sold under this Agreement is described as follows:

Attribute

Details

Make

Yatoha

Model

Camry

Year

2050

VIN (Vehicle ID)

1HGBH41JXMN109186

Color

[Black

Mileage

10,000 miles

Condition

New

Previous Owners

None

This Vehicle is being sold in the condition described above, and the Buyer agrees that they have had the opportunity to inspect the Vehicle or have chosen not to inspect the Vehicle at their discretion. The Vehicle is sold "as-is," except for warranties provided under Section V of this Agreement. The Buyer acknowledges that they are purchasing the Vehicle based on their own judgment and inspection, if applicable.

III. Purchase Price

A. Total Price

  1. The total Purchase Price for the Vehicle, which includes all taxes, fees, and charges, is $[35,000].

  2. The Purchase Price includes any additional items, such as optional accessories, upgrades, or services requested by the Buyer. The Buyer acknowledges that the agreed-upon Purchase Price is final and binding, subject only to modifications outlined in this Agreement.

  3. Any promotional discounts or special offers agreed upon by both Parties are reflected in the Purchase Price. The Buyer agrees that no additional discounts, rebates, or credits are available unless otherwise specified in writing by the Seller.

B. Payment Terms

  1. Deposit: The Buyer agrees to pay a non-refundable deposit of $[5,000] at the time of executing this Agreement. The deposit is applied toward the total Purchase Price of the Vehicle.

  2. Balance Payment: The remaining balance of $[30,000] shall be paid on or before the Delivery Date, which is specified in Section IV of this Agreement.

  3. Payment Method: The Buyer may choose to pay the balance by one of the following methods:

    • Bank transfer

    • Cashier’s check

    • Credit card (subject to a processing fee of [2%] on the total balance).

  4. If the Buyer does not complete the full payment by the Delivery Date, the Seller reserves the right to cancel this Agreement and retain the deposit as liquidated damages, unless both Parties agree in writing to extend the payment deadline.

Payment Breakdown

Amount ($)

Deposit

5,000

Balance Due

30,000

Total Purchase Price

35,000

IV. Delivery Terms

A. Delivery Location and Date

  1. The Seller agrees to deliver the Vehicle to the Buyer at [Buyer's Address] or another mutually agreed-upon location, on or before the Delivery Date of [January 15, 2050]. The Delivery Date is the latest date by which the Vehicle will be made available for the Buyer to take possession.

  2. If the Buyer does not accept delivery of the Vehicle on the agreed date, the Seller will notify the Buyer of the new delivery date and may assess a late delivery fee of $[100] per day after the initial Delivery Date, unless the delay is due to a fault of the Seller.

  3. The Seller will provide the Buyer with all necessary documentation at the time of delivery, including but not limited to the title, registration, and warranty documentation.

B. Risk of Loss

  1. The Buyer assumes all risk of loss and damage to the Vehicle upon physical delivery, as defined by this Agreement.

  2. In the event of damage to the Vehicle before delivery, the Seller shall promptly notify the Buyer and take appropriate steps to repair or replace the Vehicle at the Seller’s expense.

V. Warranties and Representations

A. Seller Warranties

  1. The Seller warrants that the Vehicle:

    • Is free from any liens, encumbrances, or other legal claims.

    • Has not been involved in any major accidents or incidents that affect its safety or structural integrity.

    • Is in good working condition, free of known defects, and has passed all required safety inspections up to the time of delivery.

    • Is sold with any manufacturer warranties, if applicable, which shall be transferred to the Buyer upon delivery of the Vehicle.

    • The Vehicle has been serviced in accordance with the manufacturer's guidelines and is in compliance with all state and local laws regarding emissions and safety standards.

B. Buyer Acknowledgements

  1. The Buyer acknowledges that they have had the opportunity to inspect the Vehicle prior to execution of this Agreement and agree to purchase the Vehicle in its current condition.

  2. The Buyer understands that no additional warranties, other than those specifically outlined in this Agreement, are provided. The Buyer agrees to indemnify and hold the Seller harmless for any damages arising from the Buyer’s use or ownership of the Vehicle after the Delivery Date.

VI. Taxes and Fees

A. Taxes

  1. The Buyer is responsible for all taxes and governmental fees associated with the Vehicle purchase, including but not limited to:

    • Sales tax at a rate of [8%], amounting to $[2,800], based on the total Purchase Price.

    • Registration fees of $[250] payable to the local Department of Motor Vehicles (DMV) upon completion of the sale.

    • Title transfer fees, if applicable, will be borne by the Buyer.

Tax/Fees

Amount ($)

Sales Tax (8%)

2,800

Registration Fees

250

Title Transfer Fees

100

Total Taxes/Fees Due

3,150

VII. Default and Termination

A. Default by Buyer

  1. If the Buyer fails to make the required deposit or balance payment in accordance with Section III, or fails to accept delivery of the Vehicle on the agreed Delivery Date, the Buyer will be considered in default of this Agreement.

  2. Upon default, the Seller has the right to retain the deposit as liquidated damages and may seek additional compensation for any losses or damages incurred. The Seller may also choose to cancel this Agreement, after giving the Buyer written notice of the default.

  3. If the Buyer fails to remedy the default within [10] days of receiving notice, this Agreement may be terminated at the Seller's discretion.

B. Termination by Mutual Consent

  1. This Agreement may be terminated by mutual written consent of both Parties at any time before the delivery of the Vehicle, provided that any costs incurred by either Party are reimbursed.

VIII. Governing Law and Dispute Resolution

A. Governing Law

  1. This Agreement will be governed by and construed in accordance with the laws of the state of [Your State] and the federal laws of United State, without regard to its conflict of laws principles.

B. Arbitration Clause

  1. Any disputes arising from or relating to this Agreement shall be resolved through binding arbitration, which will be conducted in [Your City] by the [Arbitration Institution] in accordance with its rules. The decision of the arbitrator shall be final and enforceable in a court of law.

IX. Entire Agreement

  1. This Agreement constitutes the entire understanding between the Parties regarding the sale of the Vehicle and supersedes any prior negotiations, understandings, or agreements.

  2. Any amendments or modifications to this Agreement must be made in writing and signed by both Parties to be valid and enforceable.

X. Signatures

Seller:
[Your Company Name]

Authorized Representative: [Name]
Date: [January 1, 2050]

Buyer:

[Buyer's Full Name]
Date: [January 1, 2050]

Automotive Templates @ Template.net