Free Automotive Vehicle Purchase Agreement Template

Automotive Vehicle Purchase Agreement

This Automotive Vehicle Purchase Agreement ("Agreement") is entered into on this [15th] day of [January], 2050, by and between [Your Company Name], located at [Your Company Address], ("Seller") and [Buyer's Name], residing at [Buyer's Address], ("Buyer"). The Seller and Buyer may collectively be referred to as "Parties" or individually as a "Party."

WHEREAS, the Seller agrees to sell, and the Buyer agrees to purchase, the vehicle described herein under the terms and conditions set forth below. By entering into this Agreement, both parties acknowledge their understanding and acceptance of the terms, conditions, and obligations contained herein.

1. Vehicle Description

The vehicle to be sold under this Agreement is described in detail as follows:

Field

Details

Make

Creolle

Model

Corolla

Year

2050

Vehicle Identification Number (VIN)

XYZ123456789

Mileage

10,000 miles

Color

Silver

Engine Type

Electric

Battery Capacity

75 kWh

Transmission Type

Automatic

Interior Type

Leather

Safety Features

Airbags, Anti-lock Brakes, etc.

The Buyer acknowledges that the vehicle has been previously used, unless specified otherwise, and has a current mileage of [10,000] miles. The Seller guarantees that the vehicle is free from defects or damage not listed in this Agreement.

The Buyer further acknowledges that the vehicle has been inspected and accepts the vehicle in its current condition, including its appearance, mechanical state, and any other relevant characteristics.

2. Purchase Price and Payment Terms

The total purchase price for the vehicle is $[35,000]. This price is inclusive of all taxes, fees, and charges unless otherwise specified. The Buyer agrees to pay the total purchase price for the vehicle in the manner outlined below.

The payment terms are as follows:

  • A deposit of $[5,000] is due upon signing this Agreement. This deposit will be applied toward the total purchase price of the vehicle.

  • The remaining balance of $[30,000] is due in full by [January 30, 2050], unless another payment schedule has been agreed upon.

The Buyer agrees that all payments must be made by [Bank Transfer] to the following account details, unless otherwise agreed:

Bank Name

[Your Bank Name]

Account Number

123456789

Routing Number

987654321

If the Buyer fails to make payments according to the schedule outlined above, the Seller reserves the right to terminate this Agreement and retain any deposit paid as liquidated damages. The Seller may also pursue legal remedies available under the law to recover any outstanding amounts due.

3. Delivery Terms

3.1 The Seller agrees to deliver the vehicle to the Buyer at the following location: [Buyer’s Address], on or before [January 30, 2050]. Delivery will occur only after the full payment has been received and cleared by the Seller.

3.2 The Buyer acknowledges that the vehicle will be delivered in the condition specified under Section 1 and that the Buyer is responsible for inspecting the vehicle upon delivery. The Buyer will sign a delivery receipt at the time of delivery, confirming the receipt and condition of the vehicle.

3.3 Risk of loss or damage to the vehicle passes to the Buyer upon delivery, and the Seller is no longer responsible for any damages that may occur to the vehicle once it has been delivered. The Buyer agrees to maintain appropriate insurance coverage for the vehicle following delivery.

3.4 If the Buyer is unable to accept delivery of the vehicle within [5] days of the agreed delivery date, the Seller reserves the right to charge the Buyer additional fees to cover storage costs and other expenses incurred due to the delay.

4. Representations and Warranties

4.1 Seller’s Representations:

  • The Seller warrants that the vehicle is free of any liens, claims, or encumbrances. The Seller further affirms that it has the legal right to sell the vehicle.

  • The Seller guarantees that the vehicle is in operational condition as described in Section 1, with all mechanical and electrical components functioning at the time of sale.

  • The Seller certifies that the title of the vehicle will be transferred to the Buyer upon receipt of full payment, and all necessary documentation will be provided within [5] business days of the payment date.

4.2 Buyer’s Acknowledgments:

  • The Buyer acknowledges that they have had the opportunity to inspect the vehicle thoroughly and accepts the vehicle in its current condition, including any minor cosmetic damage, wear, or other factors that do not affect its operational integrity.

  • The Buyer agrees that any issues arising after the purchase and delivery of the vehicle will not be the responsibility of the Seller, except where specific warranties apply as set forth in this Agreement or by law.

4.3 No Other Warranties:

  • The Buyer understands that the vehicle is sold "as-is," with no warranties or guarantees other than those specified in this Agreement. No oral representations or promises made by the Seller are binding unless included in this Agreement in writing.

5. Title and Registration

5.1 The Seller agrees to provide all necessary documents, including the original title of the vehicle, proof of any required emissions tests, and any other documentation required to transfer ownership of the vehicle to the Buyer. These documents will be provided to the Buyer within [5] business days after the full payment has been received and processed.

5.2 The Buyer is solely responsible for completing all necessary paperwork and paying any associated fees related to the registration, transfer of ownership, and taxes related to the vehicle. The Buyer agrees to take all necessary steps to ensure the vehicle is properly registered in their name according to applicable local, state, or national laws.

5.3 The Buyer agrees to indemnify and hold the Seller harmless from any claims, costs, or liabilities arising from the Buyer’s failure to complete the registration process within a reasonable time.

6. Termination

6.1 Termination by Mutual Agreement:

Either Party may terminate this Agreement at any time prior to the delivery of the vehicle by mutual written consent, which will be signed by both the Buyer and the Seller.

6.2 Termination by Seller:

  • The Seller may terminate this Agreement if the Buyer fails to make any required payment by the agreed-upon due date. In such an event, the deposit made by the Buyer will be retained by the Seller as liquidated damages.

  • The Seller may also terminate this Agreement if the Buyer does not accept delivery of the vehicle within [5] days of the agreed delivery date.

6.3 Termination by Buyer:

The Buyer may terminate this Agreement if the Seller fails to deliver the vehicle as specified in this Agreement or if the Seller provides false or misleading information regarding the vehicle’s condition. In such cases, any deposit made will be refunded to the Buyer in full.

7. Governing Law

7.1 This Agreement shall be governed by, and construed in accordance with, the laws of the State of [Your State], or, if applicable, the laws of the country in which the Seller resides.

7.2 Any disputes or legal matters arising from this Agreement shall be resolved through binding arbitration in the Seller’s jurisdiction, and both Parties agree to submit to the exclusive jurisdiction of the courts in that location.

7.3 If any part of this Agreement is found to be unenforceable, the remainder of the Agreement shall continue in full force and effect, and the unenforceable provision will be modified to reflect the Parties' original intent.

8. Signatures

The Parties to this Agreement, intending to be legally bound, have executed this Agreement on the date first written above. Both Parties acknowledge that they have read and fully understood the terms and conditions outlined in this Agreement.

Seller

[Your Company Name]

[Your Company Representative Name]

Date: January 15, 2050

Buyer

[Buyer's Name]

Date: January 15, 2050

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