However, if you are purchasing a vehicle from a private individual, the latter will require you to sign a Bill of Sale, which is a simplified form of a purchase agreement. It will also contain prices and the manner the vehicle is paid for.ĭealerships always use a purchase agreement to finalize a sale and such is an agreement between the buyer and seller. This agreement, which is referred to in different terms, such as car sale contract, usually contains information about the buyer, the dealer and the car itself. As aforementioned, the agreement will disclose the full terms of the sale from the previous owner to the current one: the names involved (seller/buyer) in the transaction, the information details of the car, the amount for which it was bought, the rights and responsibilities which have been transferred as a consequence of the purchase agreement. The full and immediate sale of the vehicle in question can also be included in the vehicle contract.Īnother important function of the vehicle purchase agreement is its use in terms of the vehicle’s Bill of Sale. There are two vehicle purchase agreements involved here. This is some kind of lease to own plan where the purchaser leases the vehicle with an option to buy it later. Look at this example: A car purchase agreement can include terms of the lease within the contract where the buyer leases the vehicle for a defined amount of time before having to pay the remaining balance required to fully purchase the vehicle.
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