Installment Contract Agreement For Car In Michigan

Category:

Contracts - Retail Installment

State:

Multi-State

Control #:

US-002WG

Format:

Instant download

Description

The Installment Contract Agreement for Car in Michigan outlines the terms under which a buyer can purchase a vehicle in installments. Key features of the form include the total purchase price, interest rate as simple interest per annum, payment terms specifying the monthly installments, late fees for missed payments, and a purchase money security interest in the vehicle as collateral. It also details events of default, where failing to pay or transferring ownership can trigger consequences for the buyer. The seller has the right to reclaim the vehicle in case of default, along with any related collection costs. The contract emphasizes the absence of warranties from the seller and insists on written modifications for any changes to the agreement. Applicable state laws will govern the contract, ensuring it is upheld legally. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in drafting, reviewing, and enforcing vehicle sale agreements, thus facilitating secure transactions in the automotive market.

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Form popularity

FAQ

An installment contract is a single contract that is completed by a series of performances–such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties.

Write the contract in six steps Start with a contract template. Open with the basic information. Describe in detail what you have agreed to. Include a description of how the contract will be ended. Write into the contract which laws apply and how disputes will be resolved. Include space for signatures.

The Michigan bill of sale form should include several key details related to the transaction, such as: The full name and address of both the buyer (new owner) and seller (previous owner) The driver's license numbers for both the buyer and seller. The vehicle information, including its license plate and body type.