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Loan Takeover Agreement for a Financed Vehicle

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LOAN TAKEOVER AGREEMENT FOR A FINANCED VEHICLE

__________, of __________ (the "Present Owner"); and

__________, of __________ (the "Incoming Owner").

1. THE VEHICLE AND THE LOAN

2. WHAT THE INCOMING OWNER TAKES ON AND PAYS

3. HANDOVER, RC AND INSURANCE

3.2 Until the Financer’s hypothecation is dealt with, the RC continues to show the Present Owner and the Financer. The Parties shall together ask the Financer for its consent and for whatever papers it needs, and then have the ownership transferred to the Incoming Owner at the Registering Authority, using the forms the Rules prescribe, with the Financer’s no-objection or a fresh hypothecation in the Incoming Owner’s name as the Financer requires. Each Party shall sign the forms and papers asked of it within seven days of being asked.

4. IF AN INSTALMENT IS MISSED

4.1 If the Incoming Owner misses an instalment, the Present Owner may pay it to protect the Present Owner’s credit record and recover it, with the Financer’s charges, from the Incoming Owner on demand. If two instalments in a row are missed, the Present Owner may require the Incoming Owner to return the Vehicle, with the Financer informed, after giving fifteen days’ written notice and a chance to pay. The Present Owner shall not take the Vehicle by force.

5. PROMISES AND PROTECTION

5.1 The Present Owner states that the particulars of the Loan above are true, that the Loan is not in default, that the Vehicle is not pledged or attached for any other debt, and that no challan or tax is due on it except as the Present Owner has told the Incoming Owner in writing.

5.4 This Agreement is made in two copies, and each Party keeps one.

Signed on the date and at the place stated above.

Present Owner: __________
Signature: ______________________________

Incoming Owner: __________
Signature: ______________________________

Witness 1 (name, address, signature): ______________________________

Witness 2 (name, address, signature): ______________________________

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