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Borrower agrees that he/she will not cause, or allow the subject vehicle to be loaned, rented, or driven by any person other than Borrower, and is not to be driven beyond a radius of fifty (50) miles from Dealer’s place of business.
Borrowed Vehicle Agreement. Filed. December 7th, 2007. The Borrower accepts responsibility for the vehicle (s) to the full extent of the vehicle (s) value as stated below, during the full term of this agreement.
An auto loan agreement is a contract used to secure a loan by a buyer of a motor vehicle. The agreement establishes the names of the borrower and lender, the amount ($) that was borrowed, the length of the loan, how much the borrower needs to pay on a monthly basis, and other important terms.
This article covers the essential aspects of creating a legally sound and mutually beneficial agreement, including key components, the importance of clarity in liability and insurance, and a step-by-step drafting process.
Borrower expressly assumes responsibility and all liability for all Authorized Drivers’ compliance with this Agreement. Each Authorized Driver agrees to the following terms and conditions: Authorized Driver authorizes KUS to obtain a Motor Vehicle Report of the Authorized Driver’s driving history.
The Borrower agrees to pledge as collateral the car to be purchased, described as a (Make) (Model), to ensure loan repayment. Said vehicle will only be transferred to the ownership of the Lender upon Borrower’s payment default. EVENTS OF ACCELERATION.