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Form #956Agreement to Purchase Repossessed Vehicles
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Submissions to this site, including any legal or business forms, posts, responses
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Agreement to purchase
repossessed vehicles.
We [dealer] shall have no responsibility to
purchase repossessed cars from you unless tendered to us within _________ day
period referred to here. If any car (including converted or confiscated cars)
is repossessed for any reason, we will purchase it, as is, from you for cash
when tendered at our place of business within _________ days after maturity of
the earliest unpaid installment and will pay you the entire unpaid balance
owing on the car. Until we pay you, you may store such repossessed cars at our
place of business and we will hold them as a bailee for you free of charge as
your property and will deliver them to you at your request.
If we are in default to you at the time of
repossession, cars may be tendered by registered mail notice sent to our last
known address; if we are not in business at that time tender of repossessed
cars is waived. If we fail to purchase repossessed cars or are out of business,
we shall be responsible for any deficiency incurred by you in the sale of
repossessions at public or private sale, held with or without notice.
You will allow us the cost, as agreed in writing, of
repairing actual direct collision damage necessitating repossession; the
allowance is not to exceed the unpaid balance on the car after deducting both
the "as is" value and the amount of any deferred certificates or
other holdback relating to the car.
It is agreed that if, in reselling repossessed cars
which we purchase from you, covered by paper sold to you in any 12-successive-month
period beginning with the date of this agreement (excluding paper bearing our
full endorsement or guaranty), we incur a loss in excess of _________ percent
of the volume of our paper sold to you in such period, you shall reimburse us for
such excess, provided we have resold the cars for their reasonable value within
_________ days after delivery to us. Such loss shall be determined by the
difference between the amount we realize from the sale of such repossessed cars
and the amount we pay you for same. We shall credit total profits on resales
against total net losses. This paragraph applies only (1) if we have sold you
paper covering at least _________ cars during such period, (2) if we perform
all of our obligations to you, and (3) if, before incurring such excess losses,
we give you written notice of the offered price of each car and the opportunity
to resell it.
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regading how we deal with your email. We pledge that we will:
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Submissions to this site, including any legal or business forms, posts, responses
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not be construed as legal advice. You are strongly encouraged to consult competent
legal council before engaging in any action based upon content contained on this
site.
These downloadable forms are only for personal use. Retransmission, redistribution,
or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
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form, and you agree to abide by these terms. It is highly recommended that you have
a licensed attorney review any legal documents for which you are searching in order
to make sure that your needs are being properly and completely satisfied.
Your use of this site constitutes your acceptance of our terms of use and your agreement
to hold this site, its officers, employees and any contributors to this site harmless
for any damage you might incur from your use of any submissions contained on this
site. If you do not agree to the above terms, please do not proceed.
These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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