A good car purchase contract explicitly articulates the terms the buyer and seller agree upon. Commonly included in a purchase contract are the names of the buyers and sellers and the descriptive features of the vehicle, including the Vehicle Identification Number and the mileage. The date of sale, the purchase price and the signatures of the buyers and sellers are also important elements of the contract.Continue Reading
If creating a contract with a car dealership, it includes information about financing. The dealership includes the details of the financing information, including down payment amount and financed amount, in the car purchase contract. Potential buyers should read over the contract to make sure they understand all of the extra fees and to check that the dealership includes all of the verbally agreed upon features, deals and freebies in the contract. Fees in the contract may include documentation, destination, advertising, dealership and registration fees.
The general advice from Trusted Choice Insurance Agents is to read over the details of the contract to make sure that all verbal agreements are present explicitly in the written contract. Buyers should check that personal information is accurate and that all their assumptions about the car purchase are explicitly articulated in the purchase agreement.Learn more about Buying & Selling