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How To Buy A Car
With No Credit Or Bad Credit
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were referenced in researching this
book:
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SUGGESTED "ASSIGNMENT
AGREEMENT"
This
agreement is made and entered into the
date indicated below by and between
(assignee) and (assignor). Whereas the
assignor holds legal title or interest
to the vehicle described below and has
same financed with (lender) having
agreed to pay lender (monthly) for
another months (note payments) with a
residual amount of (if a lease).
Whereas, the assignor is desirous of
assigning or selling the vehicle and
assignee is desirous of accepting
assignment and/or buying the vehicle.
In
consideration of the mutual covenants
hereinafter made and for other good and
valuable consideration the sufficiency
and receipt of which is hereby
acknowledged, the parties agree as
follows:
1.
Assignor agrees to assign the vehicle to
assignee/buyer for the term of the
assignor's note payments due his lender,
and hereby authorizes assignee/buyer to
drive same, but only for so long as
assignee/buyer is current in the
assignment payments set out below in
paragraph two (2). The vehicle cannot be
taken out of the state without written
approval from the assignor. 2.
Assignee/buyer agrees to pay as
assignment payments for such vehicle,
the monthly amount of assignor's note
payments to Lender, and to pay same by
cashier's check or money order made
payable to lender and to mail such
payment to assignor at least ten (10)
days before the day of each month
beginning on the 199 . Any late payments
shall be in default of the agreement.
3.
Assignee/buyer agrees to take out and
maintain insurance on the vehicle
satisfactory to assignor's lender and to
name assignor as primary insured,
assignee as additional insured and
lender as loss payee. Assignee/buyer
further agrees and does hereby indemnify
and hold assignor harmless from any
damage or liability arising out of
assignee/buyer's use of assigned
vehicle.
4.
Assignee/buyer understands and agrees
that should he/she fail to timely pay
any of the assignment payments called
for above, or allow the aforesaid
insurance to lapse, or should assignor's
lender declare a default under its note
or loan agreement, or deem such loan
repayment or the collateral to be
insecure, this Assignment/Purchase
agreement shall terminate at once.
Assignee/buyer shall no longer be deemed
to be an authorized driver of the
vehicle, and assignee/ buyer agrees to
return the vehicle to the assignor or
his agent immediately. Failure to do so
shall result in the immediate
repossession of the vehicle by assignor,
its agent or the lender or its agent.
5.
Assignee/buyer shall have the option to
purchase the vehicle upon (a) its full
and timely compliance with this
agreement and (b) the payment of all
note payments to lender. Thereupon,
assignor will deliver to assignee/buyer
the vehicle's certificate of title.
Default under this assignment by
assignee/buyer, or other authorized
termination of this agreement, shall
forfeit any option to purchase the
vehicle that assignee/buyer may
otherwise have had. Upon full compliance
and satisfaction of the lien, assignor
will have 30 days to deliver title to
assignee.
6.
Normally, legal title to the vehicle
shall at all times prior to
assignee/buyer's proper exercise of
his/her purchase option described above,
remain in assignor's name and possession
if applicable.
7.
During the term of this agreement,
assignee/buyer agrees to maintain the
vehicle in good repair and full
operation condition. Any failure to do
so shall be grounds for termination of
this assignment/purchase agreement and
assignee/buyer shall be personally
liable to owner for the cost and expense
of any repair deferred maintenance,
other than for normal use and wear and
tear.
8.
Upon a 48 hour notice to the
assignee/buyer, assignor has the right
to inspect the vehicle at a location of
his choice, no more than once a month.
9.
Any additional or special provisions
applying only to this agreement are
written as follows:
10.
This constitutes entire contract. This
assignment agreement including any
addendum's or exhibits hereto which are
by this reference made a part hereof,
contains the entire agreement relating
to the assignment of the vehicle and
shall bind and insure to the benefit of
all respective heirs, personal
representative, successors and assigns
of the parties hereto except as herein
above expressly limited. Any oral
representation or modifications of this
assignment agreement shall be of no
force and effect, excepting modification
in signed by the party to be charged. No
delay or forbearance of assignor in the
exercise of any remedy or right will
constitute a waiver thereof and the
failure to exercise or a partial
exercise of a remedy or right shall not
preclude a subsequent or the further
exercise of the same or any other right
or remedy by assignor. Assignor shall
have no liability for any delay in
delivery of the vehicle for any reason
beyond the control of assignor.
In
witness whereof, the parties have
executed this agreement as of the
________________________ day of
__________________ 199_____, at
____________________________________________________________________
__________________________
__________________________
Assignee/Buyer Signature Assignor/Seller
Signature
___________________________
__________________________ Print Name
and Address Print Name and Address
ASSIGNEE'S RESPONSIBILITIES
1.
Make payments to assignor, by money
order, cash or bank draft made out to
lien holder/lender and forward to
assignor 10 days before due date. (NOTE:
Put account number on money order or
bank draft. Assignor will promptly
forward this to lien holder in order to
maintain his credit status.)
2.
Provide copy of insurance, naming
assignor as primary insured, assignee as
additional insured and lien holder as
loss payee.
3.
Notify assignor of any change of
address.
4.
Provide assignor with credit application
(included in this information package)
and at least eight (8) personal
references.
5.
Provide assignor with original
assignment agreement.
6.
Receive all manuals, warranties and
other information pertaining to the
vehicle. Keep warranty in the name of
assignor.
7. It
will be the assignee's responsibility to
pay for and keep current the collision
and liability insurance, property tax,
inspections, permits, and other taxes or
fees pertaining to the vehicle. 8.
Maintain the vehicle in excellent
working condition as described in the
owner's manual.
POWER OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS. That the
undersigned of the County of State of
being the Registered Owner of the above
,described motor vehicle, does hereby
make, constitute and appoint of County,
State of true and lawful attorney in
fact to sign in the name, place and
stead of the undersigned, any
Certificate of Ownership issued by the
Department of Motor Vehicles of the
State, covering the motor vehicle
described above in whatever manner
necessary to transfer any registration
of said motor vehicle. Granting and
giving unto said attorney in fact full
authority and power to do and perform
any and all other acts necessary or
incident to the execution of the powers
herein expressly granted with power to
do and perform acts authorized hereby,
as fully to all intents and purposes as
the grantor might, or could do if
personally present, with full power of
substitution.
IN
TESTIMONY WHEREOF. the undersigned has
hereunto set ________________________
hand___________ this _____________ day
of _____________,19___ .
(PLACE NOTARY SEAL HERE)
X
_______________________________
Subscribed and sworn to before me X
_______________________________ this
_____________day of
_______________19________ .
Witness:
Address:
Notary Public in and for the County of
_________________ State of ____________
UNIFORM COMMERCIAL CODE Article 9
Section 311. Alienability of Debtor's
Rights: Judicial Process The debtor's
rights in collateral may be voluntarily
or involuntarily transferred (by way of
sale, creation of a security interest,
attachment, levy, garnishment or other
Judicial process) notwithstanding a
provision in the security agreement
prohibiting any transfer or making the
transfer constitute a default.
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