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Form #956

Agreement to Purchase Repossessed Vehicles

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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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Name of Firm Anonymous3
Total Forms Contributed 102
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should 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.

Please note that the donator may have included different usage terms regarding this 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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