INSTALLMENT VEHICLE SALE AGREEMENT AND PAYMENT ACKNOWLEDGMENT
Republic of the Philippines · Template v0.2.0
REPUBLIC OF THE PHILIPPINES )
MAKATI CITY ) S.S.
PARTIES AND PURPOSE
This INSTALLMENT SALE AGREEMENT AND PAYMENT ACKNOWLEDGMENT FOR MOTOR VEHICLE is made on August 31, 2026 by Maria Elena Santos, Filipino citizen, of legal age, single, and residing at 100 Ayala Avenue, Makati City 1226 (the “Seller”) with Roberto Dela Cruz, Filipino citizen, of legal age, single, and residing at 18 Jupiter Street, Makati City 1209 (the “Buyer”).
The parties identify each other completely in this Agreement. No name, price, date, vehicle identifier, signature, or acknowledgment is intentionally left blank for a later buyer, resale, or so-called open deed.
VEHICLE
Type: car · Make: Toyota · Series/Model: Vios 1.3 XLE CVT · Body type: Sedan · Year model: 2022 · Color: Silver Metallic.
Plate/official reference: ABC 1234 · MV file no.: 1301-00000123456 · Engine no.: 1NRX123456 · Chassis/VIN no.: NCP150-1234567.
CR no.: CR-2022-001234 · Latest OR no.: OR-2026-009876 · Registration status: current · Expiry/due date: March 15, 2027 · Record office: LTO Makati District Office.
Odometer disclosure: 42,850 km, represented by the Seller as believed actual after reasonable records review.
INSTALLMENT PRICE AND CREDIT DISCLOSURE
Cash price: PHP 520,000.00. Down payment acknowledged as cleared at signing: PHP 100,000.00. Amount financed: PHP 420,000.00. Itemized non-finance charges: PHP 2,500.00. Total finance charge: PHP 24,000.00. Total of installments: PHP 444,000.00. Total scheduled payments including down payment and stated non-finance charges: PHP 546,500.00.
Simple annual rate on the outstanding unpaid balance, computed from this schedule: 10.39% (monthly rate 0.8655% × 12). Effective interest rate: 10.89% per year. A covered creditor must also deliver any separate disclosure statement in the form current rules require before consummation.
There are 12 monthly installments beginning September 30, 2026. Each due date uses the same numerical day, clamped to the final day of a shorter month. The final installment alone absorbs centavo rounding. Payment channel: Bank transfer to the Seller's independently verified account, with each payment identified by agreement and installment number.
Installment 1: PHP 37,000.00 due September 30, 2026; scheduled balance after payment: PHP 407,000.00.
Installment 2: PHP 37,000.00 due October 30, 2026; scheduled balance after payment: PHP 370,000.00.
Installment 3: PHP 37,000.00 due November 30, 2026; scheduled balance after payment: PHP 333,000.00.
Installment 4: PHP 37,000.00 due December 30, 2026; scheduled balance after payment: PHP 296,000.00.
Installment 5: PHP 37,000.00 due January 30, 2027; scheduled balance after payment: PHP 259,000.00.
Installment 6: PHP 37,000.00 due February 28, 2027; scheduled balance after payment: PHP 222,000.00.
Installment 7: PHP 37,000.00 due March 30, 2027; scheduled balance after payment: PHP 185,000.00.
Installment 8: PHP 37,000.00 due April 30, 2027; scheduled balance after payment: PHP 148,000.00.
Installment 9: PHP 37,000.00 due May 30, 2027; scheduled balance after payment: PHP 111,000.00.
Installment 10: PHP 37,000.00 due June 30, 2027; scheduled balance after payment: PHP 74,000.00.
Installment 11: PHP 37,000.00 due July 30, 2027; scheduled balance after payment: PHP 37,000.00.
Installment 12: PHP 37,000.00 due August 30, 2027; scheduled balance after payment: PHP 0.00.
INITIAL PAYMENT ACKNOWLEDGMENT
The Seller acknowledges receipt of cleared funds totaling PHP 100,000.00 on August 31, 2026 under transaction reference BPI transfer reference 20260831-44198, credited entirely as the stated down payment. This is not a paid-in-full receipt. The scheduled installment balance remains PHP 444,000.00, excluding only the separately stated non-finance charges.
For every later cleared payment, the Seller shall issue the following evidence: The Seller will issue a dated acknowledgment for each cleared payment, showing the installment number, amount received, allocation, and remaining scheduled balance; a Seller in business also issues its BIR-registered invoice for the sale. A pending transfer screenshot, unsigned ledger, postdated check, or promise to pay is not a receipt of cleared funds.
SALE, TITLE TRANSFER, AND PURCHASE-MONEY SECURITY
The Seller sells the identified Vehicle to the Buyer for the stated installment price. The parties shall pursue prompt LTO transfer to the named Buyer and do not use an open deed or retain the public record in the Seller's name merely to pressure payment. To secure the unpaid price, the Buyer grants the Seller a purchase-money security interest over the exact Vehicle and its identifiable proceeds to the extent permitted by Republic Act No. 11057 and other applicable law.
The Seller shall register the notice of its purchase-money security interest in the Personal Property Security Registry before turnover and give the Buyer the registration record; the Buyer need not accept turnover until then. PPSR plan: The Seller will register the purchase-money security notice in the PPSR before turnover, give the Buyer the registration record, amend any error without delay, and file termination promptly after final cleared payment. The parties shall also satisfy any LTO annotation, tax, notarial, or office-specific step that remains applicable. The Seller shall correct an inaccurate notice, account for proceeds, and terminate the notice and release supporting records after final cleared payment and satisfaction of lawful obligations.
Until final cleared payment, the Buyer shall not sell, encumber, lease, conceal, export, abandon, materially alter, tamper with identifiers of, or surrender the Vehicle to another person without lawful written authority. This restriction does not permit self-help violence, trespass, breach of peace, or a transfer that defeats mandatory law or good-faith third-party rights.