TERMS AND CONDITIONS
EXCLUSIONS
Holder will not be obligated to waive the account balance if any of the following apply:
(1) an act occurring after the original maturity date or date of Holder's acceleration of the Motor Vehicle Retail Installment Sales Contract;
(2) any dishonest, fraudulent, criminal, illegal or intentional act of any authorized driver that directly results in the total loss;
(3) conversion, embezzlement, or secretion by any person in lawful possession of the motor vehicle;
(4) lawful confiscation by an authorized public official;
(5) the operation, use, or maintenance of the motor vehicle in any race or speed contest;
(6) war, whether or not declared, invasion, civil war, insurrection, rebellion, revolution, or act of terrorism;
(7) normal wear and tear, freezing, mechanical or electrical breakdown or failure;
(8) use of the motor vehicle for primarily commercial purposes;
(9) loss that occurs after the motor vehicle has been repossessed.
(10) damage to the motor vehicle prior to the purchase of the agreement for a total loss or theft of an ordinary vehicle;
(11) damage related to any personal property attached to or within the vehicle;
(12) damages associated with falsification of documents by any person not associated with the Holder or the Agreement provider;
(13) abandonment of the motor vehicle by the Buyer only if the Buyer voluntarily discards. or leaves behind, or otherwise relinquishes possession of the motor vehicle to the extent that the relinquishment shows intent to forsake and desert the motor vehicle so that the motor vehicle may be appropriated by any other person;
(14) any loss occurring outside the continental United States of America, Alaska, Hawaii, or Canada.
PARTIAL LOSS NOT COVERED:
A partial loss of the vehicle is not subject to relief under the Agreement.
CANCELLATION:
(1) Buyer must notify Holder in writing should Buyer decide to cancel the Agreement. If, prior to the maturity date of the the motor Vehicle Retail Installment Sales Contract,. Buyer terminates the Agreement, Holder will provide the Buyer a refund or credit any unearned Agreement fee, and the requirements of obtaining and maintaining property damage insurance coverage as set out in the Motor Vehicle Retail Installment Sales Contract shall apply to Buyer. If any amounts are to be refunded to Buyer under this paragraph, the refund will be calculated under the actuarial method. In the event the Buyer's debt is cancelled under the terms of the Agreement the fee paid is fully earned and no refund or credit is due.
(2) The refund or credit of the Agreement fee, if any, will be based upon the earlier date of
(a) the pre-payment of the Motor Vehicle Retail Installment Sales Contract prior to the original maturity date;
(b) a demand by the Holder for payment in full of the unpaid balance or acceleration;
(c) request by the Buyer for cancellation of the Agreement
(d) the total denial of a debt cancellation request based on one of the exclusions contained in the paragraph of the agreement under the heading “Exclusions,” except in the case of a partial loss of the covered motor vehicle
(3) If no total loss or theft has occurred, the Buyer may cancel the Agreement within 30 days from the date of the Motor Vehicle Retail Installment Sales Contract or the issuance of the Agreement, whichever is later. Upon such cancellation, Holder will refund or credit the entire Agreement fee.
(4) If Buyer cancels the Agreement, Buyer will not receive any benefits under the Agreement.
MISCELLANEOUS PROVISIONS:
(1) As long as the provisions of this Agreement are in effect, Holder may not be named as loss payee on any Insurance policy covering the motor vehicle or receive any of the proceeds from an insurance policy on the vehicle and the holder may not require property insurance on the vehicle.
(2) Upon request of the Office of Consumer Credit Commissioner, Holder will make it’s records relating to the creation, processing and resolution of the Agreement available to the commissioner.
(3) Buyer acknowledges that it should consider contacting a tax advisor regarding possible tax consequences of this Agreement
(4) Upon determination that a total loss other than theft has occurred, Buyer will convey to Holder, title to the vehicle and Holder may take possession of the vehicle.
(5) Holder may assign the Agreement to any party which Holder assigns the Motor Vehicle Installment Sales Contract.