Installment Purchase of a Vehicle: Can Payments Be Omitted?
Article 440 of the Civil Code 2015 stipulates:
The buyer is obliged to pay according to the time, location, and amount specified in the contract.
In the case where the parties only agree on the time for delivery of the asset, the payment time shall correspond to the delivery time of the asset. If the parties do not agree on the delivery time of the asset and the payment time, the buyer must pay at the time of receiving the asset.
In the case where the buyer does not fulfill the obligation to make the payment correctly, they must pay interest on the overdue amount as stipulated in Article 357 of this Code.
Therefore, if you violate the installment payment agreement while purchasing a car, you might have to pay additional interest or penalties as per the agreement in the contract. Here, the original vehicle documents are held by the bank to ensure the payment obligations when buying the car on installment. To obtain the vehicle documents, you need to make full payments and cannot skip the final months.
Respectfully!
