Common use of Dealer Warranties Clause in Contracts

Dealer Warranties. B1. The Dealer warrants the genuineness of each Contract purchased from the Dealer by the AFI; that each and every signature appearing on any Contract or related document acquired by the AFI from the Dealers is genuine; that each signatory in a representative capacity is duly authorized so to act; that the purchase price of the vehicle covered by the Contract being assigned to the AFI is the same as the cash price offered to the debtor under the Contract; that no part of any discount has been added to the Dealer’s standard cash price of the vehicle; that there are no claims or defenses which any obligor under the Contract can assert which would render the Contract unenforceable by AFI; and that each such Contract complies with all applicable federal, state and local laws and regulations including, without limitation, the federal Truth in Lending Act and applicable sate motor vehicle retail installment sales acts. Upon breach of any of the foregoing warranties or guaranties, the Dealer shall, upon demand of AFI, repurchase the subject Contract or Contracts from AFI for an amount equal to the then Contract payoff amounts, inclusive of accrued interest then due and unpaid. The payoff amount also include, without limitation, all applicable repossession, storage, and/or delivery fees, reasonable attorneys fees and costs.

Dealer Warranties. B1C1. The Dealer warrants the genuineness of each Contract purchased from the Dealer by the AFI; that each and every signature appearing on any Contract or related document acquired by the AFI from the Dealers is genuine; that each signatory in a representative capacity is duly authorized so to act; that the purchase price of the vehicle covered by the Contract being assigned to the AFI is the same as the cash price offered to the debtor under the Contract; that no part of any discount has been added to the Dealer’s standard cash price of the vehicle; that there are no claims or defenses which any obligor under the Contract can assert which would render the Contract unenforceable by AFI; and that each such Contract complies with all applicable federal, state and local laws and regulations including, without limitation, the federal Truth in Lending Act and applicable sate motor vehicle retail installment sales acts. Upon breach of any of the foregoing warranties or guaranties, the Dealer shall, upon demand of AFI, repurchase the subject Contract or Contracts from AFI for an amount equal to the then Contract payoff amounts, inclusive of accrued interest then due and unpaid. The payoff amount also include, without limitation, all applicable repossession, storage, and/or delivery fees, reasonable attorneys fees and costs.