Car loan agreement policy

Assignment Help Operation Management

Reference no: EM132091724

INSTRUCTIONS: Post responses to the two written submissions of at least 150 words per response using the 2 x 2 methodology --

Two comments will reflect positive attributes/correct concepts of the scenario with examples backing it up.

Two will entail recommendations for improvement to the content or additional information to consider for the subject.

The focus is on the concepts of the topics and require complete Original wording and thought for a Thumbs Up on the answer.

Background

Create a policy for borrowing a car. What are some of the rules you would give someone if they were to borrow your car?

Scenario 1:

This Car Loan Agreement Policy (Pandadoc 2017) is made between the owner and the family member borrowing the vehicle. It is meant to be a simple document and a good use policy meant to protect both parties involved. It is also meant to outline each party’s rights and obligations in respect to the loaning of a vehicle. It is legally binding and will be, if necessary, enforced in court. A separate borrowing form ,similar to this policy will act as the official borrowing document.

1. Car Loaned:

Make: Toyota SUV

Model / Year/ Color: 4Runner, 2015, White

VIN: TO1234YO5678

Loan Term From/To: 1/1/2018 – 2/1/2018

2. Conditions and scope of use: G eneral use policy, vehicle will be returned in the same condition as it is loaned. Any damages and discrepancies to the condition of the vehicle will be resolved by borrower. Local or state traffic laws will be obeyed. Any traffic tickets received for non-compliance with applicable laws will be resolved by borrower before returning the vehicle. Valid insurance policy must be presented to cover any damages, collision or scrapes. No smoking or eating is permitted in car. Car will be returned with a full tank of gasoline and have been professionally cleaned.. Car will not be taken out of state or county.

3. Insurance and Driver License: DL:00000000

Unless indicated on the borrowing form, no other drivers are permitted to drive the borrowed vehicle.

4. Mileage and Fees:

Since this is not a rental vehicle, mileage use will not exceed 1000 miles. Extra miles over ther limit will be charged .20Cents per mile.

Start: TBD

Return: TBD

5. Entire Agreement:

This document represents the complete agreement policy between the Owner and Borrower of the Vehicle. Any changes need to be annotated on the agreement form and agreed to by the owner of the vehicle at the beginning of the borrowing period.

Scenario 2:

The policy below is a car rental policy. The template is based on the one proposed by Rhodes-Ousley (2013).

• Author Emmanuella Vernet

• Sponsor Rental Car Inc.

• Authorizer Rental Car Inc legal services

• Effective date 02-05-2018

• Review date 02-01-2018

• Purpose Car Rental Policy

• Policy

Identity: Signee must attest that all information provided is accurate and should be legally authorized to sign the rental agreement.

License: The signee should provide an official and valid driver license to rent the vehicle listed in this agreement. The driver’s license expiration date should be over a month after the agreed return date.

Age: Drivers under 25 years old must pay a surcharge for liability unless they purchase an inexperience drive insurance policy.

Additional drivers: each additional driver on the agreement must pay the additional vehicle operator daily premium. Additional drivers should comply to the same agreement.

Insurance: Signee may purchase additional car insurance or contract with Rental Car Inc

Damage: Any damage to the vehicle will incur a 500 dollars deductible.

• Enforcement Violation of agreement may result in lawsuit or criminal charges.

• References Please consult your state regulations for more details.

Reference no: EM132091724

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