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This Car Plan Agreement entered into this ___th day of ____________, 2015 at
Quezon City, Metro Manila, by and between:

RAFFLES AND COMPANY, INC, a corporation duly organized and

existing under Philippine laws with office and business address at the 14th Floor,
CyberOne Plaza, 11 Eastwood Ave., Eastwood CyberPark, Bagumbayan, Quezon
City 1110, Philippines, represented herein by its President, MS. KATHERINE
L. TAN hereinafter referred to as the “COMPANY”.


MARIA ELIZABETH T. GALVEZ, of legal age, married with postal

address at __________________________________________,
hereinafter referred to as the “MANAGER”.

W I T N E S S E T H : That

WHEREAS, under the Manager Car Plan Policy, the Company shall make available to
Manager a car plan at easy payment scheme, thereby enabling her better mobility and
opportunity of owning a vehicle at the end of the car plan period.

WHEREAS, in this manner, the Company is able to recognize the Manager’s dreams and
aspirations and help her realize a personal goal to thereby enhance productivity, boost morale and
foster dedication and loyalty.

WHEREAS, Manager deeply appreciates this kind gesture of the Company and manifest
to abide by the terms hereof;

NOW, THEREOF, for and in consideration of the foregoing premises the parties agree
that the features, terms, and conditions of the Manager Car Plan shall be as follows:

1. a.) The Company will purchase the vehicle in cash and share 50% of the vehicle cost.
The maximum allowable amount of the cost of the vehicle is ONE MILLION
PESOS (P 1,000,000.00) and any excess price shall be paid upfront by the

b.) The Manager will share the other 50% of the vehicle cost which will be paid
within a period of FIVE (5) years by way of equal monthly amortizations
through salary deduction in the amount of Eight Thousand Four Hundred
Pesos (P 8,400.00).

c.) The duration of the car plan is FIVE (5) years commencing _________ to
____________ and at the end of the fifth (5th) year and full payment of the
amortizations, ownership of the vehicle will be transferred to the Manager.

d.) The Company will share 50% of the annual car insurance premium during the car
plan period. Insurance renewals shall be handled by the Company.

e.) Ordinary maintenance costs are for the account of the Company during the Car
Plan Period in accordance with the Car Plan Supplement Notice Re: Car
Maintenance which is Annex “A” hereof.

f.) Gasoline expenses shall be reimbursed by the Company for the official trips as
well as the daily trips to/from office and residence.

g.) Reavailments are made only after five (5) years and after the officer has fully paid
the car, subject to the approval of the Company.

h.) The following provisions shall apply in case the Manager resigns or is terminated
for cause :

If The Manager Resigns Or Is Applicable Provisions

Terminated For Cause

WITHIN one (1) year to third (3) year of The Manager SHALL FORFEIT all her rights to the
this Car Plan Agreement vehicle ownership including all payments she has
made through salary deduction and the Company is
authorized and empowered to take immediate
possession of the vehicle wherever it may be located.

In addition, the amount paid by the Manager, in

excess of the maximum allowable amount of the cost
of the vehicle SHALL BE FORFEITED in favor of
the Company.

WITHIN the fourth (4th) or fifth (5th) The Manager has the option to either:
years of this Car Plan Agreement
PURCHASE the vehicle by paying the company the
unpaid portion of the loan plus the unamortized
benefit portion.


SURRENDER the vehicle to the Company in which

case, the Manager shall be refunded the amortizations
paid on her 50% share multiplied by the applicable
refund rate: (net of 30% depreciation)

4th Yr. - ____%
5th Yr. - ____%

i.) In case of disability of the Manager at anytime before the end of the term of the
Car Plan Agreement, the family of the disabled Manager shall have the option to
either: i) surrender the vehicle to the Company or ii) acquire the vehicle, subject
to the foregoing Rules.

j.) The Company shall retain ownership of the vehicle until full payment of the
Manager’s obligations under this Agreement.

2. The subject matter of this car plan is :

Plate No. :
Make/Type :
Engine No. :
Serial No. :
Production No. :
Color :

3. The purchase price of the vehicle is _______________

(P _______________), Philippine currency. Under the plan Manager’s
share is 50% of P 1,000,000.00 or the amount of P 500,000.00. The
Manager shall pay an equal monthly amortization in the amount of P
8,400.00 by way of salary deduction for five (5) years commencing
_________ to _________ or until full payment of the Manager’s share.

4. The Company hereby acknowledges that the Manager has paid the amount of
__________ PESOS (P ________) constituting the excess price of the
vehicle, subject to the terms and conditions stated in this Agreement.

5. The Manager Car Plan Supplement Notice, Annex “A” hereof, is deemed
reproduced and integrated as forming part of this agreement.



By :


President Manager

Signed in the presence of :

____________________ ____________________


Republic of the Philippines)

Quezon City ) S.S.

BEFORE ME, a Notary Public for and in Quezon City this ___th day of ________,
2015, personally appeared the following persons, to wit:


Katherine L. Tan Personally known

Maria Elizabeth T. Galvez SSS No. ____________

known to me and to me known to be the same persons who executed the foregoing Car Plan
Agreement consisting of five (5) pages including the page where this Acknowledgment is written
and its Annex “A,” and they acknowledged that the same is their free and voluntary act and deed
and of the corporation they represent.


Doc No. ______;
Page No. ______;
Book No. ______;
Series of 2015.




All regular car maintenance are fully shouldered by the Company. By regular car
maintenance, we mean maintenance necessary to keep the vehicle in tiptop conditions.
These are:

a. Regular Tune-ups, parts and labor

b. Car wash and detailing
c. Change oil and greasing
d. Under chassis and engine wash
e. Wheel balancing and alignment
f. Wheels and battery replacements

All major repairs caused beyond normal wear and tear are on 50% sharing between the
Manager and Company. Such as:

a. Replacement of shock absorbers

b. Replacement of clutch and brake system
c. Under chassis repair
d. Engine overhaul
e. Transmission overhaul
f. Replacement of AC system
g. All other repairs not covered by insurance, not to exceed P 2,000.00


Car accessories necessary in the upkeep and proper maintenance of the vehicles are
considered essential standard accessories, thus subject to the same 50% Manager and
50% Company sharing scheme. The essential standard accessories are:

a. Car Alarm System

b. Two (2) sets seat cover not to exceed P 2,000.00 per set.
c. Rust proofing
d. Floor mats and mud guards
e. Tint (not to exceed P 3,500.00 during the car plan period)

Fancy accessories on the other hand are on the account of the Manager , such as:

a. Stereo car Equalizer, CD changer

b. Spoilers
c. Headers
d. Fog and halogen lamps
e. Air horns
f. Automatic windows and central locking system
g. Optional instrumentation
h. Replacement of lost accessories

Minor repairs (not to exceed P 2,000.00) of car accessories standard to the car model
shall be subject to the same 50% sharing.

- nothing follows -