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The Car Hire Purchase Agreement is a crucial document in Canadian vehicle financing, used when a purchaser wishes to acquire a vehicle through structured payments while the seller maintains ownership until full payment is received. This agreement type is common in both consumer and business contexts across Canadian provinces, requiring compliance with provincial consumer protection laws, federal interest rate regulations, and vehicle safety standards. The document typically includes comprehensive details about the vehicle, payment terms, maintenance requirements, insurance obligations, and ownership transfer conditions. It differs from a standard loan agreement as the seller retains title until the final payment, providing additional security for the financing party. The agreement must incorporate mandatory provincial disclosure requirements and cooling-off periods, making it essential to tailor the document to the specific province where it will be used.
