The Car Lease To Own Agreement is utilized when a party wishes to acquire a vehicle through a structured financing arrangement that combines leasing with an eventual purchase option in Malaysia. This document is essential for financial institutions, vehicle dealers, and lessees engaging in hire-purchase transactions under Malaysian law. The agreement comprehensively covers the entire relationship from initial vehicle delivery through to final ownership transfer, incorporating requirements from the Hire-Purchase Act 1967, Financial Services Act 2013, and other relevant Malaysian legislation. It's particularly relevant in situations where immediate outright purchase is not preferred or possible, providing a regulated framework for vehicle acquisition through periodic payments.
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1. Parties: Identification of the lessor (finance company/dealer) and lessee (customer), including full legal names, registration/identification numbers, and addresses
2. Background: Context of the agreement, including the purpose and brief description of the transaction structure
3. Definitions: Definitions of key terms used throughout the agreement, including technical and financial terms
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, and registration number
5. Term and Payment: Duration of the lease, payment schedule, total amount payable, and purchase option price
6. Delivery and Acceptance: Terms regarding vehicle delivery, acceptance inspection, and condition confirmation
7. Title and Ownership: Provisions regarding vehicle ownership during the lease period and transfer conditions upon completion
8. Use and Maintenance: Requirements for vehicle use, maintenance obligations, and prohibited activities
9. Insurance: Insurance requirements, coverage types, and claim procedures
10. Default and Remedies: Events of default, cure periods, and available remedies for both parties
11. Early Purchase Option: Terms and conditions for early purchase of the vehicle
12. Termination: Conditions and procedures for agreement termination
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Notices: Requirements for formal communications between parties
15. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when a guarantor is involved in securing the lease payments
2. Special Modifications: Used when the vehicle requires or permits specific modifications
3. Commercial Use Provisions: Required when the vehicle is intended for commercial or business use
4. Cross-Border Use: Included when the vehicle may be used in neighboring countries
5. Sublease Provisions: Required when subleasing is permitted under specific conditions
6. Special Maintenance Requirements: Included for luxury or specialized vehicles requiring specific maintenance procedures
1. Schedule 1 - Payment Schedule: Detailed breakdown of all payments including monthly installments, fees, and purchase option prices
2. Schedule 2 - Vehicle Condition Report: Detailed inspection report of vehicle condition at delivery
3. Schedule 3 - Maintenance Schedule: Required maintenance intervals and procedures
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Appendix A - Vehicle Documents: Copies of vehicle registration, insurance certificates, and other relevant documents
6. Appendix B - Terms of Warranty: Manufacturer's warranty terms and any additional warranty provisions
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