The Hire Purchase Agreement For Car is a crucial document in Malaysian vehicle financing, governed primarily by the Hire Purchase Act 1967 and related regulations. It is used when a purchaser wishes to acquire a vehicle through structured payments rather than a full upfront payment. The agreement provides a framework for the finance company to retain ownership while allowing the purchaser to use the vehicle, subject to regular installment payments. This document type includes essential elements such as vehicle details, payment schedules, statutory notices, insurance requirements, and parties' rights and obligations. It's particularly important in Malaysia's automotive market where hire purchase is a common financing method for vehicle acquisition. The agreement must comply with strict regulatory requirements, including mandatory terms and notices, making it a specialized document that requires careful preparation and review.
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1. Parties: Identification of the finance company (Owner) and the purchaser (Hirer), including full names, registration/identification numbers, and addresses
2. Background: Brief context of the transaction and the parties' intention to enter into a hire purchase arrangement
3. Definitions: Definitions of key terms used throughout the agreement, including statutory terms from the Hire Purchase Act
4. Statutory Notice: Mandatory notice under Section 4 of the Hire Purchase Act 1967 regarding hirer's statutory rights
5. Agreement to Purchase: Core terms of the hire purchase arrangement, including the agreement to sell and purchase
6. Purchase Price and Payment Terms: Details of the total purchase price, deposit, term charges, and payment schedule
7. Delivery and Acceptance: Terms regarding the delivery of the vehicle and acceptance conditions
8. Title and Risk: Provisions regarding ownership retention by the owner until full payment and risk transfer to the hirer
9. Hirer's Obligations: Key responsibilities including maintenance, insurance, and proper use of the vehicle
10. Owner's Rights and Remedies: Rights of the owner including repossession rights and remedies for default
11. Insurance Requirements: Mandatory insurance provisions as required by the Hire Purchase Act
12. Default and Termination: Events of default and consequences of termination
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantor Provisions: Required when a guarantor is involved in the agreement to secure the hirer's obligations
2. Early Payment Terms: Detailed terms for early settlement options and rebate calculations
3. Additional Services: Used when the agreement includes maintenance packages or other additional services
4. Special Conditions: For any non-standard terms specific to the particular transaction
5. Electronic Communications: Optional provisions for electronic notices and communications when parties agree to digital correspondence
1. Schedule 1 - Vehicle Details: Detailed description of the vehicle including make, model, registration number, chassis number, and engine number
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including installment amounts, due dates, and term charges
3. Schedule 3 - Condition Report: Initial condition report of the vehicle at the time of delivery
4. Schedule 4 - Insurance Requirements: Specific insurance requirements and minimum coverage details
5. Appendix A - Statutory Notice: Full text of statutory notices required under the Hire Purchase Act 1967
6. Appendix B - Guarantor Declaration: Standard form guarantor declaration and terms (if applicable)
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Automotive
Banking
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Consumer Finance
Vehicle Leasing
Retail Automotive
Relevant Teams
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Finance
Compliance
Credit Assessment
Sales
Documentation
Risk Management
Customer Service
Collections
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Compliance Officer
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Auto Finance Specialist
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