Vehicle Hire Purchase Agreement Template for Germany

The Vehicle Hire Purchase Agreement is a crucial document in German vehicle financing, used when a purchaser wishes to acquire a vehicle through structured payments rather than a single lump sum. This agreement type is governed by German law, particularly the Bürgerliches Gesetzbuch (BGB) and consumer credit regulations, making it suitable for both private and commercial vehicle acquisitions. The document outlines the complete financial arrangement, including purchase price, payment terms, interest rates, and conditions for ownership transfer. It includes mandatory consumer protection provisions required by German law, such as withdrawal rights and detailed cost breakdowns. The agreement serves as the primary contract between the finance provider and the purchaser, establishing their respective rights and obligations throughout the hire purchase period until the final transfer of vehicle ownership.

1. Parties: Identification of the finance company (seller) and the customer (purchaser), including full legal names, addresses, and registration details

2. Background: Context of the agreement, including the seller's ownership of the vehicle and the buyer's intention to purchase through hire purchase

3. Definitions: Definitions of key terms used throughout the agreement, including 'Vehicle', 'Purchase Price', 'Installments', and 'Transfer of Ownership'

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, registration number, and condition

5. Financial Terms: Purchase price, deposit amount, interest rate, total amount payable, and APR as required by PAngV

6. Payment Terms: Payment schedule, installment amounts, payment methods, and due dates

7. Transfer of Ownership: Conditions for the transfer of vehicle ownership upon completion of payments

8. Vehicle Use and Maintenance: Customer's obligations regarding vehicle maintenance, insurance, and permitted use

9. Insurance Requirements: Mandatory insurance coverage and requirements as per German law

10. Default and Termination: Consequences of payment default and conditions for contract termination

11. Right of Withdrawal: Customer's right of withdrawal (Widerrufsrecht) as per § 355 BGB

12. Data Protection: Data protection and privacy provisions in compliance with GDPR

13. Governing Law: Specification of German law as governing law and jurisdiction