The Agreement For Hire Purchase Of A Motor Vehicle is a crucial document in Malaysian vehicle financing, structured under the Hire-Purchase Act 1967 and related regulations. It enables individuals and businesses to acquire vehicles through structured installment payments while the financial institution retains ownership until full payment is made. This document type is commonly used in Malaysia's automotive market for both new and used vehicle purchases, providing a secure framework for vehicle financing transactions. The agreement must include specific statutory requirements such as vehicle details, payment terms, interest rates, insurance obligations, and ownership transfer conditions. It's designed to protect both the financier's security interest and the hirer's consumer rights, while ensuring compliance with Malaysian banking and consumer protection regulations.

1. Parties: Identification of the financier/owner and the 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 definitions from the Hire-Purchase Act 1967

4. Vehicle Description: Detailed description of the motor vehicle including make, model, year, color, engine number, chassis number, and registration number

5. Purchase Price and Payment Terms: Total cash price, deposit amount, term of payment, number of installments, amount of each installment, and payment schedule

6. Interest Rate and Charges: Agreed interest rate, computation method, and any additional charges as permitted under the Hire-Purchase Act

7. Delivery and Acceptance: Terms regarding delivery of the vehicle and acceptance conditions

8. Title and Ownership: Provisions regarding retention of title by the owner until full payment and transfer of ownership upon completion

9. Hirer's Obligations: Maintenance requirements, insurance obligations, usage restrictions, and other responsibilities of the hirer

10. Owner's Rights and Remedies: Rights of the owner in case of default, including repossession rights and procedures

11. Insurance Requirements: Mandatory insurance coverage requirements and procedures for claims

12. Early Settlement: Terms and calculations for early settlement as per the Hire-Purchase Act

13. Default and Termination: Events of default, consequences, and termination procedures

14. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution