The Purchase Agreement For Car Loan is a crucial document in Malaysian vehicle financing transactions, designed to comply with the Hire-Purchase Act 1967 and related regulations. It is typically used when an individual or entity seeks to purchase a vehicle through financing from a bank or financial institution. The agreement encompasses all essential aspects of the transaction, including vehicle specifications, financing terms, security arrangements, and insurance requirements. This document is particularly important in the Malaysian context due to specific regulatory requirements for hire-purchase agreements, mandatory disclosure statements, and consumer protection provisions. It serves as the primary contract governing the relationship between the financial institution, the purchaser, and other relevant parties throughout the loan tenure.
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1. Parties: Identification of the lender (financial institution), borrower (purchaser), and dealer (if applicable)
2. Background: Context of the transaction, including the intention to purchase the vehicle through financing
3. Definitions: Key terms used throughout the agreement, including financial and technical terms
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, chassis number, engine number, and registration details
5. Purchase Price and Financing Terms: Total purchase price, down payment, loan amount, interest rate, and payment schedule
6. Payment Terms: Details of monthly installments, payment methods, and due dates
7. Security and Registration: Details of vehicle registration, ownership records, and security interests
8. Insurance Requirements: Mandatory insurance coverage requirements and terms
9. Warranties and Representations: Statements and guarantees made by both parties
10. Events of Default: Circumstances constituting default and consequences
11. Repossession Rights: Lender's rights and procedures for repossession in case of default
12. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Guarantor Provisions: Required when a guarantor is involved in securing the loan
2. Early Settlement Terms: Include when early repayment options are offered
3. Dealer Obligations: Required when the dealer is a party to the agreement
4. Extended Warranty: Include when additional warranty packages are purchased
5. Insurance Premium Financing: Required when insurance premiums are included in the loan amount
6. Electronic Communication Consent: Include when electronic notices and statements are offered
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and condition report of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including principal and interest components
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and terms
4. Schedule 4 - Delivery and Acceptance: Vehicle delivery details and acceptance confirmation
5. Appendix A - Required Documents: List of documents required from the borrower
6. Appendix B - Disclosure Statement: Mandatory disclosures required under the Hire-Purchase Act 1967
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