The Hire Purchase Agreement For Car is a crucial document used in Nigeria when a purchaser wishes to acquire a vehicle through structured payments while the seller retains ownership until full payment is made. This agreement type is governed by the Nigerian Hire Purchase Act of 1965 and related legislation, making it essential for vehicle financing transactions in Nigeria. The document typically includes detailed vehicle specifications, payment schedules, maintenance requirements, insurance obligations, and ownership transfer terms. It protects both the seller's security interest and the buyer's right to eventual ownership, while ensuring compliance with Nigerian financial regulations and consumer protection laws. This agreement format is commonly used by car dealerships, financial institutions, and private sellers in Nigeria's automotive market.
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1. Parties: Identification of the Owner/Seller and the Hirer/Purchaser with full legal names and addresses
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, VIN, and registration number
5. Financial Terms: Purchase price, deposit amount, balance payable, interest rate, and total cost of credit
6. Payment Terms: Payment schedule, installment amounts, and payment methods
7. Delivery and Acceptance: Terms regarding delivery of the vehicle and acceptance by the hirer
8. Title and Ownership: Provisions regarding ownership during the hire purchase period and transfer of title upon completion
9. Insurance Requirements: Mandatory insurance requirements and responsibilities
10. Maintenance and Use: Hirer's obligations regarding vehicle maintenance and permitted use
11. Default and Termination: Consequences of default and termination provisions
12. Repossession Rights: Owner's rights of repossession in case of default
13. Governing Law: Specification of Nigerian law as governing law
14. Signing Page: Execution block for all parties
1. Guarantor Provisions: Required when a guarantor is involved in the transaction
2. Early Payment Terms: Include when early payment options are offered
3. Cross-Border Use: Include when vehicle may be used outside Nigeria
4. Trade-In Details: Include when there is a trade-in vehicle involved
5. Additional Services: Include when maintenance package or other services are included
6. Assignment Rights: Include when assignment of rights is permitted
7. Vehicle Modifications: Include when specific modifications are permitted or prohibited
1. Schedule 1 - Vehicle Specification: Detailed technical specifications of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates and amounts
3. Schedule 3 - Condition Report: Initial condition report of the vehicle at time of delivery
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Schedule 5 - Warranty Details: Details of manufacturer's warranty and any additional warranties
6. Appendix A - Required Documentation: List of required documents including registration, insurance certificates
7. Appendix B - Maintenance Schedule: Manufacturer's recommended maintenance schedule
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Business Day
Commencement Date
Completion Date
Conditions Precedent
Default Event
Default Interest Rate
Delivery Location
Deposit
Down Payment
Early Settlement
Effective Date
Event of Default
Final Payment Date
Finance Charge
Guarantor
Hire Period
Hirer
Initial Payment
Installment Payment
Insurance Policy
Interest Rate
Late Payment Fee
Maintenance Requirements
Material Adverse Change
Notice
Owner
Outstanding Balance
Party/Parties
Payment Date
Payment Schedule
Purchase Price
Repossession
Schedule of Payments
Seller
Term
Title
Total Amount Payable
Vehicle
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration
Warranty
Annual Percentage Rate (APR)
Business Day
Commencement Date
Completion Date
Conditions Precedent
Default Event
Default Interest Rate
Delivery Location
Deposit
Down Payment
Early Settlement
Effective Date
Event of Default
Final Payment Date
Finance Charge
Guarantor
Hire Period
Hirer
Initial Payment
Installment Payment
Insurance Policy
Interest Rate
Late Payment Fee
Maintenance Requirements
Material Adverse Change
Notice
Owner
Outstanding Balance
Party/Parties
Payment Date
Payment Schedule
Purchase Price
Repossession
Schedule of Payments
Seller
Term
Title
Total Amount Payable
Vehicle
Vehicle Documents
Vehicle Identification Number (VIN)
Vehicle Registration
Warranty
Clauses
Definitions
Purchase and Sale
Payment Terms
Title and Ownership
Delivery and Acceptance
Vehicle Condition
Insurance Requirements
Maintenance and Repairs
Use Restrictions
Default and Remedies
Repossession Rights
Termination
Early Settlement
Assignment
Representations and Warranties
Risk and Liability
Force Majeure
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Indemnification
Registration and Documentation
Guarantees
Events of Default
Interest and Charges
Vehicle Inspection
Return of Vehicle
Purchase and Sale
Payment Terms
Title and Ownership
Delivery and Acceptance
Vehicle Condition
Insurance Requirements
Maintenance and Repairs
Use Restrictions
Default and Remedies
Repossession Rights
Termination
Early Settlement
Assignment
Representations and Warranties
Risk and Liability
Force Majeure
Notices
Confidentiality
Dispute Resolution
Governing Law
Entire Agreement
Severability
Amendment
Indemnification
Registration and Documentation
Guarantees
Events of Default
Interest and Charges
Vehicle Inspection
Return of Vehicle
Relevant Industries
Automotive
Financial Services
Insurance
Retail
Transportation
Consumer Finance
Vehicle Leasing
Relevant Teams
Legal
Finance
Sales
Compliance
Credit Risk
Collections
Customer Service
Operations
Vehicle Documentation
Contract Administration
Relevant Roles
Sales Manager
Finance Manager
Legal Counsel
Automotive Finance Specialist
Credit Manager
Compliance Officer
Contract Administrator
Vehicle Sales Representative
Financial Services Director
Risk Manager
Collections Manager
Customer Service Manager
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