A Car Hire Purchase Agreement is commonly used in England and Wales when purchasing vehicles through financial installments. This document establishes the legal framework for a transaction where the hirer gains immediate possession of a vehicle while making regular payments, though legal ownership remains with the finance company until the final payment is made. The agreement must comply with the Consumer Credit Act 1974 and related regulations, including mandatory cooling-off periods and specific disclosure requirements. It's particularly suitable for individuals and businesses seeking to spread the cost of vehicle acquisition over time while having immediate use of the vehicle.
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1. Parties: Details of the finance company and the hirer
2. Background: Context of the agreement and basic transaction details
3. Definitions: Key terms used throughout the agreement
4. Vehicle Details: Specific information about the vehicle being purchased
5. Financial Terms: Purchase price, deposit, interest rate, and payment schedule
6. Title and Risk: Ownership provisions and risk transfer
7. Payment Terms: Payment obligations and methods
8. Insurance Requirements: Mandatory insurance provisions
9. Termination: Conditions for ending the agreement
1. Maintenance and Service: Vehicle maintenance requirements (if included in package)
2. Warranty: Additional warranty provisions beyond statutory requirements
3. Early Settlement: Terms for early repayment
4. Cross-Border Usage: Terms for using vehicle outside the UK (if permitted)
1. Schedule 1 - Vehicle Specification: Detailed technical specifications of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments and dates
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements
4. Schedule 4 - Condition Report: Initial condition report of the vehicle
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