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The Car Loan Contract is a essential document used in Hong Kong for vehicle financing transactions, establishing the legal framework for secured lending against a vehicle. It is typically used when an individual or business seeks financing to purchase a vehicle, with the vehicle itself serving as collateral for the loan. The document must comply with Hong Kong's strict financial regulations, particularly the Money Lenders Ordinance and Banking Ordinance, while incorporating standard commercial lending practices. It includes detailed provisions for loan terms, interest calculations, security arrangements, borrower obligations, default scenarios, and enforcement rights. The contract serves both to protect the lender's security interest and to ensure transparency for the borrower regarding their obligations and rights under the financing arrangement.

1. Parties: Identification of the lender and borrower with their full legal names, addresses, and registration details if applicable

2. Background: Brief context of the loan arrangement and purpose of the facility for vehicle purchase

3. Definitions: Definitions of key terms used throughout the agreement, including 'Vehicle', 'Loan Amount', 'Interest Rate', etc.

4. Loan Facility: Details of the loan amount, purpose, and conditions precedent to drawdown

5. Interest and Fees: Specification of interest rate, calculation method, and any applicable fees

6. Repayment Terms: Payment schedule, installment amounts, and method of payment

7. Security Arrangements: Details of the vehicle as security, registration of security interest, and insurance requirements

8. Representations and Warranties: Statements of fact and assurances given by the borrower

9. Borrower Covenants: Ongoing obligations of the borrower regarding vehicle maintenance, use, and insurance

10. Events of Default: Circumstances constituting default and consequences thereof

11. Enforcement Rights: Lender's rights and remedies upon default, including repossession procedures

12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction