The Credit Hire Agreement is essential for businesses offering combined vehicle hire and financing services in Hong Kong. This document is typically used when a customer requires both a vehicle and financing arrangement through a single provider. The agreement must comply with Hong Kong's strict regulatory requirements, particularly the Money Lenders Ordinance and Contract Ordinance. It includes comprehensive details about the vehicle, hire terms, credit facilities, interest calculations, payment schedules, and insurance requirements. The Credit Hire Agreement is particularly important in situations involving accident replacement vehicles, long-term vehicle hire, or commercial fleet arrangements where immediate access to vehicles is needed but upfront payment isn't preferred. The document serves both consumer and commercial contexts, incorporating necessary protections and obligations for all parties while ensuring regulatory compliance.
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1. Parties: Identification of the credit hire company and the hirer, including full legal names and addresses
2. Background: Context of the agreement, including purpose of hire and credit facility
3. Definitions: Defined terms used throughout the agreement, including financial and operational terms
4. Hire Terms: Core terms of the hire including vehicle details, period of hire, and usage conditions
5. Credit Terms: Financial terms including credit limit, interest rates, payment schedule, and compliance with Money Lenders Ordinance
6. Delivery and Return: Conditions for vehicle delivery and return, including inspection procedures
7. Hirer's Obligations: Responsibilities of the hirer including maintenance, permitted use, and insurance requirements
8. Payment Terms: Detailed payment obligations, including hire charges, credit repayments, and additional costs
9. Insurance and Liability: Insurance requirements and allocation of risks between parties
10. Default and Termination: Events of default, termination rights, and consequences
11. General Provisions: Standard contractual terms including notices, amendments, and governing law
1. Guarantor Provisions: Required when a guarantor is securing the hirer's obligations
2. Replacement Vehicle: Include when the agreement offers replacement vehicle options
3. Cross-Border Use: Required when vehicle use in mainland China or Macau is permitted
4. Additional Services: Include when maintenance, roadside assistance, or other services are provided
5. Special Usage Terms: Required for commercial or specific-purpose vehicle hire
6. Dealer/Agent Provisions: Include when third-party dealers or agents are involved in the arrangement
1. Schedule 1 - Vehicle Details: Specific details of the hired vehicle including make, model, registration, and condition report
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments, including hire charges, credit payments, and payment dates
3. Schedule 3 - Interest Rate Calculations: Methodology for calculating interest and APR as required by Hong Kong regulations
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Appendix A - Vehicle Inspection Form: Standard form for recording vehicle condition at delivery and return
6. Appendix B - Personal Information Collection Statement: Privacy notice complying with Personal Data (Privacy) Ordinance
7. Appendix C - Authorized Drivers: List of additional authorized drivers and their details when applicable
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Transportation
Fleet Management
Car Rental
Leasing
Corporate Services
Consumer Services
Insurance
Logistics
Relevant Teams
Legal
Finance
Compliance
Operations
Fleet Management
Credit Control
Customer Service
Sales
Risk Management
Insurance
Contract Administration
Relevant Roles
Fleet Manager
Credit Risk Officer
Legal Counsel
Compliance Officer
Finance Manager
Operations Director
Customer Service Manager
Vehicle Hire Coordinator
Credit Controller
Insurance Manager
Sales Manager
Contract Administrator
Risk Assessment Officer
Business Development Manager
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