The Car Finance Agreement is a crucial document used in Malaysia when a customer seeks financing to purchase a vehicle through a financial institution. It is primarily governed by the Hire-Purchase Act 1967 and must comply with Malaysian financial services regulations. The agreement is used to document the financing arrangement between the financial institution and the customer, including detailed vehicle information, payment terms, interest rates, and security arrangements. It protects both the financier's interest in the vehicle and the customer's rights under Malaysian consumer protection laws. This document is essential for any vehicle financing transaction in Malaysia and typically involves interaction between financial institutions, car dealers, and customers.
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1. Parties: Identifies the finance company (the financier), the customer (the hirer), and any guarantors with their full details as required by Malaysian law
2. Background: Explains the context of the agreement - that the hirer wishes to purchase the vehicle and the financier agrees to provide financing
3. Definitions: Defines key terms used throughout the agreement, including technical financial terms and specific references to Malaysian legislation
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine number, chassis number, and registration number
5. Financial Terms: Details of the purchase price, down payment, interest rate, total amount financed, and payment schedule as per Hire-Purchase Act requirements
6. Payment Terms: Specifies payment obligations, payment methods, due dates, and consequences of late payment
7. Customer Obligations: Lists the customer's responsibilities including vehicle maintenance, insurance requirements, and usage restrictions
8. Financier's Rights: Outlines the financier's rights, including inspection rights and actions in case of default
9. Insurance Requirements: Mandatory insurance requirements as per Malaysian law and the financier's requirements
10. Default and Remedies: Defines events of default and the financier's remedies, including repossession rights under Malaysian law
11. Termination: Conditions and procedures for early termination or completion of the agreement
12. Governing Law: Specifies Malaysian law as governing law and jurisdiction for disputes
1. Guarantor Provisions: Additional terms when a guarantor is involved in the financing arrangement
2. Electronic Communications: Terms for electronic notices and communications if parties agree to digital correspondence
3. Refinancing Terms: Included when refinancing options are offered as part of the agreement
4. Special Conditions: For any non-standard terms specific to the particular financing arrangement
5. Islamic Finance Provisions: Required when the financing is provided under Shariah-compliant arrangements
6. Promotional Terms: When special promotional rates or terms are offered for a limited period
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and condition report of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including principal, interest, and due dates
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and approved insurers
4. Schedule 4 - Delivery and Acceptance: Vehicle delivery details and acceptance confirmation form
5. Schedule 5 - Guarantee Form: Standard form of guarantee when applicable
6. Appendix A - Required Documents: List of documents required from the customer including ID, income proof, etc.
7. Appendix B - Early Settlement Formula: Calculation method for early settlement as per Hire-Purchase Act
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Automotive
Banking
Insurance
Consumer Finance
Retail
Transportation
Relevant Teams
Legal
Finance
Compliance
Risk Management
Sales
Credit Administration
Customer Service
Collections
Underwriting
Operations
Document Management
Relevant Roles
Finance Manager
Credit Officer
Legal Counsel
Compliance Officer
Auto Finance Specialist
Risk Manager
Sales Manager
Contract Administrator
Customer Service Representative
Collections Manager
Underwriter
Relationship Manager
Vehicle Finance Consultant
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