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The Hire Purchase Agreement Motor Vehicle is a crucial document used in Saudi Arabia when a customer wishes to purchase a vehicle through structured installment payments. It is designed to comply with both Sharia principles and Saudi Arabian financial regulations, particularly those set by SAMA. The agreement is suitable for both individual and corporate customers, covering various vehicle types from personal cars to commercial vehicles. It details the financial terms, ownership conditions, maintenance requirements, and insurance obligations, ensuring clear understanding of rights and responsibilities of all parties involved. The document is particularly important in the Saudi Arabian context where specific regulatory requirements exist for vehicle financing, ownership transfer, and registration. It includes provisions for protecting both the finance company's security interest and the customer's rights throughout the payment period until final ownership transfer.

1. Parties: Identification of the Finance Company (Seller) and the Customer (Hirer), including full legal names, addresses, and registration details

2. Background: Context of the agreement, including the Seller's ownership of the vehicle and the Hirer's desire to purchase it through hire purchase

3. Definitions: Definitions of key terms used throughout the agreement, including 'Vehicle', 'Hire Purchase Price', 'Installments', and 'Transfer of Ownership'

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, chassis number, engine number, and registration details

5. Financial Terms: Details of the purchase price, deposit, installment amounts, profit margin (interest), and payment schedule

6. Payment Terms: Specifics about payment methods, due dates, and consequences of late or missed payments

7. Title and Ownership: Provisions regarding retention of title by the Seller until final payment and conditions for transfer of ownership

8. Customer Obligations: Hirer's responsibilities including maintenance, insurance, proper use, and restrictions on vehicle modification or sale

9. Seller Obligations: Finance company's commitments including warranty provisions and transfer of title upon completion

10. Insurance Requirements: Mandatory insurance coverage requirements and procedures for claims

11. Default and Termination: Circumstances constituting default, remedies, and termination procedures

12. Governing Law and Jurisdiction: Application of Saudi Arabian law and jurisdiction for dispute resolution