The Vehicle Hire Purchase Agreement is a crucial document in Saudi Arabia's automotive financing sector, designed to facilitate vehicle purchases through structured installment payments while ensuring compliance with Islamic finance principles and Saudi regulations. This agreement is commonly used when a purchaser wishes to acquire a vehicle but needs to spread the cost over time, with the seller retaining ownership until the final payment. The document must adhere to the Finance Companies Control Law, SAMA regulations, and Sharia requirements regarding interest and financial transactions. It includes comprehensive details about the vehicle, payment terms, ownership rights, maintenance obligations, and default procedures. The agreement is particularly important in Saudi Arabia's growing automotive market and supports the Kingdom's Vision 2030 objectives for increased financial inclusion and economic diversification.
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1. Parties: Identification of the finance company (seller) and the purchaser, including full legal names, addresses, and commercial registration/ID numbers
2. Background: Brief context explaining the purpose of the agreement and the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement, including financial terms as required by SAMA regulations
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, VIN, color, and specifications
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and annual percentage rate (APR)
6. Delivery and Acceptance: Terms regarding vehicle delivery, inspection, and acceptance conditions
7. Title and Ownership: Provisions regarding retention of title by the seller until final payment and transfer of ownership conditions
8. Insurance Requirements: Mandatory insurance coverage requirements and responsibilities for maintaining insurance
9. Maintenance and Use: Purchaser's obligations regarding vehicle maintenance, permitted use, and restrictions
10. Default and Remedies: Events of default, consequences, and seller's remedies including repossession rights
11. Early Payment and Termination: Terms for early settlement of the agreement and associated fees or rebates
12. Representations and Warranties: Parties' representations regarding capacity, authority, and vehicle condition
13. Governing Law and Jurisdiction: Application of Saudi law and jurisdiction for dispute resolution
1. Guarantor Provisions: Required when a guarantor is involved in securing the purchaser's obligations
2. Special Delivery Arrangements: Used when specific delivery requirements or conditions apply
3. Trade-in Details: Required when the purchase involves a vehicle trade-in
4. Special Purpose Usage: Included when the vehicle is for specific commercial or restricted use
5. Additional Services: Used when maintenance packages or other services are included in the agreement
6. Cross-Border Usage: Required when the vehicle will be regularly used across GCC countries
7. Additional Security: Included when additional security measures beyond the vehicle itself are required
1. Schedule 1 - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and fees
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and minimum terms
4. Schedule 4 - Delivery and Acceptance Certificate: Form for confirming vehicle delivery and acceptance
5. Schedule 5 - Maintenance Requirements: Detailed maintenance schedule and requirements
6. Appendix A - Required Documents: List of documents required from the purchaser including ID, licenses, etc.
7. Appendix B - SAMA Disclosures: Mandatory financial disclosures as required by Saudi regulations
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Transportation
Fleet Management
Logistics
Retail
Corporate Services
Consumer Services
Relevant Teams
Legal
Finance
Compliance
Sales
Credit Risk
Operations
Customer Service
Documentation
Risk Management
Sharia Advisory
Vehicle Operations
Contract Administration
Relevant Roles
Finance Manager
Legal Counsel
Compliance Officer
Sales Manager
Credit Risk Officer
Automotive Finance Specialist
Contract Administrator
Fleet Manager
Operations Manager
Financial Controller
Customer Service Manager
Documentation Specialist
Risk Assessment Officer
Sharia Compliance Officer
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