The Hire Purchase Agreement For Vehicle is a critical document used in Indonesia when financing the purchase of vehicles through installment payments. It is designed to comply with Indonesian financial services regulations, including OJK requirements and consumer protection laws. This agreement is typically used when a purchaser wishes to acquire a vehicle but prefers to spread the cost over time, with the finance company retaining title until full payment is made. The document incorporates essential elements required by Indonesian law, including fiduciary security arrangements, mandatory insurance requirements, and specific down payment regulations as prescribed by the Minister of Finance. It's commonly used by financial institutions, vehicle dealerships, and corporate fleet managers, providing a legally secure framework for vehicle financing transactions while protecting the interests of all parties involved.
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1. Parties: Identification of the Seller/Finance Company and the Purchaser with complete details
2. Background: Context of the agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine number, chassis number
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rate
6. Delivery and Acceptance: Terms regarding vehicle delivery and acceptance conditions
7. Title and Risk: Provisions regarding ownership, transfer of title, and risk allocation
8. Insurance Requirements: Mandatory insurance coverage and terms
9. Maintenance and Use: Purchaser's obligations regarding vehicle maintenance and permitted use
10. Default and Repossession: Events of default and the Seller's rights of repossession
11. Termination: Circumstances and procedures for early termination
12. General Provisions: Standard clauses including notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when a guarantor is involved in securing the purchaser's obligations
2. Additional Security: Used when additional security beyond the vehicle itself is required
3. Special Usage Terms: Included when the vehicle has specific usage restrictions or requirements (e.g., commercial use)
4. Cross-Default Provisions: Included when the purchaser has multiple agreements with the seller
5. Electronic Payment Terms: Specific terms for electronic payment arrangements if applicable
6. Assignment Rights: Detailed assignment provisions if the agreement may be assigned to third parties
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 and amounts
3. Schedule 3 - Insurance Requirements: Specific insurance requirements and minimum coverage details
4. Schedule 4 - Delivery Inspection Report: Condition report at the time of delivery
5. Appendix A - Required Documents: List of documents required from the Purchaser
6. Appendix B - Maintenance Schedule: Manufacturer's recommended maintenance schedule
7. Appendix C - Guarantor Details: Details of guarantor if applicable
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Transportation
Fleet Management
Leasing
Retail
Relevant Teams
Legal
Finance
Risk Management
Sales
Compliance
Operations
Credit
Collections
Customer Service
Documentation
Relevant Roles
Finance Manager
Legal Counsel
Credit Risk Officer
Fleet Manager
Sales Manager
Compliance Officer
Contract Administrator
Credit Analyst
Vehicle Finance Specialist
Operations Manager
Insurance Coordinator
Collections Manager
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