The Car Finance Contract is a fundamental document used in Malaysian vehicle financing transactions, essential for both financial institutions and consumers seeking to finance vehicle purchases. It must comply with the Hire-Purchase Act 1967, Financial Services Act 2013, and other relevant Malaysian regulations. The contract typically includes detailed terms covering the vehicle specifications, purchase price, financing amount, interest rates, payment schedule, insurance requirements, and ownership conditions. This document is crucial for protecting the interests of both the finance provider and the purchaser, ensuring clear understanding of obligations, and maintaining regulatory compliance in the Malaysian automotive financing sector. It serves as the primary legal framework for the entire vehicle financing relationship, from purchase through to final payment.
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1. Parties: Identification of the finance company (creditor) and the purchaser (debtor)
2. Background: Context of the agreement including the purpose of the financing and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Details: Specific details of the vehicle being financed including make, model, year, and registration number
5. Financial Terms: Purchase price, down payment, interest rate, total amount payable, and term of financing
6. Payment Obligations: Details of payment schedule, method of payment, and consequences of early or late payment
7. Ownership and Use: Terms regarding vehicle ownership, restrictions on use, and transfer limitations
8. Insurance Requirements: Mandatory insurance coverage requirements and related obligations
9. Representations and Warranties: Standard declarations by the purchaser regarding their ability to enter into the agreement
10. Events of Default: Circumstances constituting default and consequences thereof
11. Repossession Rights: Creditor's rights and procedures for repossession in case of default
12. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantor Provisions: Terms applicable when a guarantor is involved in the financing arrangement
2. Special Payment Terms: Used when non-standard payment arrangements are agreed upon
3. Dealer Arrangements: Included when specific arrangements exist with the car dealer
4. Additional Security: When additional security beyond the vehicle is required
5. Electronic Communications: Terms for electronic notices and communications if agreed upon
6. Islamic Finance Provisions: Special terms when the financing is provided under Islamic banking principles
1. Schedule 1 - Vehicle Specification: Detailed description of the vehicle including all technical specifications and accessories
2. Schedule 2 - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and allocation between principal and interest
3. Schedule 3 - Insurance Requirements: Specific insurance requirements including minimum coverage levels
4. Schedule 4 - Delivery and Acceptance: Vehicle delivery details and acceptance confirmation
5. Schedule 5 - Disclosure Statement: Statutory financial disclosure as required by Malaysian law
6. Appendix A - Terms and Conditions: Standard terms and conditions as required by the Hire-Purchase Act
7. Appendix B - Guarantor Details: Details of guarantor(s) if applicable
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Automotive
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Consumer Finance
Insurance
Retail Automotive
Consumer Services
Relevant Teams
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Finance
Compliance
Credit Risk
Sales
Customer Service
Collections
Operations
Documentation
Risk Management
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Relevant Roles
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Finance Manager
Credit Officer
Compliance Officer
Sales Manager
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