This Car Installment Agreement is essential for vehicle purchases in Malaysia where buyers opt for financing through installment payments. The document is structured to comply with the Malaysian Hire-Purchase Act 1967 and related legislation, including the Consumer Protection Act 1999 and Financial Services Act 2013. It serves as a comprehensive contract detailing the financial arrangement, protecting both the financier's security interest and the buyer's consumer rights. The agreement includes crucial information about the vehicle, payment terms, ownership conditions, maintenance requirements, and default remedies. It is commonly used by financial institutions, car dealerships, and private sellers for both new and used vehicle sales where financing is required. The document must be properly stamped under the Stamp Act 1949 to be legally enforceable in Malaysian courts.
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1. Parties: Identifies and provides full details of the finance company/seller and the purchaser
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, engine number, and chassis number
5. Purchase Price and Payment Terms: Details of the total purchase price, down payment, interest rate, installment amounts, and payment schedule
6. Delivery and Acceptance: Terms regarding vehicle delivery and acceptance conditions
7. Title and Ownership: Clarifies that title remains with the seller until full payment is made
8. Insurance Requirements: Mandatory insurance requirements and responsibilities
9. Maintenance and Use: Buyer's obligations regarding vehicle maintenance and permitted use
10. Events of Default: Circumstances constituting default and consequences
11. Repossession Rights: Seller's rights and procedures for repossession in case of default
12. Termination: Conditions and procedures for early termination
13. General Provisions: Standard contractual clauses including notices, amendments, governing law
1. Guarantor Provisions: Required when a guarantor is involved in securing the installment payments
2. Early Payment Terms: Include when early payment options and rebates are offered
3. Trade-In Provisions: Required when there is a trade-in vehicle involved in the transaction
4. Extended Warranty: Include when additional warranty coverage is being provided
5. Cross-Border Use: Required when the vehicle will be regularly used across Malaysian borders
6. Multiple Owners: Include when the vehicle is being purchased jointly by multiple parties
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 dates and amounts
3. Schedule 3 - Insurance Requirements: Specific insurance coverage requirements and approved insurers
4. Schedule 4 - Delivery Checklist: Checklist of items to be verified during vehicle delivery
5. Appendix A - Required Documents: List of documents required from the purchaser
6. Appendix B - Warranty Terms: Detailed warranty terms and conditions if applicable
Relevant legal definitions
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Compliance
Risk Management
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Customer Service
Documentation
Credit Assessment
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Relevant Roles
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