The Vehicle Purchase Agreement With Monthly Payments is essential for transactions involving the sale of vehicles under installment payment arrangements in Malaysia. This document is primarily used when a purchaser wishes to buy a vehicle through monthly payments rather than a full upfront payment. It must comply with the Malaysian Hire-Purchase Act 1967, the Road Transport Act 1987, and other relevant legislation. The agreement covers crucial elements including vehicle specifications, payment terms, interest rates, insurance requirements, and ownership transfer conditions. It provides protection for both the seller and purchaser while ensuring all legal requirements for vehicle financing in Malaysia are met. The document is particularly important for dealerships, financial institutions, and individual purchasers as it establishes a legally binding framework for the entire transaction.
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1. Parties: Identification of the seller and purchaser with complete details as required by Malaysian law
2. Background: Context of the transaction and brief description of the parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, and registration number
5. Purchase Price: Total purchase price, deposit amount, and balance to be paid
6. Payment Terms: Monthly payment amount, payment schedule, interest rate, and total number of installments
7. Delivery and Transfer: Terms regarding vehicle delivery and transfer of ownership
8. Warranties and Representations: Warranties provided by the seller and representations made by both parties
9. Insurance Requirements: Mandatory insurance requirements as per Malaysian law
10. Default and Remedies: Consequences of default and available remedies for both parties
11. Title and Risk: Terms regarding transfer of title and risk in the vehicle
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Trade-In Vehicle: Details of any vehicle being traded in as part of the purchase - include when there is a trade-in vehicle involved
2. Extended Warranty: Terms of any extended warranty or additional protection packages - include when extended warranty is offered
3. Maintenance Agreement: Terms of any included maintenance or service package - include when maintenance package is part of deal
4. Early Payment Terms: Conditions and calculations for early repayment - include when early payment options are offered
5. Co-Guarantor: Details and obligations of any co-guarantor - include when there is a guarantor for the payments
6. Dealer Modifications: Details of any modifications to be made by dealer before delivery - include when modifications are part of purchase
1. Schedule A - Vehicle Specifications: Detailed technical specifications of the vehicle
2. Schedule B - Payment Schedule: Detailed monthly payment schedule with due dates and amounts
3. Schedule C - Delivery Checklist: Checklist of items to be verified during vehicle delivery
4. Schedule D - Warranty Terms: Detailed warranty terms and conditions
5. Appendix 1 - Vehicle Inspection Report: Pre-delivery inspection report of the vehicle
6. Appendix 2 - Insurance Requirements: Detailed insurance requirements and recommended coverage
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Insurance
Retail
Transportation
Fleet Management
Vehicle Leasing
Automotive Finance
Relevant Teams
Sales
Legal
Finance
Compliance
Credit Assessment
Customer Service
Risk Management
Operations
Documentation
Vehicle Registration
Quality Assurance
Relevant Roles
Sales Manager
Finance Manager
Automotive Sales Executive
Legal Counsel
Compliance Officer
Fleet Manager
Credit Officer
Insurance Underwriter
Vehicle Finance Specialist
Dealership Manager
Contract Administrator
Risk Assessment Officer
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