The Vehicle Finance Agreement is a crucial document used in Hong Kong for facilitating the purchase or lease of vehicles through financial arrangements. It is designed to comply with Hong Kong's regulatory framework, including the Money Lenders Ordinance, Banking Ordinance, and Road Traffic Ordinance. This document is essential when a customer requires financing to acquire a vehicle, whether for personal or business use, and establishes the legal relationship between the finance provider and the borrower/hirer. It encompasses all necessary elements required by Hong Kong law, including detailed vehicle specifications, payment terms, security arrangements, and mandatory consumer protection provisions. The agreement is structured to protect both parties' interests while ensuring transparency and regulatory compliance in vehicle financing transactions.
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1. Parties: Identification of the finance provider and the borrower/hirer
2. Background: Context of the agreement and brief description of the transaction
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Vehicle Details: Specific details of the financed vehicle including make, model, registration number, and chassis number
5. Finance Terms: Principal amount, interest rate, payment schedule, and total amount payable
6. Payment Obligations: Details of payment methods, dates, and consequences of late payment
7. Vehicle Usage and Maintenance: Obligations regarding vehicle care, insurance, and permitted use
8. Security and Registration: Details of security interest over the vehicle and registration requirements
9. Insurance Requirements: Mandatory insurance coverage and claim procedures
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement Rights: Rights of the finance provider in case of default including repossession
12. Termination: Circumstances and process for early termination or completion of the agreement
13. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Guarantor Provisions: Required when a guarantor is providing additional security for the finance
2. Joint Borrowers: Required when multiple borrowers are jointly financing the vehicle
3. Business Use Provisions: Additional terms when vehicle is primarily for business rather than personal use
4. Balloon Payment Terms: Required when the finance structure includes a final balloon payment
5. Import Provisions: Required for newly imported vehicles not yet registered in Hong Kong
6. Special Purpose Vehicle Use: Additional terms for specialized vehicles like taxis or commercial vehicles
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 requirements and minimum coverage details
4. Schedule 4 - Warranty Details: Details of any warranty or service package included with the vehicle
5. Appendix A - Direct Debit Authorization: Form for setting up automatic payments
6. Appendix B - Personal Information Collection Statement: Required statement under Hong Kong's Personal Data (Privacy) Ordinance
7. Appendix C - Vehicle Handover Checklist: Document to be completed upon vehicle delivery
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Transport
Fleet Management
Leasing
Consumer Finance
Commercial Finance
Relevant Teams
Legal
Finance
Compliance
Sales
Credit Risk
Operations
Customer Service
Documentation
Business Development
Vehicle Finance
Regulatory Affairs
Relevant Roles
Legal Counsel
Finance Manager
Credit Risk Officer
Compliance Officer
Sales Manager
Contract Administrator
Fleet Manager
Credit Analyst
Business Development Manager
Operations Manager
Regulatory Compliance Manager
Vehicle Finance Specialist
Customer Service Manager
Documentation Officer
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