The Car Lease To Own Agreement is utilized when a party wishes to acquire a vehicle through a structured financing arrangement that combines leasing with an eventual purchase option in Malaysia. This document is essential for financial institutions, vehicle dealers, and lessees engaging in hire-purchase transactions under Malaysian law. The agreement comprehensively covers the entire relationship from initial vehicle delivery through to final ownership transfer, incorporating requirements from the Hire-Purchase Act 1967, Financial Services Act 2013, and other relevant Malaysian legislation. It's particularly relevant in situations where immediate outright purchase is not preferred or possible, providing a regulated framework for vehicle acquisition through periodic payments.
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1. Parties: Identification of the lessor (finance company/dealer) and lessee (customer), including full legal names, registration/identification numbers, and addresses
2. Background: Context of the agreement, including the purpose and brief description of the transaction structure
3. Definitions: Definitions of key terms used throughout the agreement, including technical and financial terms
4. Vehicle Description: Detailed description of the vehicle including make, model, year, color, engine number, chassis number, and registration number
5. Term and Payment: Duration of the lease, payment schedule, total amount payable, and purchase option price
6. Delivery and Acceptance: Terms regarding vehicle delivery, acceptance inspection, and condition confirmation
7. Title and Ownership: Provisions regarding vehicle ownership during the lease period and transfer conditions upon completion
8. Use and Maintenance: Requirements for vehicle use, maintenance obligations, and prohibited activities
9. Insurance: Insurance requirements, coverage types, and claim procedures
10. Default and Remedies: Events of default, cure periods, and available remedies for both parties
11. Early Purchase Option: Terms and conditions for early purchase of the vehicle
12. Termination: Conditions and procedures for agreement termination
13. Governing Law: Specification of Malaysian law as governing law and jurisdiction
14. Notices: Requirements for formal communications between parties
15. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when a guarantor is involved in securing the lease payments
2. Special Modifications: Used when the vehicle requires or permits specific modifications
3. Commercial Use Provisions: Required when the vehicle is intended for commercial or business use
4. Cross-Border Use: Included when the vehicle may be used in neighboring countries
5. Sublease Provisions: Required when subleasing is permitted under specific conditions
6. Special Maintenance Requirements: Included for luxury or specialized vehicles requiring specific maintenance procedures
1. Schedule 1 - Payment Schedule: Detailed breakdown of all payments including monthly installments, fees, and purchase option prices
2. Schedule 2 - Vehicle Condition Report: Detailed inspection report of vehicle condition at delivery
3. Schedule 3 - Maintenance Schedule: Required maintenance intervals and procedures
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Appendix A - Vehicle Documents: Copies of vehicle registration, insurance certificates, and other relevant documents
6. Appendix B - Terms of Warranty: Manufacturer's warranty terms and any additional warranty provisions
Relevant legal definitions
Clauses
Relevant Industries
Automotive
Financial Services
Banking
Insurance
Transportation
Fleet Management
Leasing Services
Consumer Finance
Relevant Teams
Legal
Finance
Compliance
Sales
Risk Management
Operations
Customer Service
Business Development
Credit Assessment
Vehicle Operations
Relevant Roles
Finance Manager
Legal Counsel
Automotive Finance Specialist
Credit Risk Manager
Fleet Manager
Compliance Officer
Sales Manager
Contract Administrator
Business Development Manager
Customer Service Manager
Vehicle Leasing Coordinator
Risk Assessment Officer
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