The Car Payment Takeover Agreement is a crucial document used in Malaysia when an existing vehicle owner wishes to transfer their financing obligations to a new buyer before the completion of their payment term. This arrangement must comply with Malaysian legislation, particularly the Hire-Purchase Act 1967 and, where applicable, Islamic Financial Services Act 2013. The document is commonly used during financial hardship, relocation, or when upgrading vehicles, providing a structured way to transfer both the vehicle and its associated financial obligations. It requires explicit consent from the financing institution and includes comprehensive details about the vehicle, payment schedules, parties' obligations, and transfer conditions. The agreement protects all parties' interests while ensuring regulatory compliance in Malaysia's unique dual banking system environment.
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1. Parties: Identification of the original buyer (transferor), the new buyer (transferee), and the finance company/bank
2. Background: Context of the original purchase, existing financing arrangement, and reason for transfer
3. Definitions: Definitions of key terms used throughout the agreement
4. Transfer of Rights and Obligations: Core provisions detailing the transfer of payment obligations and rights from transferor to transferee
5. Vehicle Details: Comprehensive description of the vehicle including registration number, chassis number, make, model, and year
6. Payment Terms: Details of remaining payments, payment schedule, and payment method
7. Representations and Warranties: Declarations by all parties regarding their capacity to enter the agreement and the vehicle's condition
8. Transferor's Obligations: Specific obligations of the original buyer including vehicle handover and documentation
9. Transferee's Obligations: Specific obligations of the new buyer including payment responsibilities and compliance requirements
10. Finance Company's Consent: Terms of the finance company's approval of the transfer
11. Default and Remedies: Consequences and remedies in case of payment default or breach of agreement
12. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Islamic Finance Compliance: Required when the original financing is Shariah-compliant, detailing compliance with Islamic financing principles
2. Guarantor Provisions: Include when a guarantor is required by the finance company for the transfer
3. Insurance Transfer: Required when existing insurance policies need to be transferred or new policies arranged
4. Early Payment Provisions: Optional terms for early settlement of the remaining payments
5. Vehicle Maintenance Requirements: Include when specific maintenance conditions are required by the finance company
6. Third Party Authorization: Required when other parties (e.g., spouse, company board) need to authorize the transfer
1. Schedule 1 - Vehicle Details: Detailed technical specifications and condition report of the vehicle
2. Schedule 2 - Payment Schedule: Detailed breakdown of remaining payments including dates and amounts
3. Schedule 3 - Original Hire Purchase Agreement: Copy or key terms of the original financing agreement
4. Schedule 4 - Transfer Documentation: List of all required transfer documents and forms
5. Appendix A - Vehicle Inspection Report: Recent inspection report detailing vehicle condition
6. Appendix B - Consent Documents: Collected consent forms from relevant parties including finance company
Authors
Relevant legal definitions
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Relevant Industries
Automotive
Financial Services
Banking
Insurance
Islamic Finance
Consumer Finance
Transportation
Retail Automotive
Relevant Teams
Legal
Finance
Compliance
Credit Risk
Sales
Customer Service
Documentation
Islamic Banking
Collections
Operations
Vehicle Finance
Contract Administration
Relevant Roles
Finance Manager
Automotive Finance Specialist
Legal Counsel
Compliance Officer
Credit Risk Manager
Vehicle Finance Officer
Customer Service Manager
Sales Manager
Documentation Specialist
Islamic Banking Officer
Loan Officer
Contract Administrator
Risk Assessment Officer
Collections Manager
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