A hire purchase agreement is governed by the provisions of the Hire-Purchase Act,1967 (Act 212) together with its Regulations, Orders and Guidelines (the Act).
So, before entering into a hire-purchase agreement, one must first read the Second Schedule of the Act. This 2nd Schedule is a summary of the hirer's financial obligation under the proposed hire-purchase agreement. It has to be read carefully by the hirer. Once you are satisfied with the contents of the 2nd Schedule, you may sign it and return it to the respective Financial Institution or Bank. Do not forget to make a copy of the same for your record and safe keeping.
Next, check the vehicle conditions, interior and exterior. Check the accessories offered by the dealer, whether the vehicle is fixed with such accessories or have something left inadvertently. Drive the vehicle for a short distance just for a final test drive. If you are satisfied with the vehicle, you may sign the hire-purchase agreement now and let the dealer arrange all necessary steps for the registration of the vehicle.
Note that the duly stamped duplicate copy of the hire-purchase agreement will be sent to you by the owner by post within 14 days from the date you sign the same. If you do not receive the agreement, please contact the owner/finance company/bank and demand from them for immediate sending of the duplicate copy of the agreement.
Congratulation for the brand new car. Please drive carefully, obey the road sign boards and be a good Malaysian citizen accordingly.
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