NATURE AND FORMATION OF HIRE - PURCHASE AGREEMENT

Question 1

FORMATION/ FORMALITIES OF HIRE PURCHASE AGREEMENT (THE REGULATION)

Answer 1

1. GIVING NOTICES OF THE SECOND SCHEDULE B4 ENTERING THE HIRE- PURCHASE AGREEMENT
2. THE AGREEMENT MUST BE IN WRITING
3. THE AGREEMENT MUST BE SIGNED
4. MUST HAVE THE FULL CONTENTS OF THE HIRE- PURCHASE AGREEMENT
5. SEPERATE THE AGREEMENT FOR EVERY ITEM OF GOODS
6. MOTOR VEHICLE REGISTRATION CERTIFICATE
7. NO ALTERATION OR MODIFICATION ON THE GOODS
8. DECLARATION ON SECOND-HAND MOTOR VEHICLE
9. COPY OF THE AGREEMENT MUST BE SERVED ON THE HIRER

Question 2

WHAT WILL HAPPENED TO THE OWNER IF HE DOESNT COMPLY WITH THE FORMALITY IN HIRE PURCHASE AGREEMENT?

Answer 2

THE OWNER/ DEALER WILL BE FACING UILTY FOR AN OFFENCE UNDER THE HPA 1967 AND THE PENALTY THAT IS UNDER S.46(1)

Question 3

THE CONTENTS OF HIRE- PURCHASE AGREEMENT ARE

Answer 3

1. DATE OF THE AGREEMENT
2. NUMBER OF INSTALLMENT TP BE PAID
3. AMOUNTS OF EACH installment, TO WHOM WHERE HAVE TO PAID
4. TIME FOR THE PAYMENT
5. DESCRIPTION FOR THE GOODS
6. THE ADRESS WGERE THE GOODS ARE PLACED

Question 4

WHAT DOES IT MEAN BY SEPARATING AN AGREEMENT FOR EVERY ITEM OF GOODS

Answer 4

If there is more than 1 item of goods being tired at one time from the same owner, there must be a separate hire purchase agreement for every item of goods.

Question 5

MEANING BY HAVING A MOTOR VEHICLES CERTIFICATE

Answer 5

THE HIRER MAY REQUEST IN WRITING OR HAVING THE REGISTRATION CERTIFICATE OF THE MOTOR VEHICLE

Question 6

MEANING OF DECLARATION ON SECOND-HAND MOTOR VEHICLE

Answer 6

IF THE AGREEMENT IS COMPRISE WITH SECOND-HAND MOTOR VEHICLE, THE OWNER SHOULD STATE IN THE WRITING OF THE AGREEMENT TO THE HIRER IN THE FIRST PLACE IF THERE are ANY DEFECTS

Question 7

HOW MANY DAYS FOR THE OWNER TO PREPARE A COPY OF AN AGREEMENT TO GIVE TO THE HIRER?

Answer 7

WITHIN 21 DAYS

Question 8

HOW MANY DAYS FOR THE OWNER TO PREPARE A COPY OF AN INSURANCE PAYMENT TO GIVE TO THE HIRER?

Answer 8

WITHIN 7 DAYS

Question 9

WHAT IS HIRE- PURCHASE AGREEMENT

Answer 9

AN AGREEMENT THAT PURCHASE OF GOODS THAT CAN PAY BY INSTALLMENTS

Question 10

WHAT IS THE MEANING OF HIRER

Answer 10

THE PERSON WHO TAKES GOODS FROM THE OWNER UNDER HIRE PURCHASE AGREEMENT

Question 11

2 CATEGORIES OF GOODS IN HIRE PURCHASE AGREEMENT

Answer 11

1. ALL CONSUMER GOODS

2. MOTOR VEHICLES

Question 12

THE RIGHTS OF OWNERSHIP IN HIRE PURCHASE AGREEMENT

Answer 12

THE HIRER STILL DOESNT HAVE THE FULL OWNERSHIP ON THE GOODS BECAUSE IF THEY HAVENT MAKE FULL PAYMENT TO THE OWNER

Question 13

EXAMPLE OF CASE IN RIGHT OF OWNERSHIP IN HIRE PURCHASE AGREEMENT

Answer 13

CREDIT CORPORATION BHD V THE MALAYSIAN INDUSTRIAL FINANCE CORP &ANOR