Hire Purchase Agreement Repossession


With conditional leases or sales, you cannot sell the goods yourself without the creditor`s written permission. If you sell the goods without permission, it could be a misdemeanor. A warranty under a lease-sale applies in the same way as if the goods are purchased directly. The manufacturer supports the warranty. In the event of an error on the product, the consumer may choose to repair the goods as part of the warranty or to make a full refund or exchange with the owner. HP is also called conditional sales, and your agreement can use both terms. A private renter (with blue stickers) approved as a driver would be considered a commercial vehicle. Some leases may grant you additional contractual rights, z.B. you can return the goods for free after a certain period of time. Creditors may use other conditions to describe this type of lease, such as .

B “Personal Contract Purchase” (PCP) or “rent to own.” Check your consent to see if you have any additional rights. If you`re not sure what type of agreement you have, check your contract. If it is a lease-sale or a conditional sales type contract, it will look like the example at the end of this listing. The agreement will make it clear whether it is governed by the Consumer Credit Act. If you think you have another type of agreement or conditional lease or sale agreement that does not mention the Consumer Credit Act, contact us for advice. 9. I am an individual/vehicle rental company with a lease-purchase agreement with a finance company. Is the law valid for me? Lease-to-sale agreements can be entered into with banks, real estate credit companies, financial companies and certain retail stores, such as garages.B. The store or garage does not actually offer credit. It acts as an intermediary for a financial company and receives commissions from the financial company for the intermediation of the loan.

When a consumer returns defective goods, he is entitled to reimbursement of payments paid as consumer rights in this situation, as if the goods had been purchased directly. Takes new fees, except with the tenant`s subsequent agreement. If you are eligible, the financing company may take certain measures against you until (i) 19 November 2020 (for agreements with banks or regulated financial companies of MAS) and (ii) on 31 January 2021 (for agreements with other financing companies), including: If you have difficulty retaining repayments on a lease purchase or conditional sale contract, it may be better if you terminate the contract yourself. This limits the amount you owe. Once you are late with repayments, the lender can terminate the contract and you may end up having to pay more. Some creditors try to calculate the confiscation of the goods by you after the end of the contract. It seems that the Consumer Credit Act does not allow that. If you are asked to pay an additional fee, you can complain to your standard trade department or ask us for advice. If goods that are or become defective under a lease-sale, the responsibility rests with both the merchant and the owner (financial company). In this situation, a consumer can make claims against any party. A claim cannot be made against the manufacturer of the product.

Comments are closed.