As a hirer, the following obligations ought to be observed.
• You shall not remove, sell or dispose off the motor vehicle without obtaining our consent.
• To pay instalment on time stipulated in the Hire Purchase Agreement.
• To update us on any change of your registered address
• To ensure that the motor vehicle is insured at all times and to inform us within 14 days before expiry of the policy that you shall renew the insurance policy.
We have the rights to do the following:
• Take possession of the motor vehicle upon two successive defaults in instalments.
• Remind you to insure the motor vehicle.
• Charge you any fees allowed under the HP Agreement.
The Rights Of A Guarantor
As a guarantor under a HP Agreement, you are entitled to the following:
• Request for a copy of the HP Agreement if we did not serve you a copy.
• Request for all notices on payment issued by us to the Hirer.
• Discharged from any liability under the HP Agreement once the amount due us is fully paid by the Hirer.
• A legal right to compel the Hirer to observe his/her obligation under the HP Agreement.
• A legal recourse against the Hirer in the event you have made a settlement on the amount due under the HP Agreement.
As a Hirer, your are obligated to pay your monthly instalment on time. We can repossess the motor vehicle let on hire to you in the event: -
• You neglect to pay two successive instalments or the final instalment.
• In the case where the Hirer is deceased, failure to pay four successive monthly instalments.
We will engage a repossessor who is registered with the Association of Hire Purchase Companies Malaysia to repossess any motor vehicle. Our repossessor must show his identity card (IC), authority card and repossession order issued by us authorising him to take possession of the motor vehicle. You have the right to request to see his IC and authority card before allowing him to take the motor vehicle.
Repossesser's Code Of Conduct
A repossessor must act in a professional and reasonable manner in discharging his duties. You may find the guidelines, which regulate the conduct of the repossesser in the "Guidelines on the Appointment and Conduct of the Repossesser", issued by the Association of Finance Companies of Malaysia. Some of the rules are as follows:
• The repossessor should show the Hirer the Repossession Order and his authority card given by us before he repossesses the vehicle.
• The number of repossessors must be reasonable depending on the circumstances. The repossessor must show you the repossession order and authority card issued by us.
• The repossesser must reserve himself to professional conduct all times.
• It is illegal to use force in discharging his duties.
• You shall have ample time to take your belongings from the motor vehicle.
• A police report must be made immediately after the repossession. The motor vehicle shall be placed at the designated area indicated by us.
• The repossessor can only enter the premises with the permission of the resident or hirer.
If you notice that the repossessor has contravened the above guidelines, you may direct your complaint to us. You may also make a complaint to the Association of Hire Purchase Companies Malaysia.
Upon Two Successive Default
We may serve on you the following notices: -
• The first notice in the form of Fourth schedule under the HP Act. This is a notice in writing expressing our intention to repossess the motor vehicle after a period of 21 days.
• A second notice shall be issued 14 days from the date of the first notice informing you of our intention to take possession of the motor vehicle upon the expiry of the first notice.
• Note: According to the HP Act, the notice may be served by personal delivery or by registered mail to the last known address.
What are your rights?
• You can pay the outstanding arrears before the expiry of the 21 days stated in the first notice. We shall then abort our intention to repossess.
• You may return the motor vehicle to us before the expiry of the 21 days of the first notice. However, you shall still be required to settle any outstanding debts less the value of the motor vehicle.
When Can We Repossess
It can be executed at anytime after the expiry of 21 days as stated in the first notice.
After the repossession of the motor vehicle, we shall give you a document in writing acknowledging receipt of the motor vehicle. If you are not available to receive the acknowledgment receipt, the same shall be delivered to you by post as soon as possible.
Within 21 days after repossession, we shall give you and every guarantor a notice under the Fifth Schedule of the Hire Purchase Act, which allows you to pay the amount owing to us.
You are entitled to: -
• before the expiry of the 21 days as stated in the Fifth Schedule notice, you may require us to return the motor vehicle to you by: -
i) Pay all outstanding amount in arrears and out of pocket expenses (includes cost of storage, repair or maintenance, cost of repossession and re-delivery) incurred by us; or
ii) Pay in full, the balance due and owing as well setting all out of pocket expenses (includes cost of repossession, storage, repair or maintenance).
• You may also introduce a buyer to purchase the motor vehicle at the price indicated on the notice.
Our Rights On Repossessed Motor Vehicle
In the event you or your guarantor fails to settle the stipulated amount stated in the Fifth Schedule within 21 days after it was sent to you, we may sell the motor vehicle through public auction or private sale.
If we sell the motor vehicle by: -
• Public auction, we shall serve on you a copy of the notice of the public auction, 14 days before the date of the auction.
• Other than public auction, we shall give you an option to purchase the motor vehicle if we intend to sell at a price lower than the estimated price stated in the Fifth Schedule notice.
Shortfall Amount Due After Repossession
You and your guarantor are still liable for any outstanding amount due to us after the motor vehicle has been auctioned. You will need to bear the auction expenses.
Our Advice To You
• Ensure that the agreement is in writing.
• Read all the fine print in the written agreement.
• Check that the purchase price and HP terms in the agreement are as agreed by you.
• Make sure that the instalment payments for the duration of the facility is affordable by you.
• Know your obligations under HP Agreement to ensure that you do not breach the agreement.
• Keep all documents and receipts in a safe place.
• Pay all monies to authorised persons only. Please check with our branch on the person authorised by us.
• Execute an incomplete agreement/forms.
• Accept agreements that are not being executed.
• Lose the HP agreement or any other related documents.
• Pay instalments to unauthorised dealers, persons or agents.
• Fail to inform us of any change of address.
• Sell/transfer/part possession of the motor vehicle to a third party without our consent.http://www.maybank2u.com.my/business/ot ... ions.shtml