Hire Purchase Agreement Law
You may terminate a purchase or conditional sales contract in writing and return the goods at any time. This can be useful if you can no longer afford to pay or if you no longer need the goods. (7) While waiting for this contract, the lessee must keep the mentioned machines and installations in good condition and maintain them properly, as a wise man would do, and replace all parts that have been lost, that are or are broken. 21. If the lessee is declared insolvent or if he authorizes the installation of such machinery and installations pursuant to a decree or court order or for the recovery of government contributions, or where the receiver is designated by the court or the creditor, the agreement on the occurrence of such an event is terminated. To be valid, HP agreements must be in writing and signed by both parties. You must clearly indicate the following information in a print that everyone can read effortlessly: a tempering sales contract is drawn up and signed by the tenant (the consumer) and on behalf of the owner (the lending institution). If a trader is involved, for example a workshop, he also signs the contract and delivers the goods in question. 23. In the event of termination of this contract by the time or early termination by the company or the lessee, or something else, as indicated above, the company must reimburse the lessee the amount of the acomptère less that the tenant must pay to the company for the rental costs or other costs to be paid to the company, as well as the costs to be paid or incurred by the tenant in relation to these gifts and not to pay it. 4.
The tenant paid the company an amount of Rs upon performance of this contract. . in the form of security or seriousness, adjusted in relation to the rental purchase price of the aforementioned machinery and equipment, if the tenant exercises the possibility of acquiring the same as those below. If the tenant does not exercise this option or the contract is terminated before the exercise of this option, the amount of the mentioned deposit is refunded to the tenant by the company at the expiration or prior date of this agreement, subject to the deduction of all claims that the company has against the tenant on the basis of this agreement or the law. including the cost price of the above-mentioned machinery and plant. When they have been leased under a lease purchase agreement, the retailer and the owner (financial company) are liable. A consumer may, in this situation, assert claims against any party. It is not possible to assert a claim against the producer of the product. 30. If, at the time of the establishment of this Agreement, the Lessee does not supply the machinery and equipment in question to the Undertaking without any dispute, the Undertaking shall have the right to bring legal proceedings or other proceedings to repossess them, and the Lessee shall bear all costs. Costs and expenses incurred by the company on this behalf, subject to a court order. Different credit institutions have different rental purchase costs.
Some indicate an annual percentage rate of interest. This can help consumers compare rental purchase fees. It may be misleading to compare an effective annual interest rate for the rental purchase to that of a normal bank or credit loan, given that a consumer pays for the rent of the goods and only owns it when the last instalment of the contract has been paid. . . .