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What are the rights of my banking institution as an owner under a hire purchase agreement?

The rights of your banking institution include:

  • To repossess the motor vehicle when you default in payment.

  • To ask you to insure the motor vehicle.

  • To charge you any fees relating to the enforcement of the hire purchase (HP) agreement.


Back to Hire Purchase (HP)'s Contents


Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Notes
Knowledge Base ID :   1313
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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