SECOND SCHEDULE
Sections 1(4) and 3(1) and (3)
Information for prospective hirers
PROPOSED HIRE-PURCHASE AGREEMENT RELATING TO1..............
1   Insert description of goods.
Item
Description
1.
Cash price of the goods
 
  For motor vehicles, the cash price should be reflected as —
 
(a)price of motor vehicle; and
 
(b)price of the certificate of entitlement
2.
Applied interest rate
3.
Effective interest rate
4.
Your instalments under the hire-purchase agreement will be paid every _______ day(s)/week(s)/month(s)
5.
Amount of each instalment
6.
Number of instalments
7.
Total interest
8.
Processing fees (if any)
9.
Other fees/charges, e.g. insurance charges, freight charges, etc. (please specify, if any)
10.
Total fees/charges (item 8 + item 9)
11.
Total interest plus total fees/charges (item 7 + item 10)
12.
Total amount payable (item 1 + item 11)
13.
Date of commencement of instalment payments
 
 
 
ADDITIONAL CHARGES the owner will impose charges for early settlement of hire-purchase agreement:
14.
The method for calculating the balance payable upon early settlement2:
2   Owner should explain the method for calculating the balance payable upon early settlement and give an example of the balance payable after a specified number of years.
__________________________________
 
E.g. after _____ years, the balance payable is:
__________________________________
15.
Early settlement fees (if any)
16.
Processing fees (if any)
17.
Notice period required (if any)
 
 
 
ADDITIONAL CHARGES the owner will impose for assignment of right, title and interest under the hire-purchase agreement to new owner:
18.
The method for calculating the balance payable upon assignment3:
3   Owner should explain the method for calculating the balance payable upon assignment and give an example of the balance payable after a specified number of years.
__________________________________
E.g. after _____ years, the balance payable is:
__________________________________
19.
Processing fees (if any)
20.
Notice period required (if any)
 
 
 
INTEREST RATE the owner will impose for overdue instalments:
21.
The interest charged will be _______ (on the overdue amount)
22.
Processing fees (if any)
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Last updated 25 Apr 2024
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