Hire-purchase agreement for motor vehicle
4.—(1)  Subject to paragraph (3), the minimum amount of the deposit to be paid by the buyer under a hire-purchase agreement for a motor vehicle shall be —
(a)40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
(b)50% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
(2)  Subject to paragraph (3), the tenure of a hire-purchase agreement for a motor vehicle shall not exceed 5 years.
(3)  Paragraphs (1) and (2) shall not apply to a hire-purchase agreement for a used vehicle if the relevant agreement is made between 6th April 2013 and 4th June 2013 (both dates inclusive).
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Last updated 24 Apr 2024
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