Hire-purchase agreement for motor vehicle
4.—(1)  Subject to paragraph (3), the minimum amount of the deposit to be paid by the hirer under a hire-purchase agreement for a motor vehicle shall be —
(a)30% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
[S 241/2016 wef 27/05/2016]
(b)40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
[S 241/2016 wef 27/05/2016]
[S 363/2020 wef 06/05/2020]
(2)  Subject to paragraphs (3) and (4), the tenure of a hire-purchase agreement for a motor vehicle shall not exceed 7 years.
[S 241/2016 wef 27/05/2016]
[S 363/2020 wef 06/05/2020]
(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).
(4)  In paragraph (2), the reference to 7 years is replaced with a reference to 7 years and the period of extension of the tenure of the hire‑purchase agreement in sub‑paragraph (d), if —
(a)the hire-purchase agreement was made by the hirer and the owner of the motor vehicle on or before 5 May 2020;
(b)the hirer requests the owner for an extension of the tenure of the hire‑purchase agreement;
(c)the request is made between 18 February 2020 and the expiry date (both dates inclusive); and
(d)the owner grants an extension of the tenure of the hire‑purchase agreement for a period not exceeding 12 months.
[S 363/2020 wef 06/05/2020]
(5)  In this regulation, “expiry date” means the date ending 6 months after the date on which the Ministry of Health announces its risk assessment under the framework commonly known as Disease Outbreak Response System Condition or DORSCON, to be the colour code “Green” in relation to the infectious disease known as Coronavirus Disease 2019.
[S 363/2020 wef 06/05/2020]