How To Engage In Hire Purchase

Hire Purchase (HP)?
Hire Purchase usually happen in car loan. When you buy a car, you are the hirer and the bank is the financier. Then, you have the possession of the car but at the same time have to repay the bank who is the owner of the car based on the terms of payment . When the instalment paid up, the car owner is you.

Governing Legislation
You were protected by Hire Purchase Act 1967. Refer to it when necessary.

Financing
Major banking institutions. You will receive a financial statement called Second Schedule Part 1, which state your financial obligations under the proposed HP agreement.
However, sometimes the car dealer will help you to obtain loan. You will receive Second Schedule Part 2 states that the bank is a party to the agreement. Remember you don't need to pay anything for Second Schedule, and lawyer is a white elephant in HP agreement.

Minimum Deposit
10% of the motor vehicle cash price is the minimum deposit should be required by banking institutions. However, we had heard alot of RM1 deposit or zero deposit nowadays.

Guarantor
If you default, the guarantor is liable for the unpaid portion of the HP financing and interest due. A guarantor is pre-requisite.

Insurance
The car dealers or the banking institutions will arrange insurance cover for you in the first year. For the subsequent year, you will need to find for insurance yourself. Motor vehicles under HP financing usually need a comprehensive insurance policy.

Fixed rate or Variable rate financing?
Fixed rate financing means that the interest charge is fixed. Maximum rate charge in fixed rate term capped at 10% per annum. The variable rate financing follow the movement of the base lending rate (BLR). Maximum variable rate financing interest capped at 17% per annum. Your prediction of future interest rate movement is crucial in selecting type of financing.

Generally, the banking institutions have the rights to repossess the registered vehicle if you unable to pay for instalment for 2 months consecutively.

If you have further question. visit here.

+ I am also providing car insurance renewing service, drop me a comment if you need my service =)

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Time To Invest In Asia's Recovery

Kuala Lumpur: Positive developments in Asia have hinted that the region is on the road to economic recovery. These developments could also signal to investors that the time is ripe to consider opportunities available in the region.

Speaking at a media briefing on Investing Asia today, Sulaiman Mohd Tahir, Head of Consumer Sales & Distribution, CIMB Bank Berhad in his welcome address said: “Asian economies are well poised to recovery with China leading the way. Taking into account all the positive economic indicators from around the world and Asia, we expect the level of investors’ risk averseness to moderate and confidence to return significantly. This is also the best time for investors to consider the prospects of shifting into equities. At CIMB Bank, we are prepared to ride the next growth wave and ensure our investors’ portfolios are well positioned to benefit from a booming Asia.”

Investors were encouraged to take advantage of these Asian opportunities via three Asian equity funds managed by CIMB-Principal Asset Management Berhad (“CIMB-Principal”); two being conventional funds while the other is a Shariah-compliant fund.

Raymond Tang, Chief Investment Officer of CIMB-Principal stated that as at end July 2009 their three Asian funds - CIMB Islamic Asia Pacific Equity Fund, CIMB-Principal Emerging Asia Equity Fund and CIMB-Principal Asia Infrastructure Equity Fund have recorded a YTD cumulative performance of 50.68%, 49.46% and 36.83% respectively.

“The market moves ahead of the real economy by six to nine months. The recent positive market performance has moved in anticipation of the first round of recovery. From here we foresee a positive uptrend that investors can still partake of in anticipation of the second leg of the recovery,” he concluded.

Credit to: CIMB

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