8. A customer has signed a personal (rather than commercial) rental contract for a car. The customer then registered it as a commercial vehicle for private rental. Is such a car under the law? You can use our rental-purchase facility (HP) to finance your vehicle purchase. This is a financing agreement for your purchase of a commercial vehicle, in which we pay directly to the seller. The bank therefore acquires and retains legal ownership of the financed assets while you become a tenant. Ownership of the financed assets is transferred to you if the last tranche is fully paid. This is different from a term loan in which the borrower holds the right to the goods from the outset. If you are eligible, the financing company may take certain action against you until (i) 19 November 2020 (for agreements with banks or financial companies regulated by MAS) and (ii) on 31 January 2021 (for agreements with other finance companies), including: 5. I purchased my car through a lease agreement for the purpose of my private leasing business.
Is the law valid for me? 2. What is the difference between a lease and a lease? However, the government has worked closely with industry and associations to provide targeted assistance to help drivers live through these difficult times. Please refer to the FAQ (6) of FAQs for commercial aircraft rental contracts. 26. Can the finance company terminate my lease because I cannot pay on time? 27. Why does the limit for late interest and late charges in Section 7A not apply to my lease with a bank or financial firm? 12. I sent a discharge notification on June 1, 2020. I have already paid payments for the months of February to May 2020 before reporting the discharge. Does the tenant have to return the payments that have been paid to me? 3. What are the statutory facilities that apply to me, the tenant/debtor? The rate remains payable by contract. However, the law prohibits the financing company from repossessing the facility, machinery or locked-in assets used for commercial or commercial vehicles, or from taking legal action during the prescribed period (i) november 19, 2020 (for agreements with banks or financial companies regulated by LAS) and (ii) on January 31, 2021 (for agreements with other financing companies).