Leasing & Hire Purchase Cloud
Ready to support the new law that will come into effect on 1 July 2018 onwards. Application from APPBankAsia is very flexible. Can configure applications from various parameters to work according to the new rules. Without having to edit the program In the future, if a new law is amended.
D-Day 1, this new contract will be enforced. Increase consumer car-motorcycle hire purchase protection Not being taken advantage of And reduce the interest rate by not more than 15% per year from the original 17%. Leasing companies have to make clear the principal and interest payment schedule. Give the customer the right to buy the car back within 7 days.
New regulatory details
1. Determine the fine interest in case of default, not more than 15% (of the original 17%)
2. Hire purchase companies must make a table showing the installments of principal and interest, date-month-year of the installment, clearly inform consumers.
3. In the event that the buyer wants to pay all (Leasing) leasing company Must provide a discount of interest of not less than 50%
4. Grant the right to hire a motor vehicle Buy a car back within 7 days after the car has been seized and grant the guarantor within 15 days.
5. If the car is sold at auction Must inform the hire-purchase and guarantor 7 days in advance
6. Hire-purchase companies can collect fees. According to the actual cost But do not collect charges for carrying the car
7. Effective 1 July 2018
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