Sambung bayar contracts are not legally valid – KPDN
This was reiterated by the ministry of domestic trade and cost of living’s director-general of enforcement, Datuk Azman Adam, who reminded the public that any contract signed for the purpose of continuing vehicle payments under aHe said that under the hire purchase agreement signed between the owner and the lessee, there is a condition that states the lessee cannot ‘sell’ the vehicle without the owner’s permission.
In such cases, if the lessee intends to hand over his rights over the vehicle under the HP agreement, the lessee must inform the bank/financial institution of his intention and seek to obtain the bank’s permission and approval. “The pay-as-you-go party only needs to provide a small advance payment and continue the monthly installment payment to the bank on behalf of the lessee. Normally, the agreement between the lessee and the new party will be signed via a written contract or sometimes, just by a handshake,” he explained.
Azman said that while it is difficult for financial institutions to track the vehicle if the pay-as-you-go party fails to pay the vehicle’s monthly installments, the lessee is the one that will bear the burden of such behaviour, including legal action and being blacklisted.
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