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The Auto Finance Contract serves as the primary legal document for vehicle financing transactions in Hong Kong, establishing the rights and obligations between financial institutions and borrowers seeking to finance vehicle purchases. This document is essential when a customer requires financing for a vehicle acquisition and must comply with Hong Kong's strict regulatory framework, particularly the Money Lenders Ordinance and Hire Purchase Ordinance. The contract typically includes comprehensive details about the vehicle, financing terms, security arrangements, insurance requirements, and enforcement mechanisms. It incorporates necessary consumer protections required under Hong Kong law while protecting the lender's security interest in the financed vehicle. The document is structured to accommodate both individual and corporate borrowers, with optional provisions for guarantors and additional services.

1. Parties: Identification of the finance company (lender) and the borrower, including full legal names and addresses

2. Background: Context of the agreement, including the borrower's request for financing and lender's agreement to provide it

3. Definitions: Key terms used throughout the agreement, including financial terms, vehicle-related definitions, and regulatory references

4. Vehicle Details: Specific description of the vehicle being financed, including make, model, year, VIN, and registration number

5. Loan Terms: Principal amount, interest rate, payment schedule, term of loan, and total amount payable

6. Security Interest: Creation and terms of the security interest in the vehicle

7. Insurance Requirements: Mandatory insurance requirements and specifications for coverage

8. Representations and Warranties: Statements of fact and assurances from the borrower regarding their ability to enter into and perform the contract

9. Borrower Covenants: Ongoing obligations of the borrower regarding vehicle maintenance, use, and reporting

10. Events of Default: Circumstances constituting default and consequences thereof

11. Enforcement Rights: Lender's rights and remedies upon default, including repossession procedures

12. Payment Terms: Detailed payment obligations, including method of payment, late fees, and prepayment options

13. Governing Law: Specification of Hong Kong law as governing law and jurisdiction

14. General Provisions: Standard contractual provisions including notices, amendments, and severability