Frequently Asked QuestionsChailease Berjaya Credit Sdn. Bhd.
How much can I borrow from the Company?
The margin of financing will depend on your credit standing subject to a maximum of 90% of purchase price.
What are the term charges for auto finance facility?
The term charges for a auto finance under fixed rate financing is from 5% to 9.5% flat per annum depends on your credit standing.
Do I require a guarantor?
The need for a guarantor depends on the credit assessment made by the company. The guarantor should be one who is acceptable to the company.
Can the company insist that I insure with an insurance company on its panel?
You can either insure with an insurance company on the panel of the company, or an insurance company of your choice. Normally, the company has a few insurance companies on its panel for your convenience.
Can I keep the motor vehicle registration card to enable me to renew my road tax upon expiry?
As the hirer, the vehicle registration card may be made available to you upon submission of your written request to the company. Nevertheless, as the owner would prefer to prevent any inconveniences that may arise due to damage, misplacement or theft of the card. As such, for your convenience, the company will provide a free custodian service. Insurance renewal service is available, and road tax renewal service is also provided at a nominal (runner’s) fee.
Can I modify the monthly repayment amount if I have financial difficulties ?
This is subject to the company’s discretion and you are advised to discuss the matter with us as soon as possible. The company will assist you to arrive at a viable solution.
Can I introduce a prospective buyer to buy the repossessed motor vehicle or goods?
Yes. Before the expiration of the 5th Schedule notice, you can introduce a buyer to buy the repossessed motor vehicle or goods at the price indicated in the 5th Schedule notice.
Can the company claim any amount from me after the repossessed motor vehicle or goods is sold?
Yes. If the proceeds from the sale of the repossessed motor vehicle or goods are not enough to cover your liabilities, we can claim the amount outstanding from you.
If I have defaulted on the monthly instalments, can the company claim from the guarantor?
Yes. The company can claim the payment from the guarantor because the guarantor has agreed to undertake the liability to repay your debt in the event of your default.
Do I still have to pay my monthly instalments if my motor vehicle or goods is stolen?
Yes. Your liability to pay the monthly instalment does not cease with the loss of your motor vehicle or goods. However, you may claim from the insurance company, the market value of the insured motor vehicle or goods or the sum insured, whichever is lower.
How can I transfer/sell/part possession of the motor vehicle or goods to a third party even though the motor vehicle or goods is still financed under my name?
It is illegal to transfer/sell/part possession of the motor vehicle or goods without the company’s permission. If you do so, you may incur substantial penalties as you are still fully responsible for the liability and losses incurred. Please ensure that you have fully settled your HP debt before you sell your motor vehicle or goods. If you wish to use the proceeds of the sale to settle your HP loan, get the company’s consent to sell and arrange for the proceeds of the sale to be paid directly to the company. If there is any shortfall, you will be responsible for repaying the balance. If there is a surplus, it will be refunded to you by the company.
Can I remove the vehicle or goods to a location different from the one stated in the HP Agreement?
Yes, you can. However, you must inform the company the new location within 14 days from the day of the removal. Otherwise, you will be guilty of an offence under S37 (2) of the Hire Purchase Act.