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The Car Payment Agreement is essential for any vehicle purchase in Hong Kong where the payment is made in installments rather than as a single lump sum. This document is commonly used by car dealerships, private sellers, and financial institutions to formalize vehicle purchase arrangements while ensuring compliance with Hong Kong's legal requirements. The agreement typically includes comprehensive details about the vehicle, payment terms, ownership transfer conditions, and security interests. It incorporates provisions required by Hong Kong's automotive regulations, financial services laws, and consumer protection legislation. The document is particularly important as it protects both the seller's interest in receiving full payment and the buyer's right to eventually obtain clear title to the vehicle.
