|
Administrative Fees
Means such fees imposed for perfection of the Hire Purchase Agreement eg. processing loan application, checking of credit worthiness, man power cost, etc.
|
Base Lending Rate (BLR)
Means the minimum interest rate based on owner's cost of funds.
|
Down payment
Means an initial amount paid to reduce the amount financed.
|
Early Settlement
Means the Hirer exercising his rights to purchase the vehicle prior to the completion of
the tenure under the Hire Purchase Agreement.
|
Fixed rate
Means the base lending rate remains the same throughout the tenure of the Hire Purchase Agreement.
|
Fleet Management
Means the management of a company's fleet of all types of vehicles inclusive of non-scheduled goods under financing options of Hire Purchase, Operating Lease and Toyota Drive. To suit your business requirements, Fleet management can include vehicle maintenance with regular reporting on maintenance charges.
|
Floor Stocking
Means a financing arrangement granted to franchise dealers to finance their purchase of Toyota motor vehicles for sale.
|
Guaranteed Auto Protection (GAP)
Means a program offered by Toyota Capital Malaysia Sdn. Bhd. that eliminates Lessee's obligation by absorbing the differential amount between the insurance proceeds and the Settlement Amount in the event that the vehicle is declared as total loss not by any reason attributable to the Lessee.
|
Hirer
Means the person who takes goods from an owner under a Hire Purchase Agreement
and includes a person to whom the hirer's rights or liabilities under the agreement has
passed by assignment or by operation of law.
|
Industrial Hire Purchase
Means a financing arrangement under hire purchase for non-scheduled goods.
|
Instalment
Means the monthly payment amount.
|
Lease
Means a contract between Toyota Capital Malaysia Sdn. Bhd. (lessor) and a lessee for the hire of a vehicle for a specific term and kilometer usage at a fixed monthly lease rental inclusive of lessor's undertaking for annual renewal of road tax and insurance premiums.
|
Lease End Value (LEV)
Means a genuine pre-estimate of the fair market value of the vehicle on the expiration of the lease tenure.
|
Lease Rental
Means the monthly rental amount
|
Lessee
Means the person who takes the vehicle on lease terms.
|
Lessor
Means Toyota Capital Malaysia Sdn Bhd (Financier) who lets out the vehicle on lease.
|
Non-Scheduled Goods
Means motor vehicles not covered under the Hire Purchase Act for instance commercial vehicles, fork lifts, bus, prime movers, lorry, trailers, etc.
|
Rebate (or Statutory Rebate)
i. Means the amount derived by multiplying the terms’ charges by the sum of all the whole numbers from 1 to the number of complete months still to go in the agreement period (both inclusive), and by dividing the product so obtained by the sum of all the whole numbers from 1 to the total number of complete months in the agreement period (both inclusive).
ii. Where it is agreed in a hire purchase agreement that the terms’ charges have been calculated on a simple interest basis at a specified rate on the amount outstanding from month to month – means the amount of interest attributable to the period of complete months still to go under the agreement.
|
Reducing balance method
Means if the base lending rate reduces, the instalment repayment amount will be lower due to lower term charges.
|
Repossess
Means Toyota Capital Malaysia Sdn. Bhd. exercising its rights as the Owner to take
back the goods on hire from the Hirer when there had been 2 successive defaults of
payments or a default in payment of the last instalment.
|
Tenure
Means term or period of financing.
|
Tier 1
Means the tenure of financing commencing from the first month of hire up to the month determined by Toyota Capital Malaysia within the whole tenure of hire.
|
Tier 2
Means the tenure of financing commencing after the last month of Tier 1, up to the final month of hire.
|
Trade-in value
Means the valuation given by used car dealers when you trade-in your car.
|
Variable Rate
Means the base lending rate varies over the tenure of the Hire Purchase Agreement and the Hirer is given an option whether :-
- to retain the existing number of instalments and vary the amount of instalments; or
- to retain the existing amount of instalments and vary the number of instalments. |
 Back to top |
|
|
|
