It depends on whether your vehicle is a commercial vehicle. Does the Act apply to me if I use my vehicle partly for commercial purposes and partly for personal use? This includes chauffeur-driven private-hire cars (with blue decals).Ħ. Yes, the Act applies to hire-purchase agreements where the good hired or conditionally sold under the agreement is a commercial vehicle.I purchased my car through a hire-purchase agreement for the purposes of my job as a private-hire driver. Types of agreements and vehicles which the Act applies toĥ. Once the Notification for Relief has been served on the financing company, the financing company cannot take the above actions in FAQ (3) above. If you qualify for the relief, you need to first serve a Notification for Relief on the financing company, and your guarantor/surety (if any), using the form at this link (SingPass) or this link (CorpPass). The reliefs under the Act do not take effect automatically. In order to obtain relief, you must first serve a Notification for Relief on the financing company.Additionally, your financing company may not terminate your contract on the basis that you are unable to make payments on time. This helps to reduce the growth of your debt when you are unable to pay due to the impact of COVID-19. In other words, you are not liable to pay any late payment interest or fees above that amount. In addition, if your contract is not with a bank or finance company, the late payment interest rate and charges that are chargeable on arrears that accrued between 1 February 2020 and (i) 19 November 2020 (for agreements with banks or MAS-regulated finance companies) and (ii) 31 January 2021 (for agreements with other financing companies) will be capped at the amount equal to 5% per annum of simple interest on the arrears. Start or continue court proceedings or insolvency proceedings.Unilaterally impose new charges, increase charges or interest rates beyond what is provided for in the agreement (please refer to FAQ (16) below).Repossess the plant, machinery or fixed asset that is used for business, or repossess your commercial vehicle.
If you qualify for relief under the Act, the financing company cannot take certain actions against you up to (i) 19 November 2020 (for agreements with banks or MAS-regulated finance companies) and (ii) 31 January 2021 (for agreements with other financing companies), including: The Act provides temporary relief from legal or enforcement actions against any failure to pay or breach of contract that is materially caused by a COVID-19 event.What reliefs under the Act are applicable to me, the hirer/debtor? If you are unsure of the nature of your contract, you should seek legal advice.ģ.In a rental agreement, ownership of the good does not pass to the renter.Broadly speaking, in a hire-purchase agreement, ownership of the good passes to the hirer after the payment of all the instalments.What is the difference between a rental agreement and a hire-purchase agreement? Please refer to the FAQs for rental agreements for commercial equipment for more information.Ģ. Please refer to the FAQs below for more information. (c) An excursion bus, private bus, private-hire bus, omnibus or school bus or (c) An excursion bus, private bus, private-hire bus, omnibus or school bus a tractor, road roller, excavator, forklift). Plant, machinery or fixed asset in Singapore used for manufacturing, production, or other business purposes
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