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The Car Payment Takeover Agreement is essential when an individual wishes to transfer their car loan payment obligations to another party in Singapore. This situation commonly arises when the original borrower can no longer maintain payments, wants to sell the car, or needs to transfer the financial responsibility for other reasons. The agreement documents the transfer of payment obligations while ensuring compliance with Singapore's legal framework, including the Road Traffic Act and Hire-Purchase Act. It typically includes detailed information about the vehicle, remaining payment schedule, transfer terms, and necessary consents from the lender. This document is crucial for protecting all parties' interests and ensuring a smooth transition of payment responsibilities.
