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Jaden acquired a car on hire purchase terms from Maxland Motors Limited on 12th June...

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Finance

Jaden acquired a car on hire purchase terms from Maxland Motors Limited on 12th June 2020. He obtained possession and commenced using the car. However, on conducting a search for the vehicle on the NTSA portal a few days later, he noted that the vehicle was charged to CBC Bank. The hire purchase agreement was presented by Maxland Motors Ltd for registration on 21st September 2020 and subsequently registered. Upon close scrutiny of the registered agreement which her received on 10th October 2020, Jaden noted that the agreement had these clauses: - a) Maxland Motors retains the right to gain access to Jadens premises to repossess the car in case of two months default. b) Maxland Motors is not obliged to sell the vehicle to Jaden at the end of hire purchase period in case of defaulting making any payment.

REQUIRED

a) Jaden has approached you to guide him on the legal issues requiring redress in the above scenario and how to address them. Guide him. (10 Marks)

b) Discuss the implications included in the two clauses in the Hire Purchase agreement and highlight the remedies available to Jaden (if any) (10 Marks)

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