Singapore legislation
Regulation 5
Regulation 5
Conditional sale agreement for motor vehicle
Subregulation 1
Subject to paragraph (3), the minimum amount of the deposit to be paid by the buyer under a conditional sale agreement for a motor vehicle is —
30% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
Subregulation 2
Subject to paragraphs (3) and (4), the tenure of a conditional sale agreement for a motor vehicle must not exceed 7 years.
Subregulation 3
Paragraphs (1) and (2) do not apply to a conditional sale agreement for a used vehicle if the relevant agreement is made between 6 April 2013 and 4 June 2013 (both dates inclusive).
Subregulation 4
In paragraph (2), the reference to 7 years is replaced with a reference to 7 years and the period of extension of the tenure of the conditional sale agreement in sub‑paragraph (d), if —
the conditional sale agreement was made by the buyer and the owner of the motor vehicle on or before 5 May 2020;
the buyer requests the owner for an extension of the tenure of the conditional sale agreement; (c)the request is made between 18 February 2020 and the expiry date (both dates inclusive); and
the owner grants an extension of the tenure of the conditional sale agreement for a period not exceeding 12 months.
Subregulation 5
In this regulation, “expiry date” has the meaning given by regulation 4(5).