Bill Of Sale Bill of Sale is mainly for financing of motor vehicles and machinery sold by Carpenters Motors and Carptac. In these cases we hold a security against the chattel. We will register this document with the titles office and LTA. A customer cannot sell this item to any one else. If this happens we can seize the item back from the customer as we have a legal right over it. Terms are normally from 12 months to 48 months for repayment.
Hire Purchase Hire Purchase is an agreement where it allows a customer to obtain goods on a low or no deposit term payable over a period of time. The customer becomes the owner upon the final payment for the goods. These goods are usually sold through the Morris Hedstrom stores. A deduction is required for staff if they purchase goods under hire purchase.
Retail Credit Accounts These are issued to individuals who wish to purchase goods or fuel on credit. 20% of the balance is due at the end of the following month. Customers may pay more if they wish to reduce the amount of interest charged on the remaining balance. As with business accounts, credit cards such as the Carpenters Gold and Carpenters Silver are also issued to individuals. Some customers may also use orders if they wish to keep a good control on their spending.
Third Party Financing We also finance items that are not available from the CFL divisions. A certain type of TV, for example, may only be available from a particular supplier. We will consider financing this item upon our credit assessment. We also have a second hand stores where we sell goods that have been repossessed from customers who have defaulted in their payments. We sell these goods to recover costs. The balance of the account is then taken up by our legal department to initiate legal action.
