If you`re thinking of getting into the transportation business in Nigeria, you may have considered buying a keke napep. A keke napep is a three-wheeled auto-rickshaw that has become a popular means of transportation in many Nigerian cities. However, buying a keke napep can be a significant investment, which is why many people opt for a hire purchase agreement.
A hire purchase agreement is a legal contract between two parties where the buyer agrees to pay for the goods in installments over a period of time, and the seller retains ownership of the goods until the final payment is made. This agreement is commonly used in Nigeria for the purchase of vehicles, including keke napeps.
If you`re considering a keke napep hire purchase agreement, there are a few things to keep in mind. First and foremost, it`s essential to have a written contract that clearly outlines the terms of the agreement. This should include the purchase price, the down payment, the interest rate, the installment amount, the payment schedule, and the consequences for defaulting on payments.
It`s also important to have a clear understanding of the condition of the keke napep before agreeing to the purchase. In some cases, the seller may try to pass off a vehicle that is not in good condition or has mechanical problems. As the buyer, it`s your responsibility to inspect the keke napep thoroughly before agreeing to the purchase.
Another important aspect to consider is insurance. While the keke napep is still under the ownership of the seller, they are responsible for ensuring that it is insured. However, once you take possession of the vehicle, it becomes your responsibility to keep it insured.
One crucial piece of advice for anyone considering a keke napep hire purchase agreement is to work with a reputable seller. There have been cases of people getting scammed by unscrupulous sellers who disappear after receiving the down payment. Do your due diligence and research the seller before agreeing to any deal.
In conclusion, a keke napep hire purchase agreement can be a great way to get into the transportation industry in Nigeria. However, it`s important to have a clear understanding of the terms of the agreement, the condition of the vehicle, and to work with a reputable seller. With these considerations in mind, you can make an informed decision and start your journey as a keke napep owner.