Everything you need to know about hire purchase with Zenapex Transport
The client purchases vehicle such as tricycles, buses, motorcycles, SUVs and trucks from Zenapex (the Company) in the Company’s name; the Company owns, manages and operates the vehicles and pays a fixed total sum to the client, as agreed in a written agreement by both parties, which is made up of the vehicle purchase price plus a fixed hire purchase interest, in instalments over the agreed period (typically 52 to 100 weeks). The amount does not rise or fall with how the vehicle performs.
The hire purchase for each plan is stated in the plan details and in your agreement. It is fixed in advance. It is not a forecast; it is not a share of the vehicle’s profits, and it is not guaranteed by any third party. Please read the risks in Question 11 before you decide.
Your right is a contractual claim against Zenapex to be paid the fixed total sum under your agreement. It is not secured by a charge over any vehicle or other asset, and the vehicles remain Zenapex’s property. Zenapex’s ability to pay depends on its overall business and not tied to your vehicle purchase. Insurance protects the vehicle, not the payments owed to you.
No. Zenapex remains the sole legal and beneficial owner of every vehicle. You will not be registered as the owner, and you have no right to take possession of, sell, charge, or demand transfer of any vehicle.
On your written request (not more than once in each quarter), Zenapex will provide a written statement of payments made and the outstanding balance, and confirmation of the status of the vehicle and its insurance. Because your payout is fixed, the vehicle’s earnings do not change the amount you receive.
Contact Zenapex using the details below. Before you commit, you will be given the written agreement and a risk disclosure to read, and you are encouraged to take independent legal and financial advice. Pay for the vehicle purchase only into the Zenapex company account named in your agreement; do not pay cash or any individual’s account.
After your vehicle purchase price is received in Zenapex’s company account, Zenapex has 14 days, extendable once by up to 14 days, to acquire and deploy the vehicle and to confirm the start date to you in writing. Payouts begin after confirmation, according to the schedule in your agreement; weekly instalments are paid on Fridays. Instalments do not fall due during Zenapex’s annual Christmas closure, and the schedule extends accordingly.
Zenapex manages and operates the vehicles through its own team and contractors. Clients do not take part in operational and management decisions. As between Zenapex and the client, Zenapex bears operating risks such as maintenance, accidents, theft, and low utilisation, but those risks can still affect Zenapex’s ability to pay.
Plans start at the amounts shown in the plan table on the home page. Each plan table must show: the vehicle purchase price, the fixed hire purchase interest, the total sum, the number of instalments, and the period.
Zenapex is duly registered with the Corporate Affairs Commission as Zenapex Nig Ltd, RC No. 8418100.
1. Your claim is an unsecured claim against Zenapex. 2. You do not own the vehicle and have no claim over it. 3. Your return is fixed and does not increase if the vehicle performs well. 4. You cannot end the agreement early or demand early repayment, except as provided in the agreement. 5. Payments pause during the Christmas closure, and a lump-sum option pays nothing until the end of the period.
Your agreement requires Zenapex to pay the fixed total sum regardless of how the vehicle performs or whether operations face challenges. A missed payment is dealt with under your agreement: notice and a cure period, then default interest.
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