hire-purchase

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hire-purchase

a form of purchase under which the purchase price can be paid over an agreed period of time by instalments. During the period the goods purchased remain the property of the seller (or the hire-purchase company to whom the seller has assigned his rights of ownership); possession is granted to the purchaser (the hirer) by means of a bailment by the seller; property passes when the last instalment has been paid and the hirer exercises the option inherent in the agreement. A hire-purchase agreement is distinguished from a conditional sale agreement in that in the latter property passes automatically when the last instalment has been paid (i.e. there is no exercise of any option to purchase).
References in periodicals archive ?
With hire purchase over five years, a deposit of around PS10,000 would be required and monthly payments would be PS291.
Case in point Widney Manufacturing, a long-standing Birmingham business, has recently secured a pounds 200,000 hire purchase facility to complement an existing pounds 1.
He wanted to make financial gain and clear the balance of the hire purchase agreement.
The economic downturn has also made people more cautious, and less willing to take on bigger sums through loans or credit card debt, although they are happy to borrow smaller amounts through hire purchase.
Collins, whose wife Andrea is still a serving police officer, claimed in court that he had not understood hire purchases and had just wanted to help his father-in-law.
But remember, the interest charged on hire purchase plans varies widely depending on the make and model of the car so a personal loan might not always be cheaper.
As with hire purchase, the leasing and hiring market is extremely cut-throat and you should take your time to sort out the best deal.
Eden will issue the rated notes and unrated seller note, and use the proceeds of the notes to initially purchase, via equitable assignment, an A$207 million pool of fixed-rate commercial hire purchase contracts, and associated receivables interests.
NBFCs in India: An Overview - Meaning and Importance of NBFCs; NBFCs in Insurance Business; Residuary Non-Banking Company (RNBC); Equipment Leasing Companies; Hire Purchase Finance Company; Housing Finance Companies; Reasons for Popularity of NBFCs with the Customers; Sources of Funds of NBFCs; Policy Initiatives Regarding NBFCs in Recent Years.
Muscat: Oman's leasing and hire purchase companies, popularly known as non-banking finance companies (NBFCs), are anticipating the Central Bank of Oman to gradually allow them to start Islamic window, after the newly-formed Islamic banks settle down in the country.
As well as sales, customers are also offered a range of cost effective leasing, contract and hire purchase options allowing them to keep hold of vital capital.
uk Methods for financing your growth As part of our commitment to the Government's Funding for Lending Scheme, we're offering a one per cent reduction in the interest rate for new business loans, hire purchase and commercial mortgages.