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 a hire purchase agreement the loan is secured against the value of the car - you don't own it for the loan duration and the HP company can repossess the car if you fall behind with the payments.
Fabia Classic, Sport and vRS models are also available with 0% APR typical hire purchase ( over three years with a minimum deposit of 30%.
And consumers were warned to be aware of a balloon payment at the end of hire purchase agreements.
It also means that the Government ends up paying more back as PFI is effectively a hire purchase scheme.
Hundreds of thousands of people choose to have their allowances paid to the scheme to meet the cost of owning a car through contract hire or hire purchase arrangements.
Metcalfe's 'brilliant' idea involved buying up to 300 cars on hire purchase and selling them on at below market value while taking a lump sum for himself -all the while juggling payments to the hire purchase companies.
Customers can also benefit from a 0% hire purchase scheme on the Lanos SX four and five-door with a 30% deposit and the balance payable over three years.
Customers can also benefit from a 0 per cent hire purchase scheme on the Lanos SX four- and five-door with a 30 per cent deposit.
It also guarantees that there are no financial liens on the vehicle, such as hire purchase, prior to export.
Vehicles can be acquired under leasing or hire purchase schemes.
Additionally, through its subsidiaries, Wing Hang Bank provides nominee, offshore banking, hire purchase, consumer financing, share brokerage services, insurance underwriting, insurance agency and insurance broking.