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 ?
A sizable portion of these incomes was derived from new financing to SME dealers in Cambodia that supply products such as motorcycles, farm machineries, solar panels and electrical appliances to GL's hire-purchase clients.
3m) of Malaysian hire-purchase and leasing company Pac Lease Sdn Bhd.
The scheme will include zero percent APR hire-purchase on a two-year hire purchase contract, three year hire purchase with APR's from 4.
Licensed to offer the full range of Shariah-compliant universal banking services, including Islamic hire-purchase and Shariah-compliant corporate finance activities.
WITH hire-purchase debt spiralling and used values crumbling, dodgy car owners are using insurance fraud to make a few quid.
Anne, 48, stuck to her side of the hire-purchase bargain and paid more than half of the pounds 4475 due, meaning she could hand the car back.