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 ?
The latest hire-purchase portfolio is large compared with previous deals.
A portfolio of Ford Australia's consumer loans and commercial hire-purchase contracts collateralizes the notes, allowing the rating to rise above the single-'A' rating of the seller.
The four ways to raise money are: a loan from your bank, a hire-purchase deal, a Personal Contract Purchase (PCP) and a Personal Leasing Plan (PLP).
The Consumer Ombudsman has pointed out that although both packages are advertised as containing a "free computer" NIC Net is actually offering a hire-purchase arrangement while Sonera's package is a fixed-term lease where the consumer can neither purchase the computer after the end of the lease nor install additional equipment or software.
Financed slightly differently from ordinary social housing (as a sort of association, in which occupants buy flats on the hire-purchase principle), their 35 unit SchieBstatte project has the complexity of their earlier work (AR October 1995), in which each dwelling is given a sense of place and outdoor territory by careful manipulation of plan and section, while interiors, though partly standardized, vary according to family size, orientation and prospect.
Whatever the outcome by March, it's currently business as usual for all the Motability scheme dealers, who are still offering vehicles for lease or hire-purchase.