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 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 fixed assets in question are buildings and land, fixtures and fittings, car fleets, furniture and computer equipment which the institutions either own directly or for which they have signed hire-purchase contracts.
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.
21 June 2011 - RAM Ratings set on Monday long-term A2 and short-term P1 ratings to the proposed commercial papers/medium-term notes issuance programme (CP/MTN Programme) of up to MYR500m (USD165m/EUR115.3m) of Malaysian hire-purchase and leasing company Pac Lease Sdn Bhd.
And apart from a few little things - the pounds 80m debt, the sale of the family silver on the cheap, the 75 company cars, the 37 redundancies, the pounds 40,000 a week to Seth Johnson, the hire-purchase fish and the relegation - he did.