Definitions for "Hire purchase"
A contract (more fully called contract of hire with an option of purchase) in which a person hires goods for a specified period and at a fixed rent, with the added condition that if he shall retain the goods for the full period and pay all the installments of rent as they become due the contract shall determine and the title vest absolutely in him, and that if he chooses he may at any time during the term surrender the goods and be quit of any liability for future installments upon the contract. In the United States such a contract is generally treated as a conditional sale, and the term hire purchase is also sometimes applied to a contract in which the hirer is not free to avoid future liability by surrender of the goods. In England, however, if the hirer does not have this right the contract is a sale.
An agreement to buy goods where a person gets possession of the goods without paying for them in full, however ownership of the goods does not pass to them until after the goods have been paid for• Consumer Credit• Used Cars
The buyer pays an initial deposit and takes possession of the goods. After all the instalments are paid over a specified period the ownership passes to the purchaser.
Keywords:  imputation, implicit, tax, system
Implicit tax Imputation tax system
Homebuyers Report | Homebuyers' Survey/Valuation | Home Owner | Home Reversion Schemes
Keywords:  hedging, shoulders, demands, head
Head & shoulders Hedging demands
Keywords:  april, old, applies, sales, new
The old term for ‘credit saleâ€(tm). The new term applies from 1 April 2005. (See Credit sales)
Keywords:  fixed, easy, don't, pay, immediately
This is a very easy form of car loan to arrange. You pay a deposit, agree to pay a fixed monthly amount and get to drive away the car immediately. You don't actually own the car until you have paid for it in full.
This means you hire a product you are buying and pay for it and interest over a fixed term. Back to the Top