hire purchase - Definition. Was ist hire purchase
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Was (wer) ist hire purchase - definition

INSTALLMENT PAYMENT METHOD
Hire Purchase; Installment plan; Installment Plan; Installment buying; Hire-purchase agreement; Rental purchase; Lease purchase; Commercial hire purchase; Corporate hire purchase; Hire-purchase; Hire-Purchase Agreement; Instalment payment; Part payment; Instalment purchase

Hire purchase         
·add. ·- ·Alt. of Hire and purchase agreement.
Hire purchase         
A hire purchase (HP), also known as an installment plan or the never-never, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g.
hire purchase         
Hire purchase is a way of buying goods gradually. You make regular payments until you have paid the full price and the goods belong to you. The abbreviation HP
is often used. (BRIT; in AM, usually use installment plan
)
...buying a car on hire purchase.
N-UNCOUNT: oft N n

Wikipedia

Hire purchase

A hire purchase (HP), also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.

In other words installment means to let a thing without giving total price while payment will be given in a given time period. The buyer will pay monthly agreement installment.

The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner.

If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available, such as credit cards.

These contracts are most commonly used for items such as automobiles and high-value electrical goods where the purchasers are unable to pay for the goods directly.

Beispiele aus Textkorpus für hire purchase
1. There was no big mortgage, no cars on hire purchase.
2. To promote domestic car sales, he urged cuts in hire purchase.
3. So you think we should still buy Christmas presents, but on hire purchase?
4. The same applies to hire purchase, when the price is paid over a specified length of time.
5. He paid a deposit of Ł13,750.43 and he also had a hire purchase deal for the last Ł5,000.