Hire Purchase
/ˈhaɪər ˈpɜːrtʃəs/
Definitions
- (n.) A credit agreement where the buyer takes possession immediately but ownership transfers only after all payments are completed.
She bought the car under a hire purchase agreement, paying in monthly installments.
Forms
- hire purchases
Related terms
See also
Commentary
Hire purchase is distinct from leasing as it ultimately results in ownership, emphasizing importance in drafting the transfer of title and payment terms clearly.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.