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Glossary > H > "Hire purchase" Definition

Hire purchase

A transaction in which the purchaser of goods pays an initial deposit and takes possession. Subsequent instalments are made over a specified time after which ownership passes to the purchaser.

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Hire purchase - A transaction in which the purchaser of goods pays an initial deposit and takes possession. Subsequent instalments are made over a specified time after which ownership passes to the purchaser.

Hire purchase : a transaction in which the purchaser of goods pays an initial deposit and takes possession. subsequent instalments are made over a specified time after which ownership passes to the purchaser.