Hire Purchase Termination Rights
Hire purchase termination rights outline what the creditor and debtor are allowed to do to end a hire purchase agreement, sometimes called a conditional sale.3 min read
Hire purchase termination rights outline what the creditor and debtor are allowed to do to end a hire purchase agreement, sometimes called a conditional sale. When purchasing a car, a hire purchase (HP) allows the buyer to pay a deposit upfront and pay the rest over a specific timeframe. The buyer does not have to buy the car outright but will be subject to paying the interest rate of the hire purchase. After the final payment is made, the buyer then owns the car.
Hire Purchase or Conditional Sale Agreements
The most common use of a hire purchase or conditional sale agreement is with the sale of vehicles, although it used with furniture or white goods. This type of agreement is different from regular credit agreements because ownership of the vehicle, or other product, does not happen until the agreement has been paid in full.165px;" class="adsbygoogle">