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Legal Dictionary » Legal Terms » HIRE PURCHASE
| HIRE PURCHASE |
A Hire Purchase is a contract for the hire of goods, where the debtor has the option to purchase the goods once the final payment has been made. Until the final payment has been made, the purchase company owns the goods, and also has many rights where if payments are not made by the debtor at the agreed time, the purchase company are within their rights to reposess the goods. This type of agreement is extremely popular is the motor industry for the purchase of vehicles.
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