hire-purchase

law

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Last updated

June 29, 2026

Quick Summary

Hire purchase is a method of buying goods on an installment plan, primarily used in British commerce. In this arrangement, the buyer pays a down payment and then makes regular rental payments. Ownership of the goods transfers to the buyer only after the total rental payments equal the agreed-upon sale price. This system is particularly common for consumer purchases and is structured as a lease until the final payment is made.12

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property law
Security interests in property
…payments have been made (hire purchase). In the United States the differences between the various types of personal property security agreements have been considerably reduced by uniform legislation that deals with all of them under one heading. (See also installment credit.)
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…payments have been made (hire purchase). In the United States the differences between the various types of personal property security agreements have been considerably reduced by uniform legislation that deals with all of them under one heading. (See also installment credit.)
Read More