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What are the essential features of hire-purchase

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Possession: The hire vendor transfers only possession of the goods to the hire purchaser immediately after the contract for hire purchase is made. Installments - The goods are delivered by the hire vendor on the condition that a hire purchaser should pay the amount in periodical installments. Down payments - The hire purhcases generally makes a down payment e.e. an amount on signing the agreement.

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Open uri20170510 32134 1ue0f38?1494421710 answered

Dear Friend, So far as your query is concerned What are the essential features of hire-purchase? Kindly find below the essential features of hire-purchase 1. **Possession:** The hire vendor transfers only possession of the goods to the hire purchaser immediately after the contract for hire purchase is made. 2. **Installments** - The goods are delivered by the hire vendor on the condition that a hire purchaser should pay the amount in periodical installments. 3. **Down payments** - The hire purhcases generally makes a down payment e.e. an amount on signing the agreement. 4. **Constituents of hire purchase installments** - Each installement consists partly of a finance charge (interest) and partly of a capital payment. 5. **Ownership** - The property in goods is passed to the hire purchaser on the payment of the last installment and exercising the option conferred upon him under the agreement. 6. **Re-possessionIn** case of default in respect of payment of even the last installment, the hire vendor has the right to take the goods back without making any compensation. Thanks & Regards

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

ESSENTIAL FEATURES OF HIRE PURCHASE 1. The hire purchaser becomes the owner of the asset after paying the last installment. 2. Every installment is treated as hire charge for using the asset. 3. Hire purchaser can use the asset right after making the agreement with the hire vendor. 4. The hire vendor has the right to repossess the asset in case of difficulties in obtaining the payment of installment. Thanks

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