hire-purchase

noun

1. US and Canadian equivalents: instalment plan.  installment plan.  HP.  h.p.. 

   1. a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paid

   2. ( as modifier )

      hire-purchase legislation

Example Sentences

Mr Johnson earned just over £13,000 a year, so finance involved a hire-purchase agreement and an extra personal loan.

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It’s a form of hire-purchase that can work out dear.

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But the stock of lending in the Bank's category of "other loans" - typically bank loans, overdrafts and hire-purchase agreements - dropped by £200m, as consumers repaid more loans that month than they took out.

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But the terms of the agreement may sometimes purposely obscure the nature of the transaction between the parties, where, for example, the hire-purchase is merely to create a security for money.

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He took the young man round to a neighbouring costumier’s, and secured a dress-suit on the hire-purchase system, at a very small outlay of ready money which he advanced.

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