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hire-purchase system

[hahyuh r-pur-chuh s]
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noun British.
  1. a system of payment for a commodity in regular installments while using it.
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Origin of hire-purchase system

First recorded in 1895–1900
Also called hire-pur·chase.
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

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British Dictionary definitions for hire-purchase

hire-purchase

noun
  1. British, Australian, NZ and Southern African
    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
    Abbreviation: HP, h.p. US and Canadian equivalents: instalment plan, installment plan
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012