hire-purchase

British  

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

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Example Sentences

Management has announced plans to resume growth of its new-car hire-purchase portfolio, and the Thai bank is likely to benefit from the strong car bookings during this event and in the future.

From The Wall Street Journal

Management has announced plans to resume growth of its new-car hire-purchase portfolio, and the Thai bank is likely to benefit from the strong car bookings during this event and in the future.

From The Wall Street Journal

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

From BBC

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

From Forbes

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.

From BBC