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Hire purchase. A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time.
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...
The Advertisements (Hire-Purchase) Act 1957 (5 & 6 Eliz. 2.c. 41) was an Act of the Parliament of the United Kingdom that regulated the way in which hire-purchase agreements could be advertised.
Personal contract purchase (PCP), often referred to as a personal contract plan, is a form of hire purchase vehicle finance for individual purchasers, similar to both personal contract hire and a traditional hire purchase (buying on installments).
Hire-purchase agreements are also regulated by this Act. The provisions are very similar to those for sale of goods agreements, with the section on exclusion clauses identical. [ 11 ] Under the 1893 Act, conditional sale agreements (where the buyer takes possession of the goods, but the seller retains the right to repossess them) were treated ...
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Hire Purchase under Shirkatul Melk (HPSM) is a type of hire purchase contract which has been developed through practice and approved in Shariah. The term is used in Islamic banking. It is a synthesis of three contracts: shirkat, ijarah and sale. Under this mode, banks supply goods on rental basis.
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