Hier Purchase System

HIER PURCHASE SYSTEM

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WHAT IS HIRE PURCHASE • It is an agreement to the hire goods with an opinion to purchase after payment of  the agreed hire installments. Ownership of  the goods remains with the vendor until the opinion to purchase is excercised

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FEATURES OF HIRE PURCHASE SYSTEM     

There is an agreement between the seller and the purchaser  The position of the goods immediately passes from the seller  to the buyer on signing the agreement The buyer will make payment in installment over a period of  time The ownership of the goods will remain with the seller and passes to the buyer on the payment of last installment Each installment is treated as hire charge till the last installment is paid.

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Cont…..  The

buyer has the opinion to return the goods to the seller and can terminate ter minate the agreement f he does not want to pay the rest of the installment.

 If

there is any default in payment of any installment, the seller has a right to repossess the goods sold on hire purchase and forfeit the amount already received either in down payment

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• HIRE PURCHASE PRICE• The hire purchase price means the total payable by the hirer under the hire purchase agreement in order to complete the purchase of  or acquisition of the property in the goods to which the agreement relates and includes any some so payable by the hirer under the hire

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• Net hire purchase charge [sec8(1)(d)] • Net hire purchase charges in respect of  the goods sold on hire purchase means the difference between the net hire purchase price and the net case price of  the goods.

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• Hire purchase agreement• The hire purchase agreement most content the following particular   The description of goods in a manner sufficient to identify them

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Hire purchase vs Credit sale • In credit sale the property i.e., ownership and possession is transferred to the

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Hire purchase vs Installment sale • In case of installment system it is not only the position but also the ownership of the goods which is transfer  to the buyer immediately at the time of agreement.

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