HIRE PURCHASE & INSTALMENT PURCHASE



INTRODUCTION:- With an Increasing demand for better life, the consumption of goods has been on the expending sale. There are different ways by which goods can be sold. First is goods can be sold for cash, Second is goods can sold for Hire-Purchase and third is sold from Installment.

Under Cash Sale the ownership and possession is immediately passed from seller to buyer and buyer makes the payment in cash at the time of taking the delivery of Goods.

Under Hire-Purchase System the buyer acquires the possession of the goods immediately and agrees to pay the total price in installment. Each installment treated as hire charges until the payment of the payment of the last Installment when the ownership of goods passes. The ownership of goods is transferred to the buyer when the last Installment is paid. I the buyer default in the payment of the Installment (Even last Installment) the Hire-Vendor has right to repossess the goods without compensation the buyer. But buyer pays Installments regularly, the Seller has no right to repossess the goods.

Under Installment Purchase System the buyer acquires the possession & Ownership of the goods immediately and payment of the total price will be made in Installment if the buyer is any default in the payment of any Installment, the Seller has no right to repossess the goods. Because the ownership of the goods is transfer immediately from Seller to Buyer at the time of signing the contract. He can only go to the court and sue the purchaser for unpaid balance.


FEATURE OF HIRE-PURCHASES

1)      The hire vendor transfer possession of goods immediately to the Purchaser

2)      The Buyer will make Payment in Installment over a period of time.

3)      The Ownership of the goods will remain with the seller and passed to the buyer on the payment of the last Installment.

4)      Each Installment is treated as hire-Charges until the last Installment is paid.

5)      The hire purchaser generally makes a down payment on signing the agreement.

6)      In case of default in respect of even the last Installment, the hire vendor has the right to takes the goods back without making any compensation.


FEATURE OF INSTALLMENT PURCHASES

1)      The buyer acquires possessions of the goods immediately at the time of agreement.

2)      The Buyer will make Payment in Installment over a period of time.

3)      Each Installment pay with some Interest.

4)      The Ownership of the goods transfer of the goods at the time of agreement.

5)      The hire purchaser generally makes a down payment on signing the agreement.


6)      In case of default in respect of even the last Installment, the seller has no right to possess the goods. The Can only sues for unpaid balance.

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