Question

Difference between hire purchase and installment payment system​

Answer 1

Answer:

Difference Between Hire Purchase System And Installment Payment System

Hire Purchase System :-

• Hire Purchase System is an agreement which afterwards turns into sales after the payment of last installment.

• In Hire Purchase System, the ownership on goods are transferred to customer only after paying the last installment of price.

• In Hire Purchase System, the vendor has a right to take over the goods , if a costumer fails to pay for the goods.

Installment Payment System :-

• Installment Payment System is a contract on credit basis and is made from the beginning.

• In Installment Payment System, the ownership on goods are transferred to customer only at the time of transaction of sale.

• In Installment Payment System, the owner or seller doesn't have the right to take over the goods, if a costumer fails to pay for goods , the seller can claim in court for the recovery of outstanding amount.

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