Question

Explain the features of hire purchase system

Answer 1

the features of higher purchase system are:-

1. The hire purchaser becomes the owner of the asset after paying the last installment.

2. Every installment is treated as hire charge for using the asset.

3. Hire purchaser can use the asset right after making the agreement with the hire vendor.

4. The hire vendor has the right to repossess the asset in case of difficulties in obtaining the payment of installment.

Answer 2

Answer:

Features Of Hire Purchase System

Features of Hire Purchase System are :-

• Hire Purchase System is a Purchase and Sale on Credit basis.

• Under Hire Purchase System, the Purchase price is to paid in installments.

• The goods are delivered to the buyer.

• The Purchaser has the right to use these goods as a rent.

• The ownership of goods remains with the seller till the last installment is paid by the buyer.

• The ownership of goods are transferred to Purchaser , only after the payment of last installment.

• The Purchaser can't transfer the goods to any third party till the last installment is paid.

• The Seller has a right to take the goods back with the prepaid amount, if the costumer fails to pay the amount.

• The Seller is responsible for repair and maintenance of the goods till the last payment is done by the buyer.

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