Question

what is hire purchase system???​

Answer 1

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The main difference between Hire Purchase (HP) and leasing is in regard to ownership. With the former, monthly payments and an optional purchase fee can be paid, at which point you will own the car. At the end of a lease deal you hand back the keys and walk away or take out another agreement on a new car.

Answer 2

Answer:

• Hɪʀᴇ﹣ᴘᴜʀᴄʜᴀsᴇ ɪs ᴀ ᴄʀᴇᴅɪᴛ ᴘᴜʀᴄʜᴀsᴇ.
• Tʜᴇ ᴘʀɪᴄᴇ ᴜɴᴅᴇʀ ʜɪʀᴇ﹣ᴘᴜʀᴄʜᴀsᴇ sʏsᴛᴇᴍ ɪs ᴘᴀɪᴅ ɪɴ ɪɴsᴛᴀʟᴍᴇɴᴛs.
• Tʜᴇ ɢᴏᴏᴅs ᴀʀᴇ ᴅᴇʟɪᴠᴇʀᴇᴅ ɪɴ ᴛʜᴇ ᴘᴏssᴇsɪᴏɴ ᴏғ ᴛʜᴇ ᴘᴜʀᴄʜᴀsᴇʀ ᴀᴛ ᴛʜᴇ ᴛɪᴍᴇ ᴏғ ᴄᴏᴍᴍᴇɴᴄᴇᴍᴇɴᴛ ᴏғ ᴛʜᴇ ᴀɢʀᴇᴇᴍᴇɴᴛ.
• Hɪʀᴇ ᴠᴇɴᴅᴏʀ ᴄᴏɴᴛɪɴᴜᴇs ᴛᴏ ʙᴇ ᴛʜᴇ ᴏᴡɴᴇʀ ᴏғ ᴛʜᴇ ɢᴏᴏᴅs ᴛɪʟʟ ᴛʜᴇ ᴘᴀʏᴍᴇɴᴛ ᴏғ ʟᴀsᴛ ɪɴsᴛᴀʟᴍᴇɴᴛ.
• Tʜᴇ ʜɪʀᴇ﹣ᴘᴜʀᴄʜᴀsᴇʀ ʜᴀs ᴀ ʀɪɢʜᴛ ᴛᴏ ᴜsᴇ ᴛʜᴇ ɢᴏᴏᴅs ᴀs ᴀ ʙᴀɪʟᴇʀ.