What is the hire and purchase system in USA?
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A hire purchase [British English] abbreviated HP)[1] or an installment plan (American English) is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.
A hire purchase [British English] abbreviated HP)[1] or an installment plan (American English) is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own.
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