<P> A hire purchase ( HP ) or known as installment plan in the United States 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 . </P>
<P> A hire purchase ( HP ) or known as installment plan in the United States 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 . </P>
what was hire and purchase system in usa
what was hire and purchase system in usa
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
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