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Hire purchase means a transaction where goods are purchased and sold on the terms that: (i) Payment will be made in installments, (ii) The possession of the goods is given to the buyer immediately, (iii) The property (ownership) in the goods remains with the vendor till the last installment is paid, (iv) The seller can repossess the goods in case of default in payment of any installment, and (v) Each installment is treated as hire charges till the last installment is paid.
