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HIRE PURCHASE

Statistics Directorate    
Definition:
A durable good is sold to a purchaser in return for agreed future payments. The buyer takes possession of the good immediately, though in law it remains the property of the seller or financier as collateral/guarantee until all agreed payments have been made. Hire purchase is usually restricted to consumer durables, and most purchasers are households. Financiers of hire purchase contracts typically are separate institutional units operating in close co-operation with sellers of durable goods.

Source Publication:
Eurostat, 1996, "European System of Accounts - ESA 1995", Office for Official Publications of the European Communities, Luxembourg, [Annex II].

Statistical Theme: Financial statistics

Created on Thursday, August 26, 2004