hire purchase
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English
Noun
hire purchase (countable and uncountable, plural hire purchases)
- (UK, Ireland, Commonwealth) A method of purchasing an item, where the buyer hires it and takes possession of it and pays regular installments. Ownership is only transferred on payment of the final amount. Abbreviated as HP.
- 1983, “The Thatcher Song”performed by Seán Brady:
- Maggie Thatcher, you can't match her, she's the darling of us all. She's the curse of the Irish nation, Fine Gael and Fianna Fail. She's destroyed me hire purchase and she's put me on the dole. If I could only get my hands on her, I'd kick her up the hole!
Usage notes
- Although originally from the UK, the term and practice is now more widespread and used in Australasia and India.
Synonyms
- installment plan (US)[1]
- long finger (Ireland)
- never-never
Translations
method of purchasing an item
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See also
References
- ^ “here can be a difference between the two: With some installment plans, the buyer gets the ownership rights as soon as the contract is signed with the seller. With hire purchase agreements, the ownership of the merchandise is not officially transferred to the buyer until all the payments have been made.” “Hire Purchase Agreements: Definition, How They Work, Pros and Cons”, in Investopedia, 2010 July 14, retrieved 2023-04-07