Ownership

• The company retains ownership of the product until the full payment is made by the customer.
• The customer can use the goods during the payment period but does not own them until all installments are paid.
• Upon making the final payment, ownership of the goods is transferred to the customer.
• The company should provide all necessary documentation to complete the transfer of ownership.

Interest Rate

• The interest rate applicable to the hire purchase agreement is usually fixed for the term of the contract.
• It should be clearly stated in the agreement, along with the total cost of credit.

Repayment Terms

• Late payment may cause penalties or additional interest.
• The customer must adhere to the payment schedule to avoid defaulting on the agreement.

Default & Repossession

• If the customer fails to make payments as agreed, the company has the right to repossess the goods.
• The company may also charge the customer for costs associated with repossession.

Termination

• The customer may have the option to terminate the agreement early, often by paying off the remaining balance.

Maintenance and Insurance

• The customer is usually responsible for maintaining the goods and ensuring they are adequately insured.

This Terms and Conditions was last updated on September 2, 2024.