Consumer finance definition8/26/2023 With hire purchase, unlike a layby sale, you get to take the goods home when you sign the contract. Sometimes the seller will provide the credit, but usually the lender will be a finance company that’s separate from the seller. This is when you buy goods or services but pay for them later, usually by instalments. “Credit sale” is the name the CCCF Act uses for what’s often called “hire purchase”. ![]() you have an option to buy the goods for no additional charge, or for a token amount, or for an additional amount that’s substantially less than what the goods will be worth at the end of the lease.Ĭredit Contracts and Consumer Finance Act 2003, s 5 (definitions of “credit sale” and “security interest”).the lease payments will be substantially the same as the cash price for the goods, or.The CCCF Act treats a lease of goods as a hire purchase (and therefore a consumer credit contract) if the goods are mainly for your personal, domestic or household use, and either: ![]()
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