Hire Purchase Agreements

Hire Purchase Agreements are usually used to purchase motor vehicles. The finance company owns the goods until the individual has made payment in full to them. If the individual defaults on monthly payments the finance company can repossess the goods but will need a court order unless the individual gives permission or less that one third of the agreement has been paid. If the individual finds themselves unable to maintain payments, it is always best to communicate with the finance company and explain the circumstances.