Question

In a hire purchase scheme the buyer gets the owner ship at what point?

• A. At the time of down payment
• B. At the time of complete payment
• C. Ownership is never transferred to the user
• D. At the time first instalment is paid

Answer 1

The correct option is B At the time of complete payment

In a hire purchase scheme the ownership lies with the bank or the financial institution until the total amount is paid.