Hire purchase means buying vehicles on credit, with the goods themselves being security for the loan. One fourth of the cost of the vehicle is paid initially and the rest is financed at the rate as specified in the hire purchase schemes. The hirer becomes the owner of the vehicle upon full payment of all instalments due from him.

A Hire Purchase Agreement must be signed between the Hirer and the company being the owner.

The hirer will during the hiring register the Vehicle in the name of the Owners.

The hirer will during the hiring insure and keep insured the vehicle against loss or damage by fire, accident and third party risks and puntually pay premia all moneys payable in respect of such insurance.

The hirer will during the hiring pay all taxes, licence fees, duties, fines, registration charges and other charges payable in respect of the vehicle and all rent and out goings payable by the Hirer in respect of the premises where the vehicle shall for the time being be kept or garaged when the same shall respectively become due.

The hirer will during the hiring not sell, charge, pledge, assign or part with possession of Vehicle.

  Repaying

The hirer will during the hiring puntually pay the dues specified in the B. Schedule of the hire purchase agreement

  Repossession

If the Hirer

• shall make default in payment of any rent specified in the B. Schedule here to of any part thereof for seven days after the same shall become due
  
  
• shall make default in payments of the insurance premium, taxes, licence fees, fines, duties, registration charges, other charges rent or outgoings