Hire-Purchase Act · 2024 Revised Edition · Part 4
13. Early completion of agreement
Official textFrom Attorney General's Chambers, unchanged
The hirer under a hire-purchase agreement may, if he has given notice in writing to the owner of his intention to do so, on or before the day specified for that purpose in the notice, complete the purchase of the goods by paying or tendering to the owner the net balance due under the agreement.
hirer
“hirer” means the person who takes or has taken goods from an owner under a hire-purchase agreement and includes a person to whom the rights or liabilities of the hirer under the agreement have passed by assignment or by operation of law;
For the purposes of subsection (1), the net balance due is the balance originally payable under the agreement less —
any amount (other than the deposit) paid or provided by or on behalf of the hirer under the agreement;
the statutory rebate for terms charges; and
the statutory rebate for insurance where the hirer requires any policy of insurance to be cancelled if such policy has been taken out for his benefit and the premiums in respect thereof have been paid for by the owner.
Hire-Purchase
The rights conferred on the hirer by this section may be exercised by him —
at any time during the continuance of the agreement; or
where the owner has taken possession of the goods, upon payment to the owner (within 14 days after the owner has served a notice in the form set out in Schedule 6) in addition to the net balance due together with the reasonable costs including costs, if any, of storage, repair or maintenance of the goods incurred by the owner incidental to his taking possession of the goods.
Terms defined in s 2
goods
Defined · s 2“goods” includes any replacement or renewal by the hirer of any part or parts thereof and any accessories added or additions made thereto by the hirer during the period of the hiring;
hire-purchase agreement
Defined · s 2“hire-purchase agreement” includes a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent, hire or otherwise), but does not include any agreement — (a) whereby the property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods; or (b) under which the person by whom the goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;
hirer
Defined · s 2“hirer” means the person who takes or has taken goods from an owner under a hire-purchase agreement and includes a person to whom the rights or liabilities of the hirer under the agreement have passed by assignment or by operation of law;
owner
Defined · s 2“owner” means a person who lets or has let goods to a hirer under a hire-purchase agreement and includes a person to whom the rights or liabilities of the owner under the agreement have passed by assignment or by operation of law;