hire-purchase

noun British.

1. a system of payment for a commodity in regular installments while using it.

noun

1. British, Australian, NZ and Southern African
   1. a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paid
   2. (as modifier)hire-purchase legislation

   Abbreviation: HP, h.p. US and Canadian equivalents: instalment plan, installment plan