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A hire purchase agreement is a transaction arrangement between a seller/owner and a buyer or hire-purchaser specially meant for buying expensive consumer goods, wherein the seller delivers his goods to the hire-purchaser based on a specific condition. According to the condition, the hire-purchaser must make an initial down payment and that he/she will repay the price of the goods inclusive of the amount of interest in periodic instalments and acquire the goads with immediate effect. However, the title of the same is transferred only after the last instalment is being paid.