A Hire Purchase Agreement is a contract for lease/hire of movable property with an option to purchase at the determination of the lease period. The parties to a Hire Purchase Agreement are the Owner of the movable property and the Hirer.
In Kenya, Hire Purchase Agreements (“HPA”) are registrable at the Movable Property Security Registry giving precedence/priority to the registered HPA over unregistered ones.
The Hirer is responsible for payment of a deposit and subsequent periodical rental payments towards the Hire Purchase Price.
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