Financial Terms Glossary

Lease Purchase

Formal

A Capital Lease (see definition) that specifically allows the customer a right to purchase the equipment at the end of the lease period. Therefore this is a form of Hire Purchase - with all the risks of ownership vesting with the user. Reported 'On Balance Sheet'.

Informal

A brand new name for companies for the old Hire Purchase agreement used to buy products on the 'never never' - ie by long term credit.

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