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What is the Difference between hire purchase and a finance
Lease
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Answer Posted / ashwin
There are two types of lease - Finance lease and operating
lease. Most of the answers submitted here are difference
between hire purchase and operating lease. On the face
there is not much difference between hire purchase and
finance lease.
The difference in angle of payment of money is as follows:
Down payment:
Hire purchase : down payment can be part of cost of asset
or even 0.
Fianance lease: Not Applicable (N.A)
Operating lease: N.A
Monthly payment:
Hire purchase : monthly rent
Finance lease : lease rent
operating lease: lease rent
Ownership:
Hire purchase : passes to buyer at end of period
Finance lease : passes to lessee at end of period on
payment of residual value.
Operating lease: no passing of ownership. asset goes back
to lessor.
There could be other small differences too.
| Is This Answer Correct ? | 28 Yes | 11 No |
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