- 4 Marks
BL – Nov 2020 – L1 – SB – Q3c – Hire Purchase and Consumer Credit Transactions
Define hire purchase and advise on rights after repossession under partial payment.
Question
A hire purchase agreement is a transaction with strict rules and regulations.
Required:
i. What is hire purchase?
ii. Case Scenario:
Ronke entered into a hire purchase agreement to buy a Nissan Micra car belonging to Fred. Ronke paid the sum of N900,000 out of the agreed price of N1,000,000. After unsuccessful demands by Fred for the balance of N100,000 on the car, Fred seized the car in front of Ronke’s house.
Advise Ronke on her rights, if any.
Find Related Questions by Tags, levels, etc.
- Tags: Buyer’s Rights, Consumer Rights, Hire Purchase, Payment Default, Repossession
- Level: Level 1
- Topic: Hire Purchase and Consumer Credit Transactions
- Series: NOV 2020
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