Hire purchase is a method of sale where goods are leased by a creditor, usually a finance company, to a customer. The customer takes possession of the goods and agrees to pay for them in periodic installments. Ownership remains with the creditor until the final installment is paid, at which point it transfers to the customer. Hire purchase agreements must be in writing and include details of the goods, purchase price, installment amounts and due dates. The customer can terminate the agreement at any time before ownership transfers.