Which of These Is Correct Concerning the Difference Between a Hire

question 12

Multiple Choice

Which of these is correct concerning the difference between a hire purchase agreement and a finance lease?

• A) Under a hire purchase agreement the customer eventually becomes the legal owner of the asset, whereas for a finance lease ownership stays with the lessor.
• B) Under a finance lease the customer takes immediate possession of the asset, while under a hire purchase agreement the customer must wait for possession until the full cost is paid.
• C) A finance lease is a short-term lending arrangement, while a higher purchase agreement is a long-term arrangement.
• D) B and C are differences.

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