Hire Purchase in Ghana 2022 | Check List of Hire Purchase Companies in Ghana.
Hire Purchase in Ghana – List of Hire Purchase Companies in Ghana: Hire Purchase business in Ghana is one of the most lucrative business, There are a lot of hire purchase companies that are reliable. Also, these companies can help achieve your dreams.
What is Hire Purchase?
Before looking at hire purchase in Ghana, note. A hire purchase (HP), is also known as an installment plan. And it is an arrangement whereby a customer agrees to a contract. This is to acquire an asset by paying an initial installment.
The customer is to repay the balance of the price of the asset plus interest over a period of time. The hire purchase agreement was developed in the United Kingdom. And this was in the 19th century. Also, it was to allow customers with a cash shortage to make an expensive purchase.
However, if the buyer defaults in paying the installments, the owner may repossess the goods. Additionally, HP is frequently advantageous to consumers. This is because it spreads the cost of expensive items over an extended time period.
Standard Provisions of a Hire Purchase
Also, before looking at hire purchase in Ghana, note. To be valid, HP agreements must be in writing. And it must be signed by both parties.
Also, they must clearly lay out the following information in a print that all can read without effort:
• A clear description of the goods.
• Also, the cash price for the goods.
• Additionally, the HP price. That is the total sum that must be paid to hire and then purchase the goods.
• Also, the deposit.
• Furthermore, the monthly installments.
• Also, a reasonably comprehensive statement of the parties’ rights.
• Additionally, the right of the hirer to terminate the contract when he feels like doing so for a valid reason.
The Seller and the Owner Agreement on a Hire Purchase
Also, before looking at hire purchase in Ghana, note. If the seller has the resources and the legal right to sell the goods on credit the seller and the owner will be the same person. But most sellers prefer to receive cash payment immediately.
However, to achieve this, note. The seller transfers ownership of the goods to a Finance Company. And this is usually at a discounted price. Also, it is this company that hires and sells the goods to the buyer. This introduction of a third party complicates the transaction.
Implied Warranties and Conditions to Protect the Hirer in a Hire Purchase
Also, before looking at hire purchase in Ghana, note. The extent to which buyers are protected varies from jurisdiction to jurisdiction. However, the following are usually present:
1. The hirer will be allowed to enjoy quiet possession of the goods. That is no one will interfere with the hirer’s possession. This is during the term of this contract.
2. Also, the owner will be able to pass title to, or ownership of, the goods. This is when the contract requires it
3. Also, that the goods are of merchantable quality and fit for their purpose, save that exclusion clauses may, to a greater or lesser extent, limit the Finance Company’s liability.
4. Additionally, where the goods are let by reference to a description or to a sample, what is actually supplied must correspond with the description and the sample.
The Hirer’s Rights in a Hire Purchase
Also, before looking at hire purchase in Ghana, note. The hirer usually has the following rights:
1. Rights to buy the goods at any time. And this is by giving notice to the owner. Also, it is by paying the balance of the HP price less a rebate. However, each jurisdiction has a different formula for calculating the amount of this rebate.
2. Also, the right to return the goods to the owner. However, this is subject to the payment of a penalty to reflect the owner’s loss of profit.
3. Also, the right with the consent of the owner, to assign both the benefit and the burden of the contract to a third person. The owner cannot unreasonably refuse consent where the nominated third party has a good credit rating
4. Also, where the owner wrongfully repossesses the goods, either to recover the goods plus damages for loss of quiet possession or to damages representing the value of the goods lost.
The Hirer’s Obligations in a Hire Purchase
Also, before looking at hire purchase in Ghana, note. The hirer usually has the following obligations:
1. To pay the hire installment
2. Also, to take reasonable care of the goods.
3. Furthermore, to inform the owner where the goods will be kept.
4. Also, a hirer can sell the products if, and only if, he/she has purchased the goods finally or else not to any other third party.
The Owner’s Rights in a Hire Purchase
Also, before looking at hire purchase in Ghana, note. The owner usually has the right to terminate the agreement. And this is if the hirer defaults in paying the installments. Or, if he/she breaches any of the other terms in the agreement. This entitles the owner:
1. To forfeit the deposit.
2. Also, to retain the installments already paid. And, thus recover the balance due.
3. Also, to repossess the goods.
4. Additionally, to claim damages for any loss suffered.
Hire Purchase in Ghana | List of Hire Purchase Companies
Below are some hire purchase companies in Ghana:
1. Mamet Investment and Trading Limited
This is one company for hire purchase in Ghana. Mamet trading is a wholly Ghanaian registered company. And it is located at Tema Comm 20, Abbatiore road.
Also, it trades in consumer electronics on hire purchase. Her vision is to become the number 1 hire purchase company in her field. However, to learn more CLICK HERE
2. Orchard Asset Finance Ltd
Also, this is another company to hire purchase in Ghana. This is located at Achimota, Accra, Ghana. And it is a hire purchase company for consumer electronics and others.
It deals with brands such as LG, Samsung, Nasco, Midea, Whirlpool, and others. However, to learn more CLICK HERE
3. DUNIA Microfinance Ltd.
Also, this is one company for hire purchase in Ghana. And it is located at Nima Highway, Nima, Alaska, Accra, Ghana.
Dunia’s microfinance philosophy and unique selling point are to “address the needs of people rather than sell them a product”. However, to learn more CLICK HERE
4. Rnbanks Trading Company Limited
Also, this is another company to hire purchase in Ghana. And it located on Kasoa new market road. This is opposite St.Marry’s Anglican Basic School Akweley, Accra, Ghana.
Also, Rnbanks trading co ltd is a real estate management and hire purchase company. And it has 6 years of real estate business experience in kasoa Ghana. However, to learn more CLICK HERE
5. EA Universal Group of Companies
Also, this is another company to hire purchase in Ghana. And it is located at Abuakwa -the blood of Jesus junction. This is off Nkawie Road, Kumasi, Ghana.
Also, it is a well-established institution. And it is situated in Kumasi. The Head Office is in the Ashanti Region. However, to learn more CLICK HERE.
If you have any questions concerning Hire Purchase in Ghana, please feel free to use the comment box below and ask us your question. We will be very pleased to answer you.
You can share this information, with your family and friends, as it will be helpful to someone. Please share it on Twitter, Facebook, G+, Whatsapp or Email it to friends. Use the buttons below to do this.