This topic covered Credit Sales.

  • A Credit Sale agreement is a `purchase` agreement where title to the goods passes immediately to the customer.
  • It has a structure similar to HP or Conditional Sale in that it has flexible deposits and periods to meet a customer's budget.
  • However, a Credit Sale is an unsecured finance agreement which is not directly linked/secured to a vehicle.
  • There are no mileage or use restrictions on a Credit Sale.
  • There are no termination or repossession rights on a Credit Sale.
  • Credit sale agreements can be regulated, exempt and unregulated under the consumer credit regulation depending on the nature of the customer, the amount of credit and the purpose of the lending.