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.
- Under a Credit Sale there are no restrictions on mileage or usage of the vehicle, sinc the customer is the legal owner.
- 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 and the amount of credit.