In a commercial transaction structured as a hire purchase agreement, legal title to the property passes to the buyer upon taking physical delivery and paying the initial deposit, whereas under a deferred payment scheme, ownership remains with the vendor until all installments are fully settled.
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The statement is False. Legal title under a hire purchase agreement is retained by the owner until the final installment is paid, whereas ownership under a deferred payment scheme transfers to the buyer immediately upon delivery.
The statement is false because it reverses the legal ownership principles of the two credit mechanisms. Legal ownership in hire purchase stays with the seller until the final payment, whereas in deferred payment, ownership passes to the buyer immediately upon delivery.
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Passage of Legal Title in Credit Transactions