Hire purchase

Hire purchase comes in two varieties, genuine and non-genuine hire purchase.
The more common non-genuine hire purchase corresponds to a purchase against payment in instalments with a fixed agreed transfer of legal ownership upon payment of the last instalment. 
The less common genuine hire purchase is a mixture of rental and purchase contract, where the hire-purchaser initially rents the asset, but has the right to buy the asset at any time or at the end, whereby the rental payments made to date are (partly) credited.