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Home Accounting Dictionary Letter I Installment Purchase System Definition
 
 

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Installment Purchase System Definition:

Under installment purchase system, there is an outright sale of goods with the buyer having the facility to pay the purchase price in certain number of agreed installments. In this system the installment price includes both the cash price and the amount of interest for delayed payment. In this the possession and the legal ownership of the goods passes from seller to the buyer immediately. If the buyer fails to make future payment, the seller cannot repossess the goods but he can sue against the buyer for the amount receivable.

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