A hire purchase ( HP ), also known as an installment plan , is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own .
24-693: The Maraimalai Adigal Bridge (previously the Marmalong Bridge ) is a road bridge on Anna Salai connecting the northern and southern banks of the Adyar River . The oldest bridge across the Adyar River - the Marmalong Bridge - was originally constructed by the Armenian merchant Coja Petrus Uscan in 1728 at the cost of Rs. one lakh. He left a trilingual inscription in Armenian, Latin, and Persian. The bridge
48-410: A maximum specified in each jurisdiction's law to strike a balance between the need for the buyer to minimize liability and the fact that the owner now has possession of an obsolescent asset of reduced value. The hirer usually has the following obligations: The owner usually has the right to terminate the agreement where the hirer defaults in paying the installments or breaches any of the other terms in
72-419: A percentage as a deposit , a hire-purchase contract allows the buyer to hire the goods for a monthly rent . When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. If the buyer defaults in paying the installments, the owner may repossess
96-845: Is an arterial road in Chennai , India. It starts at the Cooum Creek, south of Fort St George , leading in a south-westerly direction towards St. Thomas Mount , and ends at the Kathipara Junction in Guindy . Beyond the Kathipara Junction, a branch road arises traversing westwards to Poonamallee to form the Mount-Poonamallee Road while the main branch continuing southwards to Chennai Airport , Tambaram and beyond to form Grand Southern Trunk Road ( GST Road or NH45 ). Anna Salai, which
120-532: Is more than 400 years old, is acknowledged as the most important road in Chennai city. The head offices of many commercial enterprises and public buildings are located along Anna Salai. It is the second longest road in Chennai, after EVR Periyar Salai . Several flyover projects were under consideration on the road, many of which have been shelved owing to the construction of the Chennai Metro project, which runs along
144-565: Is used by financial institutions in Malaysia to fund the purchase of consumer goods, vehicles and other business equipment and industrial machinery. In Malaysia , the legislation governing hire purchase transactions is the Hire Purchase Act 1967, which came into force on 11 April 1968 after hire purchase became popular in the acquisition of expensive consumer goods such as cars , business equipment and industrial machinery. Purchasing cars
168-541: The GST contained in the purchase price of the goods on their next Business Activity Statement . Hire purchase is also commonly known as commercial hire purchase and corporate hire purchase (both abbreviated to CHP ) in Australia. Hire Purchase was brought to Australia in the early 1960s by Les Meteyard and his business partner (currently unknown). Hire purchases agreement are commonly known as H.P agreement in Malaysia and it
192-644: The LIC Building , was built on Anna Salai in 1959. Several major firms were then established, namely, Spencers & Co, Victoria Family Hotel (the present location of the Indian Overseas Bank Headquarters) and Higginbothams. Anna Salai starts from the Parktown area of Chennai city where Chennai Central railway terminus is situated. It, then, traverses the Island with its statue of Sir Thomas Munro to
216-633: The 1800s, Mount Road has become the traders' area of the city of Madras while First Line Beach in Georgetown remained the seat of processing, shipping and manufacturing businesses. However, the business activities of Mount Road was responsible for the city's economic growth. Several giant firms had beginnings on Mount Road, from the Amalgamations group to the TVS group. The road's proximity to the Government House,
240-469: The 5,101 accidents that occurred in Chennai in 2010. Hire purchase The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay
264-452: The agreement. This entitles the owner: Hire purchases are commonly used by businesses (including companies , partnerships and sole traders ) in Australia to fund the purchase of cars , commercial vehicles and other business equipment. Under Australian Taxation Office rules, businesses who account for GST on an accruals basis are entitled to claim an Input Tax Credit for all of
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#1732876236927288-435: The construction of Marmalong Bridge in 1724, the road started gaining prominence. In the following years, the road became part of the city's central business district which originally covered only George Town . Today, most of Chennai's business and corporate offices are located on Anna Salai. In the 1700s, the road was lined with garden houses and large colonial mansions with balconies and verandas set amidst lush gardens. By
312-560: The early 17th century, and has its origins in a cart track which was used by the European employees of the British East India Company to travel from the factory at Fort St George to the holy town of St Thomas Mount where the apostle St Thomas is believed to have been martyred, according to Christian belief. The road, in its present form, took shape during the time of Charles Macartney who served as Governor of Madras . With
336-464: The goods that induce the buyer to "buy". In a conventional contract of sale, the seller will be liable to the buyer if these representations prove false. But in this instance, the seller who makes the representation is not the owner who sells the goods to the buyer only after all the installments have been paid. To combat this, some jurisdictions, including Ireland , make the seller and the finance house jointly and severally liable to answer for breaches of
360-582: The goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available, such as credit cards . These contracts are most commonly used for items such as automobiles and high-value electrical goods where
384-632: The heart of the city. By the 2010s, the stretch between Parry's Corner and Nandanam was used by over 16,000 vehicles during rush hour. Anna Salai is used by over 0.183 million vehicles every day. The Metropolitan Transport Corporation in Anna Salai carries about 14,000 passengers per hour per direction. Anna Salai remains the road in the city experiencing second most number of accidents annually, next only to Jawaharlal Nehru Road (100 ft Inner Ring Road), with one person being injured every 1.13 days. Together, these roads account for almost 14 per cent of
408-563: The home of the Governor, and the palaces of the Nawabs of Arcot resulted in several firms selling cars and other luxury goods setting up shops on the road. Simpson & Co, which moved to its current location opposite Government Estate after 1875, began building carriages and coaches and then cars. In the early 1900s, the road became the entertainment hub for the British. In 1903, the first steam-driven car
432-473: The median of the road. Anna Salai Head Post office, one of the most important post offices in the city, is located on this road. It was established in 1854 as Mount Road SO as a non-gazetted delivery office. With the growth of commerce and urbanization, this SO was upgraded to gazetted in 1955. Nomenclature of this Head Post office was changed from Mount Road Head Post office to Anna Road Head Post office on 15 September 1974. Anna Salai can be traced from at least
456-613: The other side of the Coovum before entering the neighbourhoods of Thousand Lights and Teynampet areas. From Teynampet, it continues straight southwards to Nandanam and Saidapet before traversing the Maraimalai Adigal Bridge across the Adyar River to Little Mount and finally, Guindy . Anna Salai is maintained by the Tamil Nadu Highways Department . The road extends for a total of 11 kilometres and traverses
480-402: The purchase contract. The extent to which buyers are protected varies from jurisdiction to jurisdiction, but the following are usually present: The hirer usually has the following rights: Each jurisdiction has a different formula for calculating the amount of the rebate. Generally, returning the goods is subject to the payment of a penalty to reflect the owner's loss of profit but subject to
504-411: The purchasers are unable to pay for the goods directly. To be valid, HP agreements must be in writing and signed by both parties . They must clearly lay out the following information in a print that all can read without effort: If the seller has the resources and the legal right to sell the goods on credit (which usually depends on a licensing system in most countries), the seller and the owner will be
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#1732876236927528-405: The same person. But most sellers prefer to receive a cash payment immediately. To achieve this, the seller transfers ownership of the goods to a Finance Company, usually at a discounted price, and it is this company that hires and sells the goods to the buyer. This introduction of a third party complicates the transaction. Suppose that the seller makes false claims as to the quality and reliability of
552-648: Was named after the nearby village of Mambalam which was Anglicized to Marmalan or Marmalong. The dilapidated old bridge was replaced by a new one in 1966. The new bridge is named after Maraimalai Adigal , a Tamil writer and proponent of the Pure Tamil movement . Uscan's construction of the bridge is commemorated by a plaque at the northern end of the bridge adjoining the Saidapet bus stand. Anna Salai Anna Salai ( Tamil: [aɳɳaː saːlaɪ] ), formerly known as St. Thomas Mount Road or simply Mount Road ,
576-594: Was taken for its debut drive on Mount Road. To overcome the Great Depression of the 1930s, Simpon's introduced the hire purchase system for cars and trucks. In the 1930s, the TVS group, which was a travel operator in mofussil areas, was established in Madras by acquiring the Madras Auto Service property. In the 1940s, Anantharamakrishnan helped with the formation of Amalgamations & Co. The city's first skyscraper,
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