understanding hire purchase process in details?

Answer 1

Hire purchase is what it says. You are only hiring the object until the last payment ( which is usually different from the others ) which then buys you out of the contract, so up until the very last payment the object is the property of the hirer, that is why if you are buying a car you normally must have fully comp insurance so that the owner ( HP company ) gets its money even if you wreck the car, in which case you are still liable to pay all the instalments even if the car is written off and the HP company was payed .

Answer 2

Is this a repeat Question ?

Anyway, try Wikipedia