installment sales contract

Definition

Contract in which the buyer takes possession of the property immediately but does not receive the deed and title until a series of payments (installments) have been made.

Use this term in a sentence

The installment sales contract meant that he would not get any money until after he made a series of payments an that made me mad.

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My brother purchased a new Porsche using an installment sales contract and crashed his car before he was able to take full title to the vehicle.

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INSTALLMENT SALES CONTRACT Contract in which the buyer takes possession of the property immediately but does not receive the deed and title until a series of payments (installments) have been made.

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installment sale instalment