Consumer Credit Act 1974

[1971 c. 10.] Vehicles (Excise) Act 1971

32 In section 38(1)—

(1) before the definition of " gas " insert—

• “" conditional sale agreement " means an agreement for the sale of a vehicle under which the purchase price or part of it is payable by instalments, and the property in the vehicle is to remain in the seller (notwithstanding that the buyer is to be in possession of the vehicle) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled ;”

(2) for the definition of " hackney carriage " substitute—

• “" hackney carriage " means a mechanically propelled vehicle standing or plying for hire and includes any mechanically propelled vehicle bailed or (in Scotland) hired under a hire agreement by a person whose trade it is to sell such vehicles or bail or hire them under hire agreements ;”

(3) after the definition of " hackney carriage " insert—

• “" hire agreement " means an agreement for the bailment or (in Scotland) the hiring of a vehicle which is not a hire-purchase agreement;

• " hire-purchase agreement " means an agreement, other than a conditional sale agreement, under which—

  (a)

  a vehicle is bailed or (in Scotland) hired in return for periodical payments by the person to whom it is bailed or hired, and

  (b)

  the property in the vehicle will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—

  (i)

  the exercise of an option to purchase by that person,

  (ii)

  the doing of any other specified act by any party to the agreement,

  (iii)

  the happening of any other specified event;”.