instalment plan

World English Dictionary
installment plan or (esp Canadian) instalment plan
(US), (Canadian) Also called (in Britain and certain other countries): hire-purchase a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paid
instalment plan or (esp Canadian) instalment plan

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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