"instalment agreement"
means a sale of movable property in terms of which—
(a) |
all or part of the price is deferred and is to be paid by periodic payments; |
(b) |
possession and use of the property is transferred to the consumer; |
(c) |
ownership of the property either— |
(i) |
passes to the consumer only when the agreement is fully complied with; or |
(ii) |
passes to the consumer immediately subject to a right of the credit provider to re–possess the property if the consumer fails to satisfy all of the consumer’s financial obligations under the agreement; and |
(d) |
interest, fees or other charges are payable to the credit provider in respect of the agreement, or the amount that has been deferred; |