A lease is a contract to purchase an item by making payments over time. While you have full use of items being leased during the term of your lease, you don’t technically own the item until all payments have been made.
Whether you looking for furniture, electronics, jewelry or more, Progressive lease can help you get the things you need. When you enter into a lease agreement, Progressive Leasing pays the retailer for your items. Progressive Leasing retains ownership of those items and you lease them directly from us.
When you take out a lease with Progressive, there are three paths of ownership available to you.
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As with all lease-to-own purchase options, there is a cost associated with your lease. This “cost of leasing” varies depending on the retailer and how quickly you choose to pay your lease. In every scenario, you will pay the full retail price of your items. Depending on the terms of your lease, you may also pay an additional amount.
Each lease begins with an initial payment, this payment may or may not count towards your lease depending on your lease location.
12 Month Full-Term Lease
Pay for your lease over the course of 12 months. You will pay the full retail price of the item, plus the cost of leasing. This option may be right for you if you’re looking for a purchase option with the lowest payment.
90 Day Payment Option
Pay for your lease over 90 days (3 months in CA). You will pay the full retail price of the item. In some cases your initial payment will be in addition to this amount.
Early Buyout Option
You will pay the full retail price of the item, plus a discounted cost of leasing. The discount applied is based on when you choose to pay your lease.
When using an lease-to-own purchase option, “cost of leasing” refers to the amount you will pay over the course of your lease above the full retail price of your item.
This works similarly to leasing a car with an option to buy. As you pay for your lease you are also paying the cost of the item. With Progressive Leasing, at the end of your lease term, you will own the item outright.
Many people choose lease-to-own purchase options as a way to enjoy flexible, affordable payments on items they need. Rather than paying a large initial cost or spreading payments over years of added interest, Progressive Leasing’s No Credit Needed option provides customers the opportunity to get what they need today, make manageable payments, and own the item in 12 months or less.
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