One question we get a lot at Progressive Leasing is how we are different than banks, rent-to-own retailers, or other financing institutions. While our lease-to-own purchase option may seem similar to these other payment services, we’re actually quite different!
For starters, Progressive Leasing’s lease-to-own option is not a credit transaction. With a credit transaction, financing, or a loan, you make a purchase with borrowed money that must be repaid, often with interest.
With a lease-to-own agreement, we purchase the items you select from the retailer. Then, you sign a lease-to-own agreement to lease that merchandise from Progressive Leasing.
At this point, Progressive Leasing owns the merchandise, and you make payments based on a payment schedule tailored to your needs. You take ownership of your item after making all standard lease payments, or through an early purchase option.* Once that’s completed, you own your item outright and owe no further payments.
Total Cost of Leasing = Price of the item + Cost of leasing + Tax
*Standard agreement offers 12 months to ownership. Early purchase options cost more than the retailer's cash price (except 3-month option in CA). To purchase early or to cancel lease you must call 877-898-1970. Retailer cannot activate early purchase options.
