There is not an interest rate. We purchase the merchandise from you and the customer leases it from us until it’s paid off. Lease payments are 15% of the invoice amount per month.
Example: $1,000 invoice = $150/mo payment
Payments are automatically withdrawn from the customer’s bank account on their paydays. Example: If the invoice amount is $1,000 and the customer is paid weekly, they will pay $34.61 for 52 payments. If they are paid bi-weekly, they will pay $69.23 bi-weekly for 26 payments. If they are paid monthly, they will pay $150 monthly for 12 payments.
They will not qualify. They must have an active checking account that has been open for at least three months.
Missed payments have no effect on the store. Once the merchandise is delivered and the store is paid, they are no longer obligated to the customer financially. However, any warranty or defective merchandise issues will still be handled by the store.
All lease/purchase agreements are for 12 months unless the customer wishes to pay off early.
We offer early buyout options to customers who wish to own the merchandise outright before the 12 month term is completed. They have two options:
90 Day Payment Option: The customer pays only the invoice amount plus a $40 INITIAL PAYMENT within 90 days of the delivery date.
Early Buyout Option: If the customer wishes to own the merchandise outright after 90 days, they will be able to purchase their merchandise at a percentage of their remaining balance.
Although returns are not common, because this is a lease/purchase agreement the customer may return the merchandise at any time to Progressive with no recourse to the store. We do ask that the store help resell the merchandise and split the resale with Progressive 50/50.
“Thank you very much for your excellent service, I'm very pleased with the help that you have given me.”
– Steven Wagne, customer