Understanding your Lease-to-own Agreement

Here at Progressive Leasing we value transparency and want to make sure you know exactly what to expect when you lease-to-own. To access your lease-to-own agreement, click here. To learn more about a lease-to-own agreement, click here. Below, we'll define important terms to help you better understand your lease-to-own agreement.

Understanding Your Remaining 12-month lease-to-own Total

There are several places in your lease-to-own agreement to view your remaining 12-month lease-to-own total and lease-to-own cost. Below are a few key terms:

Cash Price

This is the retail price of your merchandise before estimated sales tax.

Lease-to-own Cost

This is the amount that Progressive Leasing charges for our lease-to-own service. There is always a lease-to-own cost, we do not offer same-as-cash options.

Remaining 12-month Lease-to-own Total

This includes the cash price, plus the lease-to-own cost for the full term of your lease. It is approximately twice the cost. This amount, plus estimated sales tax, is what you agree to pay by signing the lease-to-own agreement. 

Cash Price + Lease-to-own cost – payments received = Remaining 12-month lease-to-own Total

Estimated Sales Tax

You are purchasing the item(s) from Progressive, and local sales tax is added to your recurring lease-to-own payments.

Your estimated sales tax rate is based on the address you provided on your lease-to-own application and the laws associated with that area. Your estimated sales tax rate may change at any time during your lease-to-own agreement depending on the area in which you reside.

Your Payments

Your payments are automatically set up to fulfill the 12-month lease-to-own total. If you’d like to take advantage of one of our Early Purchase Options, you will need to call in and change your payment amounts with one of our Service Representatives. You can log in to your account to pay the early purchase amount due.

Initial Payment

The initial payment is paid at the time of signing. Once this is completed, you may choose to take the merchandise home or schedule a delivery. The initial payment amount may vary, but this first payment always goes toward the 12-month lease-to-own total and the 90-day purchase option* total. The card used for your initial payment will be saved as a payment method.

Automatic Recurring Payment Frequency

The payment frequency is based on the paydays you specified during your lease-to-own application. For example, if your paydays are bi-weekly on Fridays, your payments will be withdrawn bi-weekly on Fridays. You have the option to change your payment frequency at any time during the length of your lease-to-own agreement.

Additional One-Time Payments

You may make additional one-time payments at any time without penalty! You can make these payments online or over the phone with one of our Service Representatives.

Payment Amount

Your recurring payments are automatically set up to fulfill the 12-month lease-to-own total. If you’d like to take advantage of your early purchase options, you may call in and one of our Service Representatives will help you make changes to your payment schedule.

12-month lease-to-own Total/Payment Frequency = Recurring Payment Amount

Payment Method

Your primary payment method is the bank account or card number you provide during your lease-to-own application. If you’d like to change how you pay, you do have the option to change your payment method at any time during the length of your lease-to-own agreement. If at any time a payment is unsuccessful, we will attempt to withdraw the funds from your secondary payment method.

If at any time you submit a new lease-to-own application with a different card and/or bank account, these payment methods will be used as a payment method on all open leases.

Your Purchase Options

Paying off your lease-to-own agreement early will help reduce your 12-month lease-to-own total. If you’d like to take advantage of one of our Early Purchase Options, you will need to call in and speak with one of our Service Representatives to set up payment arrangements. 

90-Day*

You can buy out your lease-to-own agreement within the first 90-days*. This amount includes the cash price, plus the lease-to-own cost for the first 90-days*. Taking advantage of the 90-day purchase option* will save you the most money! You will need to call us to exercise this option.

Early Buyout

If you are unable to buy out the lease-to-own agreement in the first 90-days*, the Early Buyout may be available to you. The Early Buyout is a percentage of the unpaid 12-month lease-to-own cost. Taking advantage of this purchase option will save you money on your 12-month lease-to-own total.

  *The 90-day purchase option is equivalent to the three-month purchase option in California.

Cancellation

Returns

You can end your lease-to-own agreement at any time, without penalty, simply by returning the merchandise. You may return your merchandise to the retailer, or to Progressive Leasing. If you return to Progressive Leasing, you will not receive a refund of any payments made to us.