What is Progressive Leasing?
Progressive Leasing is the largest and longest-tenured virtual lease-to-own provider in the United States, having been founded in 1999. The company offers a lease-to-own program that allows customers to lease items with the option to own them after completing the required payments.
Through Progressive Leasing, customers with less-than-perfect credit can obtain items they need without making a significant upfront payment. The program provides flexibility and easy payment options, making it an attractive choice for many consumers.
How Does Progressive Leasing’s Lease-to-Own Program Work?
The lease-to-own program from Progressive Leasing involves a straightforward process. First, interested customers must submit an application, which requires them to be at least 18 years old (19 in Alabama), have a valid Social Security Number or ITIN, and provide routing and account numbers for an active checking account.
Once approved, customers can shop for the items they desire from a wide range of categories, such as:
- Appliances
- Furniture
- Jewelry
- Electronics
- Mattresses
- Mobile devices
- Musical instruments
After selecting their items, customers sign the lease agreement and make the initial payment. The standard lease agreement is set for 12 months, but early purchase options are available, including a 90-day option.
Payments are automatically deducted from the customer’s provided bank account or card on a scheduled basis, typically aligning with their paydays. The recurring payment details are outlined in the lease agreement, and payments begin on the next scheduled payday after the customer receives their items.
Application and Approval Process
Applying for a lease through Progressive Leasing should not impact the customer’s credit scores, as the company only makes soft inquiries to credit bureaus. Progressive Leasing considers various data points beyond credit scores when making approval decisions, allowing customers with bad or no credit to potentially qualify for the program.
Approval amounts depend on factors such as credit history, income, and banking information. Once approved, the decision remains valid for 90 days, and customers are not charged any application or upfront fees.
Ownership and Early Purchase Options
Progressive Leasing maintains ownership of the leased merchandise until the customer completes all required payments. However, the program offers early purchase options that allow customers to obtain ownership before the standard 12-month term concludes.
If a customer faces financial difficulties or is unable to afford the payments, they can contact Progressive Leasing’s customer service for assistance. The company may work with the customer to adjust payment arrangements or explore alternative options.
What Items Are Available Through Progressive Leasing?
Progressive Leasing offers a wide array of items available for lease, catering to various customer needs and preferences. Some of the main categories include:
| Category | Examples |
|---|---|
| Appliances | Refrigerators, washers, dryers, dishwashers, ovens, microwaves |
| Furniture | Sofas, loveseats, sectionals, recliners, dining sets, bedroom sets |
| Jewelry | Rings, necklaces, bracelets, earrings, watches |
| Electronics | Televisions, laptops, tablets, gaming consoles, sound systems |
| Mattresses | Twin, full, queen, and king-size mattresses, box springs, adjustable bases |
| Mobile devices | Smartphones, cell phones, accessories |
| Musical instruments | Guitars, keyboards, drums, DJ equipment |
While Progressive Leasing offers a vast selection of items, certain prohibited items are excluded from the program. Customers can browse available merchandise through participating retailers or by contacting Progressive Leasing’s customer service for guidance.
What Happens if You Can’t Pay Progressive Leasing?
Failure to pay Progressive Leasing may lead to legal action and potential imprisonment. While failing to make payments is not considered a criminal offense in itself, Progressive Leasing can initiate legal action against customers who default on their lease agreements.
If Progressive Leasing pursues legal action and obtains a court order, the customer may be required to pay the outstanding balance and any associated fines. Failing to comply with the court order can result in being held in contempt of court, which may lead to imprisonment.
Consequences of Non-Payment
When a customer fails to make payments according to the lease agreement, Progressive Leasing may take the following actions:
- Attempt to contact the customer to arrange payment
- Report the delinquency to credit bureaus
- Hire a collection agency to recover the debt
- Initiate legal proceedings against the customer
If the matter escalates to legal action, the court may order the customer to pay the outstanding balance, along with any fines or penalties. Non-compliance with the court order can lead to contempt of court charges, which may result in jail time. In some cases, the customer may be required to post bail to avoid imprisonment.
Options for Customers Facing Financial Difficulties
Customers who find themselves unable to make payments should proactively contact Progressive Leasing’s customer service to discuss their options. The company may be willing to work with customers to modify payment arrangements or find alternative solutions.
In some cases, customers may be able to return the leased items without incurring additional charges or penalties, as long as they cover any unpaid lease costs. Progressive Leasing’s cancellation policy allows customers to cancel their lease at any time, subject to these conditions.
Progressive Leasing’s Customer Service and Policies
Progressive Leasing offers customer service to assist with lease-related queries, payment issues, and other concerns. Customers can reach the company’s customer service team at (877) 898-1970, Monday through Friday from 10 a.m. to 7 p.m. (EST) and Saturday from 10 a.m. to 6 p.m. (EST).
The company maintains several policies designed to protect customers and provide a transparent leasing experience:
- Cancellation policy: Customers can cancel their lease at any time without incurring additional charges or penalties, provided they pay any outstanding lease costs.
- Return policy: Customers can return leased items without additional charges or penalties, subject to the terms of the cancellation policy.
- Defective or damaged items: If a leased item is defective or damaged, customers should contact Progressive Leasing’s customer service for assistance and to evaluate the appropriate course of action.
- Lost or stolen items: In the event that a leased item is lost or stolen, customers should report the incident to Progressive Leasing’s customer service for guidance on how to proceed.
Credit Impact and Reporting
Although applying for a lease through Progressive Leasing should not directly impact a customer’s FICO score, the company does perform soft inquiries to credit bureaus. These inquiries may appear on the customer’s credit report.
Progressive Leasing primarily focuses on lease-to-own programs and does not typically report payment history to credit bureaus. However, if a customer defaults on their lease agreement and the debt is sent to collections or results in legal action, this information may be reported to credit bureaus and negatively impact the customer’s credit standing.
Conclusion
Progressive Leasing’s lease-to-own program offers customers a way to obtain needed items without significant upfront costs, providing flexibility and manageable payment options. However, it is crucial for customers to understand their responsibilities under the lease agreement and the potential consequences of non-payment, including legal action and possible imprisonment for contempt of court.
By familiarizing themselves with Progressive Leasing’s policies, maintaining open communication with the company’s customer service team, and proactively addressing any financial difficulties, customers can effectively manage their lease-to-own experience and work towards successful ownership of their leased items.
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