What’s lease to own or a lease-purchase program?
Leasing is a convenient way to get the items you want now without a big, upfront payment or a long-term commitment. Progressive Leasing offers a great selection of retailers, affordable payments and flexible choices on how to own your merchandise.
Progressive Leasing provides a rental-/lease-purchase agreement and, in certain states, a rent-to-own agreement, a consumer rental-purchase agreement or a lease agreement with an option to purchase. It's not a loan, credit or financing. While no credit history is required, Progressive obtains information from consumer reporting agencies in connection with your lease application.
An initial payment is required at lease signing. All remaining lease payments will be determined by the cash price of the leased item and the frequency of payments. You won't own the leased merchandise or acquire ownership rights unless you make all your payments or exercise an early purchase option. Progressive Leasing isn't available in Minnesota, New Jersey, Vermont, Wisconsin or Wyoming. Merchant participating locations only. Not all applicants are approved.
How’s a lease different than a credit transaction, financing or a loan?
A Progressive lease isn't credit. With a credit transaction, financing or a loan, you make a purchase with borrowed money that must be repaid, often with interest. With a Progressive lease, we purchase the merchandise you select from the retailer. Then, you sign an agreement to lease that merchandise from Progressive. Progressive owns the merchandise, but you can take ownership after making all required lease payments or through an early purchase option. While there's a cost associated with Progressive’s leasing services, we don’t charge interest.
You must be 18 years or older, have a valid Social Security number or ITIN, routing and account numbers for an open and active checking account, and a credit or debit card.
How long does my approval last?
Your approval is good for 90 days. If you haven't signed a lease within 90 days, your approval expires and you'll have to reapply with Progressive. At some retailers, if you don't sign your lease that day, the order is canceled. However, you can still create a new order if it's within 90 days of your original approval.
What’s meant by no credit needed?
It means that you don’t necessarily need to have any credit history or a credit score to be approved for a lease. We do check credit reports; however, we look at other data points to make a final decision, and we regularly approve customers with less-than-perfect credit or very little credit history.
Who do I contact if I have a question about my lease?
Contact a Progressive Leasing customer service representative at 1-877-898-1970. Customer service agents are available Monday through Friday from 10 a.m. to 7 p.m. (EST), Saturday from 10 a.m. to 6 p.m. (EST) and closed Sunday. You may also access your account online via the customer portal 24 hours a day, 7 days a week.
How long is the lease agreement?
Standard lease-to-own agreements are set up for 12 months to ownership.
What if I plan to pay off my lease later?
Even if you intend to purchase later, regular lease payments need to be made. Remember: You're leasing the merchandise selected until you make all payments or choose an early purchase option.
You can cancel your lease at any time. Our Customer Satisfaction Policy allows you to cancel your agreement within five calendar days of signature and receive a full refund by calling us at 1-877-898-1970. After that time, you have the right to return the items to Progressive Leasing without additional charge or penalty, and you'll owe nothing further except unpaid rent charges and fees. You can get returned items back. Your agreement includes reinstatement rights that may allow you to get returned items back.
Payments will be deducted automatically from your bank account or charged to your card. Charges will appear on your statement as Progressive Leasing or Prog Lease, not the store where you selected your merchandise. Once paid in full, you own it. Progressive Leasing is the owner of the items until all scheduled payments are made or you exercise a buyout option. At that time, ownership will transfer to you. The least expensive option to purchase expires 90 days after the delivery date. Regularly scheduled payments are still due even if you intend to exercise an early purchase option.
When do my payments begin?
Your recurring payment schedule will begin on your next scheduled payday after you receive your merchandise. If that first payday isn’t at least 10 days after delivery, we’ll wait until the next payday.
How’s the coast of my lease calculated?
The total cost of the lease includes the cash price of the merchandise and the cost of lease services. It's the total of all scheduled lease payments, which includes your initial payment. You'll also be responsible for applicable tax.
What if my merchandise is defective or damaged?
You need to contact Progressive Leasing customer service at 1-877-898-1970. Progressive will evaluate the product to determine the proper course of action.