Who owns the merchandise? We purchase the items you select. Progressive Leasing will buy the leasable items you selected from the retailer and lease those items to you. If you complete all lease payments or exercise an early purchase option, you will own the item(s).
Can I cancel my lease? 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 (877) 898-1970. After that time, you have the right to return the items to Progressive Leasing without additional charge or penalty, and you will 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.
Is this a hard or soft hit on my credit?
How do I make payments? 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 delivery date. Regularly scheduled payments are still due even if you intend to exercise an early purchase option.
Where can I access my lease agreement? Full terms are in your agreement, which will be mailed and emailed to you and available at Copies sent are computer-generated and may not include your signature.
How is a lease different than a credit transaction, financing or a loan? A Progressive lease is not 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 is a cost associated with Progressive’s leasing services, we don’t charge interest.
Will a lease application impact my credit? Applying for a lease with Progressive Leasing should not impact your FICO score; however, we do look at credit bureau reports, and this inquiry may appear on your credit report.
Because select scores are built using the data from consumer reports, a soft inquiry should not be seen by scoring algorithms and should not impact credit scores
What is meant by “No Credit Needed”? “No Credit Needed” 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 many other data points to make a final decision, and we regularly approve customers with less than perfect credit or very little credit history.
Progressive Leasing will only make soft inquiries to the Big Three Credit Bureaus (Transunion, Experian & Equifax). Other secondary bureaus, however, do not offer this option, and inquiries to those bureaus (none of which prepare FICO scores) may be considered hard inquiries.
What’s the difference between a hard and soft credit inquiry? An inquiry occurs any time an individual or business requests a copy of a person’s consumer report – also known as a credit report. The bureaus keep a record of all inquiries made. Creditors and scoring models could consider inquiries a negative factor in a consumer’s report. On a soft inquiry, the inquiry is only visible to the consumer if requesting a copy of their own consumer report, whereas a hard inquiry can be seen by other credit reporting agencies.