Early Purchase Option(s) – EasyPay Leasing
PURCHASE RIGHTS AND THE EARLY PURCHASE OPTION(S)
Customers do not own the Personal Property they lease from EasyPay Leasing until:
(1) Customer pays the entire Total of Payments listed in the Rental-Purchase Agreement (“Lease”), plus sales/use tax and any unpaid late or returned payment fees; or
(2) Customer exercises an Early Purchase Option(s) (“EPO”) which will vary depending upon the date the EPO is exercised.
EARLY PURCHASE OPTION(S)
The Early Purchase Option(s) are date-driven. In other words, a customer may exercise one type of EPO within the first ninety (90) days from the delivery date of their Personal Property, or if the ninety (90) days has expired, the customer may still purchase the leased Personal Property early through the standard EPO. The two options are explained more fully below:
(1) Ninety (90) Day Early Purchase Option(s): To exercise the ninety (90) Day EPO and purchase any or all of the Personal Property during the first ninety (90) days from the delivery date of their Personal Property, the customer must:
a. pay in full the Cash Price (listed in the Lease under the Core Terms Table), plus
b. Processing Fee (if not already paid), plus
c. applicable taxes, plus
d. any outstanding late or returned payment fees or other fees/charges allowed under the Lease.
e. NOTE: To pay in full within ninety (90) days, the customer MUST pay more than just the Regular Payment amount in the Lease. Customers can do this in a few ways such as:
i. increasing the amount of their Regular Payments,
ii. paying additional amounts through their easypayleasing.acct-admin.com portal,
iii. paying additional amounts by contacting us at 800-447-6215, or
iv. making a lump sum payment prior to the end of the ninety (90) days.
For help setting up additional payments and/or calculating how much to pay over the Regular Payment amount, please contact us at 800-447-6215.
(1) Standard Early Purchase Option(s): To exercise the Early Purchase Option(s) and purchase any or all Personal Property after ninety (90) days but prior to the end of the Rental Period, the customer must:
a. pay at any time all amounts then due under the current term of the Lease, plus
b. Processing Fee (if not already paid), plus
c. the applicable “EPO Price,” defined as Customer’s remaining Regular Payments x 70%, plus
d. applicable taxes and any outstanding late or returned payment fees and any other fees/charges allowed under the Lease.
EPO Price Example (does not include tax and assumes no additional fees after the processing fee):
Customer leases a TV from EasyPay Leasing. The Cash Price of the TV is $900. The one-time Processing Fee (nonrefundable after delivery) is $39.00. With a Rental Period of 12 months, and rental terms of every two weeks, it will take 26 Regular Payments of $79.61 to own the TV (does not include tax or any unpaid but applicable fees outstanding).
The cost of ownership in 12 months in this example is $2,108.86.
However, if the customer has made 10 Regular Payments of $79.61 ($796.10), paid the $39.00 processing fee, and decides to purchase the TV, the remaining amount due to acquire the Personal Property is $891.63, plus tax, saving the customer $382.13,
Number of Regular Payments remaining: 26 – 10 = 16.
Amount of Regular Payments remaining: $79.61 x 16 = $1,273.76
70% of the Regular Payments remaining: $1,273.76 x 70% = $891.63
Total paid for TV under the EPO: $891.63 + $796.10 + $39.00 = $1,726.73, plus tax.
Please contact us at 800-447-6215 for the EPO Price for one (1) or more individual items of Personal Property.