Here are the details for our new program, it includes a 5 month early buyout.
- The customer would make their regularly scheduled payment for up to 5 months
- Anytime within the 5 months the customer can pay the lease off
- The total cost to satisfy the terms of the lease would be any payments the customer made up to that point plus the cost of the original invoice
- For example, if the customer made 1 payment, it would be the 1 payment plus the cost of the original invoice (plus tax), if the customer made 3 payments it would be the 3 payments plus the cost of the original invoice (plus tax)
- If the customer decides to not take advantage of the offer in the first 5 months, the customer would be obligated to fulfill the original terms of the lease
- The doc fee would still need to be paid and wouldn’t count toward a payment or the invoice amount
- This option wouldn’t be specific to approved credit profiles – if we approved the customer at any rate, they would be eligible
- Significant cost savings to the customer
- Gives the vendor the ability to turn the customer into a repeat customer in a significantly shorter period of time (up to 5 months as opposed to 24+ months)
- Potential increase of Customer satisfaction
- Customer doesn’t have to opt-in to the program at the time of doc signing they can take advantage anytime within the first 5 months
- Offering this option does not cost anything extra even if the customer takes advantage of the early buyout
- No limitations on customer credit profiles – all approved customers will receive the option
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