1. What is Progressive Lease To Own?

Progressive Lease To Own is a payment arrangement where customers can acquire merchandise by making regular payments over time, with the option to own the item after completing all payments. This approach makes expensive items more accessible through manageable installment plans.

2. How Does the Calculator Work?

The calculator uses the Progressive Lease To Own formula:

Where:

• \( Item\ Price \) — Total cost of the item in dollars
• \( Fees \) — Additional fees associated with the lease agreement

Explanation: The formula calculates the monthly payment by dividing the item price over 12 months and adding any applicable fees to determine the total monthly payment amount.

3. Importance of Payment Calculation

Details: Accurate payment calculation is essential for budgeting purposes, understanding the true cost of lease-to-own agreements, and making informed financial decisions about acquiring merchandise through installment plans.

4. Using the Calculator

Tips: Enter the total item price in dollars and any additional fees. Both values must be valid non-negative numbers to calculate the accurate monthly payment amount.

5. Frequently Asked Questions (FAQ)

Q1: What types of items are typically available through progressive lease to own?
A: Electronics, furniture, appliances, jewelry, and other high-value consumer goods are commonly available through lease-to-own programs.

Q2: Are there any hidden costs in lease-to-own agreements?
A: While the calculator includes fees, consumers should carefully review all terms for potential additional charges like late fees, maintenance fees, or early termination fees.

Q3: How does lease-to-own compare to traditional financing?
A: Lease-to-own often has higher overall costs but may be more accessible for those with limited credit options and typically requires no credit check.

Q4: Can I return the item before completing payments?
A: Return policies vary by provider, but most lease-to-own agreements allow returns with certain conditions and potential restocking fees.

Q5: What happens if I miss a payment?
A: Missing payments may result in late fees, and consistent non-payment could lead to repossession of the item and termination of the agreement.