Buddy Rogers Lease Agreement Terms & Disclosures
- Initial Period
- Enrollment Fee
- Lease Term
- Total Cost for Obtaining Ownership
- Early Purchase Option
- Cash Price
- Title
- Exchanges
- Loss, Damage & Maintenance Coverage
- Credit Report Authorization
- Termination by You
- Termination by Us
- Deliquency
- Returned Checks
- Right of Reinstatement
- Warranty
- Oral Statements & Performance
- Other
TERMS & DISCLOSURES
INITIAL PERIOD: We will provide an instrument for a 30 Day Free Trial Period upon receipt of your application, $20 enrollment fee and approval by our
credit department. The Initial Period begins on the day the instrument is delivered.
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ENROLLMENT FEE: There is a one time fee of $20.00 (includes tax) to enroll in our Lease-To-Own Program and is payable in advance prior to delivery of
the instrument. This is a non-refundable fee, once the instrument has been delivered, and does not apply toward the purchase of the instrument.
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LEASE TERM: The Lease shall be from month to month and shall be automatically renewable each month. You will receive use of the instrument for successive
one (1) month terms so long as monthly payments are made on or before the due date and you comply fully with all agreements and conditions
herein. Lease fees are not refundable and only apply to the use of the instrument selected on this agreement, according to the terms of this agreement.
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TOTAL COST FOR OBTAINING OWNERSHIP: When your Lease payments (not counting Loss Coverage Fees) equal the TOTAL PURCHASE PRICE plus tax,
Buddy Roger's Music will assign the title of the instrument to you and the Lease-To-Own Program will end.
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EARLY PURCHASE OPTION: You may, at your option, elect to purchase the instrument early by paying the REMAINING BALANCE. As incentive for an early
purchase, Buddy Roger's Music will reduce the remaining balance by an amount equal to 25% of the remaining balance. The Remaining Balance is defined
as: Purchase Price less Lease payments (does not included loss coverage payments or enrollment fee).
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CASH PRICE of the instrument is the TOTAL PURCHASE PRICE, less 25%, plus tax.
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TITLE and right of possession remain with Buddy Roger’s Music during the Lease Term. You have no right to sell, mortgage, pawn, pledge, encumber, or
dispose of said property. Title will be transferred to you when you acquire ownership according to the terms of this agreement. Buddy Roger’s Music retains
all rights to inspect our property, with proper notice, during the lease term and pickup our instrument, wherever located, should the customer’s Lease Term
end.
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EXCHANGES: You may exchange the instrument listed on this agreement for any other band or orchestra instrument in Group I, II, III or IV, providing your
account is current. Lease customers may exchange at any time throughout the life of this agreement. If you receive an instrument in a different Group
(monthly Lease rate), the new monthly rate will take effect as of the date of exchange. The Purchase Price of the replacement instrument may also be different
from the original instrument.. There is no additional charge to exchange and the Lease fees already paid will remain on your account and may be
applied toward the instrument you are receiving, up to the Purchase Price of that replacement instrument. If you started with a New instrument and
exchange, you will receive an instrument of similar age and current depreciated value and continue paying the monthly rate based on a New instrument.
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LOSS, DAMAGE & MAINTENANCE COVERAGE: Loss Coverage is provided automatically with monthly rates as follows: Group I - $4.00; Group II - $5.00;
Group III - $6.00; IV - $7.00. These monthly rates are credited toward the Loss Coverage each month and do not apply toward the ownership of the instrument.
The Loss Coverage fee is payable in advance with your monthly lease payment. If fees are not paid, Loss Coverage will lapse and you will be responsible
for all losses.
The loss coverage is optional, but is included automatically in our Lease-To-Own Plan. Should you wish to Lease an instrument without this optional coverage,
you will be required to pay a security deposit in the amount of $100.00 and agree that you (lessee) will pay all cost to maintain, repair and/or replace
the instrument in the event of loss. This deposit will be returned to you upon termination of this Lease agreement and return of the instrument in good condition,
fair wear and tear excepted, or upon purchase of this instrument. All repairs, maintenance and replacement must be done through Buddy Roger's
Music.
Loss Coverage includes all adjustments and repairs, accidental damage, and loss by fire or theft, with no deductible, subject to the following terms:
- The deterioration of appearance (scratches, minor dents, finish) is not covered insofar as it does not affect the playing of the instrument.
- Accessories (reeds, straps, sticks, rosin, etc.) are not covered.
- An instrument totally destroyed by fire or accidental damage, or lost by theft will be replaced with an instrument of equal value (as of the time of
the loss) at no charge, provided reasonable proof of such loss is presented and the theft is reported to the local police within 24 hours of
discovery of the theft.
- All adjustments and repairs must be made by Buddy Roger's Music. Do not attempt any repairs on your own or take the instrument to an
outside source for repair as it will void this coverage.
- A Claim for repair or replacement does not alter the Lease-To-Own Plan Agreement.
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CREDIT REPORT AUTHORIZATION: You authorize Buddy Roger’s Music to obtain a personal credit report in order to help approve this agreement.
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TERMINATION BY YOU: You may, at your option, terminate this agreement at any time by returning the instrument to any Buddy Roger’s Music Location
in the same condition as at the time of the lease, fair wear and tear excepted, and by payment of all lease payments and other charges due through the date
of the return. Lease fees will accumulate until property is received at Buddy Roger’s Music. Music Teachers and other third parties shall not be responsible
for the return of property. Lease fees paid cover the period of time that you had the instrument, whether the instrument is actually used or not, are nonrefundable
and have no value toward the purchase of any other products sold by Buddy Roger's Music.
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TERMINATION BY US: Buddy Roger’s Music may, without notice, terminate this agreement should (a) you fail to make lease payments required and any late
charges within 10 days after the due date, (b) you breach a promise / obligation under this agreement, (c) you filed misleading or inaccurate information
on this agreement, or (d) anything happens that Buddy Roger’s Music feels endangers the instrument in your possession.
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DELINQUENCY: Lease accounts 10 days or more past due will be charged a $2.00 late fee. You authorize Buddy Roger’s Music to contact spouse, student,
and/ or nearest relative regarding this agreement when past due. If your account is delinquent and you fail to return the instrument, we reserve the right to
charge a $40.00 pickup service fee and / or attorney’s fees to send an agent or outside collection firm to your house to collect our instrument.
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RETURNED CHECKS: In the event that your check is returned unpaid for insufficient or uncollected funds, we may electronically re-present your check for
the check amount and the returned check charge without further notice as permitted by law.
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RIGHT OF REINSTATEMENT: A Lessee (you) who fails to make timely payments has the right to reinstate the original Lease-To-Own Agreement without
losing any rights or options previously acquired under the Lease-To-Own Agreement within three (3) Lease terms after the expiration of the last Lease term
for which the Lessee made a timely payment, provided the Lessee surrenders the Lease property to Buddy Roger's Music or its agents when requested to
surrender the property. Before reinstating, the Lessee is required to pay any unpaid Lease payments, delinquency and late charges plus a $5.00 reinstatement
fee.
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WARRANTY: If any part of the manufacturer’s warranty exists on the instrument when lessee acquires ownership according to the terms of this agreement,
the warranty will be transferred to the lessee.
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ORAL STATEMENTS & PERFORMANCE: It is understood that no other agreement, guarantee, warranty, verbal or written, expressed or implied shall limit or
qualify the terms of this agreement.
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OTHER: It is the customer’s responsibility to notify us of any concerns or problems with the instrument on your account so that we can resolve them.
Buddy Roger's Music must be notified at once of any change of address, phone number, and / or the school your child is attending.
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