progressive leasing early purchase option reddit

ELI5 how Progressive leasing works and why it's so controversial, at least on this sub?

reddit.com › r › Bestbuy › comments › en15d7 › eli5_how_progressive_leasing_works_and_why_its_so

It's controversial because if you miss the 90 day early buyout, they're basically robbing you. You pay more than double the cash price and you have pretty much no way out of it. That's why progressive leasing is actually illegal in some stages. Answer from JirachiKid on reddit.com

reddit.com › r/bestbuy › best buy progressive leasing question

r/Bestbuy on Reddit: best buy progressive leasing question

November 13, 2023 -

Hello everyone, i see a lot of negative things about progressive leasing and I just have a few questions about it. In simple terms if I pay it off within the 90 days I am only paying the original retail price + the original progessive leasing fee and if I do not pay it off within those 90 days the price is pretty much doubled and I pay that over a year or so. is that correct? If that is correct why do so many people think this is dangerous other then the doubling of price being absolutely crazy.

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You are right. 90 day pay is the same as the cash price. Anything after that will be double in price. As long as you are aware of the fine print and know what you're getting into you'll be fine. Unfortunately people demonize progressive cause they didn't read the fine print. I've used pl plenty of times. I like the service and always inform people the ups and downs.

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I performed a public service and talked people out of progressive leasing. If you really can't afford it and/or have bad credit...You probably don't need it

reddit.com › r/bestbuy › eli5 how progressive leasing works and why it's so controversial, at least on this sub?

r/Bestbuy on Reddit: ELI5 how Progressive leasing works and why it's so controversial, at least on this sub?

January 11, 2020 -

Alright, so here's my situation: Yesterday my poor laptop of 4 years broke, so now I have to get a new one. Now, there was this nice 750 dollar laptop which I've been looking to get, but I don't have 750 at the moment. However, Best Buy offered to give me a progressive leasing option where I could pay the 750 in increment payments over 3 months (I live in California if that helps), so I chose that option. They told me that I wouldn't pay any interest if I pay the total cost within 3 months which I'm certain I can do, and I need a new laptop ASAP since I'm a college student. In addition, I have next to no credit score. So why is progressive leasing so controversial on this sub?

Tl;Dr: looking to buy a 750 dollar laptop throught the 3 month option for progressive leasing, which seems like I just pay in increments total to the cost of buying upfront (and I'm almost certain I can pay it off within the 3 months). So why is progressive leasing so controversial, and would it be good in my circumstances?

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(and I'm almost certain I can pay it off within the 3 months) That's going to be a gigantic factor. If you're not 100% positive you can, don't do it.

reddit.com › r/cricketwireless › questions about leasing?? what exactly is the 90 day option??

r/CricketWireless on Reddit: Questions about leasing?? What exactly is the 90 day option??

May 9, 2021 -

I just made a down payment of 70 bucks today I’m my new iPhone 11 ( in love!!!) in the end they ended up telling me it was gonna be 30 dollars a week ! For 12 months rounding out with interest to about 1600 bucks!! Is there anyway I can set up monthly payments of at least 100 bucks with them so I can knock it out quick and not accumulate interest? Does it help my personal credit at all with my bank? Lastly what is this 90 day same as cash option I’m hearing about? I unfortunately had a newbie for a representative they were informative about the phone ( props to em honestly they were trying there best and I appreciated them) however they didn’t know much about the leasing process is why I’m asking so many questions , sorry and thanks in advance!

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I'll try to answer all the questions you have but if I missed anything just let me know! Also, I'll be assuming this was done through Progressive Leasing, let me know otherwise... To set up higher monthly payments, call Progressive Leasing at 877.898.1970, they're pretty flexible with payments. Pay it all off within 90 days and you avoid interest completely, making it same as cash. This is a lease, not a loan or credit option, so after completing your payments your credit score will not be affected. When you sign up for the lease in store, you are automatically signed up for the 12 month option, which includes interests that effectively make the final total over twice the original purchase price. You can call Progressive Leasing and ask to go for the 90 day option or make payments online that are higher than normal to pay it off quicker. If paid off within 90 days, the phone is all yours and no more payments or interest to worry about.

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The 90 day option means you won't pay any interest as long as you pay off the sticker price of the phone in exactly 90 days or sooner. Go a day longer and the interest is applied.

reddit.com › r/povertyfinance › progressive leasing. what have i done

r/povertyfinance on Reddit: Progressive leasing. What have I done

May 25, 2024 -

Hi! I used progressive leasing to buy a mattress in November. I was sure I would be able to pay it off in 90 days because of extra money coming in. Then life happened and that money went to an emergency. What happens if I stop making payments 6 months in to this money sucking scam?

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My understanding is that progressive leasing isn't a true debt, which unfortunately means that if you stop paying you have "stolen" the item and they can take you to civil court to sue for damages. It'll probably be for the remaining value of the lease, plus interest, plus penalties, plus possible legal fees. I think if granted judgment they can garnish wages/bank accounts if you can't pay. Sorry for the bad news, I'm wishing the best for you.

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If your account hits 60 days past due they offer a settlement 90% 80% 70% is the lowest if it’s more than 90 days past due they offer up to 60% and they hold it for an additional 90 days hope this helps.

reddit.com › r/bestbuy › progressive leasing

r/Bestbuy on Reddit: Progressive leasing

June 26, 2024 -

This is awful and I don’t wanna be to this point but anyone have experience with not paying your lease with progressive leasing because you got in over your head like an asshole? I can’t return the product so what happens if I don’t pay. Jail? Court? Collections? People coming to your house?

Thanks, and if your seeing this, make better choices then me.

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Taken from their website: What if I can no longer afford my payments? "We understand that unexpected situations come up that may prevent you from continue to lease-to-own your merchandise. If you find yourself unable to continue with your lease-to-own agreement, please feel free to call Customer Service to discuss your options. (877) 898-1970. You can cancel your lease at any 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 lease-to-own costs. To cancel your lease call us at (877) 898-1970." AKA, you don't own the merchandise, they do. You don't return it to the retailer, you return it to Progressive Leasing. Contact them at that number though and see if they can help you out, but they own it, so they'll be able to take it back from you and you'll just owe some unpaid lease-to-own costs.

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Taking out a credit card for a car stereo is bad, using Progressive Leasing is a whole nother level!!! I hope you learn from this, stop putting unnecessary crap into your depreciating asset (car). Someone posted you can return things to PL, and you’ll have to get your deck uninstalled. Maybe watch a YouTube video? Good luck, but learn now, or your mistakes only get more costly down the road.

Progressive Leasing

help.progleasing.com › hc › en-us › articles › 360051343391-What-are-my-early-purchase-options

What are my early purchase options? – Progressive Leasing

... You can buy out your lease-to-own agreement within the first 90-days. This amount includes the cash price, plus the lease-to-own cost for the first 90-days. Taking advantage of the 90-day purchase option will save you the most money!

reddit.com › r/bestbuy › progressive leasing, how to change to 90 days

r/Bestbuy on Reddit: Progressive Leasing, how to change to 90 days

October 11, 2023 -

I was aproved for P.L and was wondering if I could change it to the 90 days option through the app or is it only by calling ?

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You don't change it. Once you have the full amount, you call in to pay it off. If you don't pay it off in 90 days, then you'll be paying more then the principal amount of the items

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I keep hearing about how toxic progressive leasing is. The way I see it, I take out a lease amount, request to stop auto payments, and then when I’m ready, I call and inform them that I would like to settle my balance, at which point I end up paying $1-200 interest on my principle. I wish more people understood how these rackets can work for you as much as these guys make it work for them.

reddit.com › r/bestbuy › if i can 100% pay off a progressive lease within 90 days, is it a good option? will i have troubles paying it off early?

If I can 100% pay off a progressive lease within 90 days, is it a good option? Will I have troubles paying it off early? : r/Bestbuy

June 2, 2022 - Progressive leasing you’ll pay $79+tax just to use it and if you can’t pay off in 90 days then you get fucked by their insane interest. ... You should also look into a entry level credit card. Many like the Discover Student offer Intro 0% apr which comes out to a much better deal than leasing since leasing doesn’t even build your credit and the fees they charge are outrageous even with the early payoff.

reddit.com › r/bestbuy › so do yall recommend the progressive leasing?

r/Bestbuy on Reddit: So do yall recommend the Progressive leasing?

November 14, 2023 - Do I gotta get my 12 month lease first and then I call to set it up for 90 days or is there an option to choose. Continue this thread Continue this thread ... I have used progressive 3 times and always paid the balance of 1 to 2 weeks before the 90 days. I have never had a problem. It works great for big purchases that you can’t afford the full amount at that moment, but can over the course of a few months 👍🏻

Find elsewhere

Google Bing Mojeek

reddit.com › r/bestbuy › progressive leasing screws the customer and in good faith, i cannot recommend it

r/Bestbuy on Reddit: Progressive Leasing screws the customer and in good faith, I cannot recommend it

July 11, 2018 -

I know this helps the store's bottom line, but I, as a salesperson, do not want to be the face of fucking over our customers. Even at the lowest amount of $300, they end up paying $706, minus the $79 fee to walk out the door with the merchandise.

It damages my reputation and I make sure to explain to customers what they are getting into before they apply for leasing. And BTW, Progressive Leasing had NO impact on a customer's credit score. They say they will send a letter to the 3 credit agencies at your request, but this has little to no effect to establishing or improving credit.

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I've seen a few posts here about progressive leasing. is this something that's going to be hitting other stores too? I live in Cali, and never heard of it except for here..

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reddit.com › r/bestbuy › help needed for the progressive lease

r/Bestbuy on Reddit: Help needed for the progressive lease

October 20, 2024 -

Basically I wanted a new laptop i thought i could put a big down payment like $500 and pay the other back within 2 months but the guy opted me into getting a progressive lease, i idiotically filled up the form and later on i find out i need to pay $3700 plus for the laptop which’s value is 1600 only. is there any way i can cancel or opt out of the progressive lease and pay it in 90 days ?

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Real quick. He didn’t opt you into the progressive lease, you didn’t get approved for the Best Buy credit card and he gave you another option. Don’t use the fact you didn’t pay attention as him being sneaky. Edit: you signed everything willingly and saw the estimated payment prior to the lease being authorized. You could have backed out at any point prior. And can still return the laptop within 14 days. You’d just be out the $60ish fee.

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Progressive has an early pay off thing where you’d only pay MSRP + small fee’s. Login to your progressive account and it will tell you. I think the option to buy out early is in fact 90 days like you want.

reddit.com › r/bestbuy › progressive leasing approved amd then denied?

r/Bestbuy on Reddit: Progressive leasing approved amd then denied?

August 17, 2023 -

Hi, i applied and got approved for 2,200 got an email sent to me. But then it wouldn't let me look up the loan. So i applied again and got denied? Does that mean I don't have access to my first approval?

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Progressive leasing is one of the worst decisions if you can’t afford it you can’t afford it. It’s not even saying that to shame it’s to help because I’ve been there. I used to finance everything. Luckily it was 0% interest. But progressive leasing there’s so so so many rules and basically your paying 2 times as much for the same thing if you progressive lease

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Progressive leasing is probably the last thing you should do. Tbh.

reddit.com › r/bestbuy › fuck progressive leasing

r/Bestbuy on Reddit: fuck progressive leasing

February 2, 2022 - Dunno what it's like in your state, but in mine the early buyout is always present, if paid off in 3 months. Customer shouldn't have to choose the option, but simply make the right payments to pay it off within 3 months. More replies ... and while we're at it fuck the progressive leasing people who come in and annoy the shit out of us at the store.

reddit.com › r/bestbuy › dear progressive lease people: we don't like you. at all.

r/Bestbuy on Reddit: Dear Progressive Lease people: we don't like you. At all.

January 29, 2022 -

You never have your shit in order.

You use one card to get the lease. Then you claim that card has no money on it when it's time to charge the lease.

You just waste our time with people that actually have money.

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107

Pardon my language but fuck leasing, it’s the biggest scam I’ve ever seen

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105

Here's how you solve this problem for yourself: refuse to sell leasing because its predatory and scummy, and does not even benefit your own performance metrics. Edit: and please stop using leasing if you're an employee lol It's such a horrible deal. It's much cheaper to put it on any credit card for 90 days when you include the fee

reddit.com › r/bestbuy › progressive leasing misinformation, what are my options?

r/Bestbuy on Reddit: Progressive Leasing misinformation, what are my options?

March 15, 2019 -

Hello everyone I recently went to BestBuy and was told that instead of paying the $500 out of pocket for a new phone I could lease the phone around 40 something dollars a month (with option to pay it off whenever I wanted)

I thought this was a great deal and because I was a good customer at Best Buy and buy all my electronics there that's why I was offered this deal never hearing of it before

( let me clarify something my phone was 750 plus tax which came out to 800 I traded in my phone for 300 and brought the price down to 500)

So I download the app they told me about to manage payments and now the app says I owe 600 more to my phone which I just paid $81 down payment for so my total should have been $419

Now I realize I have been scammed because either Best Buy didn't know what they was talkin about ( they did mention this service was relatively new) the thing they made me sign was through a text message and believing what Best Buy said I did not read any of the print which I understand is a huge mistake on my part

I only did this earlier today. What are my options? Can I return the phone tomorrow? do any of you have experience with something like this? Would I have better experience going to Best Buy where the phone was purchased or calling Progressive Leasing?

Don't want to be ripped off $150 because Best Buy didn't inform me but it looks like that's the case for now

EDIT: the receipt in front of me says the total of the phone so I'm very confused on what changed from talking to the employee and coming home

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Progressive leasing is very new to most markets, so it’s not surprising that the associate you worked with wasn’t 100% clear with how it all works. There is a $80 up front service charge for all Progressive leases that does NOT count toward the lease price of whatever you’re leasing. Obviously without having your screen in front of me, my best guess is that the $600 the App was showing you may be the $500 for the phone and $80 for that upfront charge you paid plus tax? But again, just a best guess. You can absolutely return the phone tomorrow though and get out of the lease if you’re not feeling comfortable with it. I would say a trip into the store to talk to someone in person may be worth your time. You can also contact Progressive directly obviously. Worst case you can return it and get out of the whole thing. Best of luck!

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Hey guys, just an update for you all. I went to Best Buy and explained to them what happened. The manager was very nice once he was called to assist he understood where I was coming from he also explained it's a new program and hes very sorry that I got misinformed. We sorta had a small problem because after he did the return the $300 off I got from trading my phone in (s8 towards the s10e) was a 1 time thing only. He went and called someone on the phone and got me another coupon code and finished the return transaction and then I repurchased the same phone with a debit card. He told me as long as the purchase was under 5 days I would get the money back and the lease is cancelled. He gave me a receipt showing it was returned if I had any problems and he said the money should go back on the card that I did the down payment with. Everything is good to go phone is paid for $488 instead of the $670 in 90 days which is stupid and way cheaper than the $1,100+ if I paid it off in 12 months. Thanks to everyone who replied and gave me info I was very upset last night over losing a bunch of money over misinformation that's why I asked for help with this post. You guys helped me be relieved knowing that everything was gonna get fixed and I applaud you all for it 😀

reddit.com › r/bestbuy › why is progressive leasing unavailable in mn, nj, vt, wi, wy, pr

r/Bestbuy on Reddit: Why is Progressive Leasing unavailable in MN, NJ, VT, WI, WY, PR

November 9, 2024 -

I hate getting customers on progressive leasing because it feels predatory. Much more than a credit card. Saw this and speculated why these states and PR don’t allow it.

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Because they aren’t legal. It’s a very predatory practice.

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If you need progressive leasing to buy a TV, you shouldn’t be purchasing a TV

Best Buy

bestbuy.com › best buy › electronics › best buy credit card: financing or rewards › progressive leasing

Progressive Leasing - Best Buy

Learn more about our financing and payment options. ... *Ownership by rental/lease agreement with Progressive Leasing costs more than the retailer's cash price. Select items only. Cancel or purchase early at any time.

reddit.com › r/bestbuy › anyone ever use progressive leasing?

r/Bestbuy on Reddit: Anyone ever use Progressive Leasing?

August 8, 2023 -

Anyone ever use Progressive Leasing with Best Buy? I'm thinking about using it for the new Pixel 9 XL. Does it have monthly payments?

Update: I'm going to use PayPal Buy now pay later instead

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No matter how much the banks and retail try to push it, most buy now pay later programs are bad for you. The ones that do bring benefit to you, like Best Buy credit card, are structured upon exploiting those that fall into debt.

If your refrigerator died and you cannot wait three months for the money to replace it, utilize the program. For a non-essential device (well, phones are pretty important now but I assume your current one works), they're preying on your weak mental discipline.

We all will be victim of this at some point; they spend a lot of money to advertise and weaken our resolve. I was considering doing a financing plan for a Vespa. Then I saw the APR and laughed and closed their website.

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Don't do it! Biggest scam ever, If you can't pay it off within the 3 month period, All that deferred Interest will be tacked on at the end of the 12th month Period. You will end up paying more then what the phone cost. If you can either pay out of Pocket or Finance it.

reddit.com › r/bestbuy › progressive leasing not allowing me to pay

r/Bestbuy on Reddit: Progressive Leasing not allowing me to pay

September 11, 2024 -

Anyone having this issue? They take the payment out of my bank account on a certain date. I am trying to pay it off early, within 3 months, because the year's worth of payment is a ripoff.

I was told by the sales associate if I go over by just one day like 91 days then I owe the full amount. Cool that is what I signed up for.

BUT I am planning to pay it off but every time I go to their site and pay, they won't let me pay, by telling me my card has insufficient funds and declined. This is crucial when it gets near the 90 days.

I think they did this by design to screw the consumers, over the technicalities of their site not working in conjunction of the timeframe we want to pay.

Anyone encounter this?

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You need to call them to do that, before the 90 day mark.

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Simply call them! People act like these companies will not take your money early! Call them and tell them when you want to pay it off! Simple as that!

Progressive Leasing

progleasing.com › frequently-asked-questions

Progressive Leasing

To purchase early or to cancel lease you must call 877-898-1970. Retailer cannot activate early purchase options. You can cancel your lease at any time. You have the right to return the items to Progressive Leasing without additional charge ...