Understanding the Basics of Lease to Own

What is Lease-to-Own?

Lease-to-own is a convenient way to get the items you want now – without a big upfront payment or a long-term commitment. Progressive Leasing’s lease-to-own option is not a loan, financing or credit. With a credit transaction, financing or a loan, you make a purchase with borrowed money that must be repaid, often with interest.

With a lease-to-own agreement with Progressive Leasing, we purchase the items you select from the retailer. Then, you sign a lease-to-own agreement to lease that merchandise from Progressive. If you complete all standard recurring auto-lease payments or exercise an early purchase option†, you will own the product(s).

†Standard agreement offers 12 months to ownership. 90-day and other early purchase options cost more than the retailer's cash price (except 3-month option in CA). To purchase early, or to cancel lease and schedule return of merchandise, you must call 877-898-1970. Retailer cannot activate early purchase options.

Progressive Leasing is No Credit Needed*

Our decisioning process allows us to consider more than just credit reports and credit scores. We regularly approve people with less than perfect credit or very little credit history. However, not all applicants are approved.

There Are No Application Fees

No, we do not charge an application fee or processing fee. Once you select your merchandise and then sign your lease agreement, you will make an initial payment. This is the first payment for your lease and is part of the 12-month to ownership total.

 A Payment Schedule Tailored to You

Progressive Leasing understands that life is full of surprises. That’s why we offer simple and flexible payment options. When you sign your lease agreement your payments are set up to coincide with your payday. After receiving your items, you may change your payment frequency or exercise and early purchase option† by logging in to your on-line account or by calling customer service.

Return the Item if Needed

Return the item or cancel at anytime. If you ever decide you no longer want the item you can contact Progressive Leasing customer service at (877) 898-1970 to start a return and cancel your lease. Depending on the timing, you may return the item through the retailer or directly to Progressive Leasing. 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.

Learn More About Progressive Leasing 

Are you looking for additional information? Visit our FAQ page here to find answers to these questions and more.