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To understand this Progressive Leasing calculator better, knowing how its service works is important, from purchase point down to repayments.

Study the image below to have a pictorial view of what happens when you utilize Progressive Leasing. While this depicts the buy now pay later in-store experience, the flow is similar when you are making payments online.

In the above image, there are four actors including:

• Store: of course, required as this is where the whole process starts
• You: when you visit a store for shopping, this payment option is usually presented to you and you can either accept it or continue to use it for product financing
• Store Attendant: usually in a store, there is someone assigned to process financing requests and you will relate with that staff to handle yours
• Progressive: your financing option

Here is how this will work when you finally accept to use Progressive Leasing to checkout:

1. The attendant will take your records including the price of the product you want to buy, social security number, address, contact number, and some other details through a tablet or PC
2. These details are then submitted to Progressive Leasing to determine your eligibility. Note that to validate some details, an OTP will be sent to your cell phone hence, keep it active
3. If your request is accepted, you will be presented with a cost summary, there is usually a default Progressive Leasing calculator which will show a breakdown of how much it will cost you to continue with the lease-to-own option
4. If you are fine with the summary shown by the default Progressive Leasing calculator, the store attendant will then continue the process
5. Your payment details are required which will be connected to charge the initial payment. The amount will vary but at most stores, it is $59
6. Once the first payment is successful, your lease has started and you can get the product

There is one interesting thing about this:

• While you will be given the item, it is not yours but that of Progressive Leasing
• What happened is that the product was sold to Progressive Leasing and it has been rented out to you
• In a case of default, they have the right to repossess their property from you
• However, they offer the 90-day early payoff to enable you to own it as early as possible so you do not have to pay so much on rental costs.
• You probably understand the Cost of Lease given in the Progressive Leasing calculator now. That is the amount you pay for keeping their property
• To get the final cost of the product ownership, the Cash Price (original item’s price) is added to the Cost of the Lease which will then be what you need to pay for it to become yours if you see through the contract up to 12 months

This option is usually expensive due to the rental fees hence, only use it as an alternative if you are not lucky to get financing through other buy now pay later options.

However, there is the early purchase and you should utilize that in order not to end up paying so much if you eventually go with using Progressive Leasing for your purchases.