Understanding the Progressive Leasing payment options could help you save a lot on lease-to-own costs as they vary with different terms.
Progressive is a popular choice when it comes to lease-to-own financing options at several retailers, including powering the Easy Leasing of Big Lots, Best Buy, and Cricket Wireless, among others.
Despite being accepted by several merchants for buy now pay later shopping, you may end up paying very high if you do not understand its payment options.
Progressive Leasing
Max. Amount
$4,000
Credit Check
Soft
Type
Lease-to-Own
Tip: Progressive Leasing is not like every conventional buy now pay later as its services are mainly on lease-to-own terms, granting up to $4,000 in product financing for a maximum of 12 months lease contract.
While you enjoy a convenient monthly installment, it can be very expensive if you continue until the end of the lease period which can lead to you paying more than double the original product price.
However, it provides the 90-day early purchase option which is an amazing offer to enable you to clear the contract and make the product fully yours by paying exactly the original product price*, resulting in saving more than 100% of the rental costs if you can use this.
With many online stores accepting Progressive Leasing, it has become a household name when it comes to lease-to-own financing with retailers such as Best Buy, Mattress Firm, and Lowe’s among the places you can use it.
To increase the options available to its users, it provides an in-app feature that you can utilize to buy now and pay later on Amazon, Dick’s Sporting Goods, and Walmart.
With up to $4,000 and creditworthiness determined by its soft credit check, it allows people of varying credit scores to access its financing, including if you are working on improving your bad credit score.
Because of the nature of how it works, the costs you pay on product rental can be very high and when added to the product’s original price, you could end up paying twice the main cost at the end of the contract.
To enable you to save on the costs and a chance to pay exactly the main price, it offers a 90-day early purchase which is within the first three months of the lease.
If you are able to complete the full payment within this period, you will save yourself a lot of funds that could have gone into handling the costs of the lease.
Depending on where you live, the 90-day EPO final amount will vary but for those in California, you will pay exactly the price of the item.
Post the 90-day, you still have a chance to save some money if you can use the early buyout option but at the 12th month, the total value if added since the start of the contract will be more than twice the item’s original cost.
You Can Use Progressive On
Sam Ash
Sam Ash is a well-established musical instrument retailer known for its diverse range of instruments, audio equipment, and accessories. With a focus on catering to musicians of all levels, Sam Ash is a trusted destination for a comprehensive selection of musical products and gear.
Best Buy
Best Buy is a leading electronics retailer, providing a vast selection of consumer electronics, appliances, and tech-related products. Renowned for its extensive product range and tech services, Best Buy offers a one-stop destination for customers seeking the latest gadgets and technological innovations.
Musician’s Friend
Musician’s Friend is a prominent online musical instrument and equipment retailer. With an extensive inventory, it caters to musicians of all levels, offering a wide range of instruments, gear, and accessories. Renowned for competitive prices, it is a go-to destination for music enthusiasts.
Guitar Center
Guitar Center is a prominent music retailer specializing in guitars, amplifiers, drums, and related gear. With a vast inventory and numerous physical locations, it caters to musicians of all levels. Known for its diverse selection, Guitar Center is a premier destination for musical instruments.
Cricket Wireless
Cricket Wireless offers a diverse selection of smartphones, catering to various preferences and budgets. Their range includes popular brands and models, providing customers with affordable and reliable options for communication. Cricket Wireless aims to connect users with quality phones and flexible wireless plans.
Progressive Leasing Payment Terms
Progressive Leasing payment options vary depending on the stages of the contract.
Here are all the terms from initiation till the end of the lease period:
Initial Payment
Period
Day 1
Estimate Cost
$59
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This Progressive Leasing payment is the first you will need to make at the start of the contract and is required on the first day once your application is approved.
Before you will be able to pick the product, this has to be successful hence, you will need to ensure the repayment method being connected has enough funds to handle this initial cost.
$59 is the most common value at most of its retailers that your card or other payment methods you prefer will be charged for before the final lease approval.
Once this is successful, the item will be handed over to you as it is usually the last part after you have reviewed the contract to understand how Progressive Leasing works and agreed for the contract to proceed.
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90-day Early Purchase Payment
Period
90 (3 months in CA)
Estimate Cost
Same as Cash (CA) or Cash Price + Initial Deposit
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This Progressive Leasing payment is the first of its early buyout option and happens between the first day of the contract and the end of the third month or 90th day depending on your state of residence.
This is the only period you will be able to pay the full cost of the product without any extra charges if you live in CA or just a little extra for lessees outside California (usually, the initial payment is the extra added).
To understand how this Progressive Leasing payment for ownership works:
If you purchase a laptop through Progressive Leasing at Best Buy at the product price of $400:
- The three-month early purchase cost if you live in California is $400
- For users outside CA, the 90-day early buyout option will cost you $400 + the initial payment. If you paid $59 on the first day, you will have to pay a total of $459
This total cost will consider all previous months’ repayments as those will form part of the total cost of ownership during the first three-month period.
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Mid-term Buyout
Period
4th – 11th Month
Estimate Cost
More than 65% – 75% Above Cash Price
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This is another buyout Progressive Leasing payment option you can utilize after the first early purchase (90 days) for product ownership, usually from the fourth month until the 11th.
Irrespective of your address or state of residence, the costs here are common to everyone with the expected payment more than 65% or 75% higher than the original item’s price.
How much you will pay at this mid-term depends on the stage of the contract as the earlier you utilize it, the less you will pay as lease-to-own costs.
For instance, a cell phone bought using Progressive Leasing at Cricket Wireless that costs $500 could end up costing $625 or more in the fifth month at this stage for full ownership.
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Full-term Ownership
Period
12th Month
Estimate Cost
Cash Price + Cost of Lease
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This is the last part of the contract and you will have completed your Progressive Leasing payments at the end of this month.
If you missed no repayment at this stage, the item will become fully yours to mark the end of the lease-to-own purchase.
Your monthly payments are based on the sum of the cash price (original product cost) and the lease-to-own costs (rental fees) split into 12 to get the bit-sized repayments on a monthly basis.
At the end of the contract, adding the total payments made to Progressive Leasing since the inception of the lease will amount to a value twice the price of the original product cost.
For instance, a Whirlpool washer bought with Progressive Leasing at Lowe’s with the original price of $498 will cost you about $1,120.50 at this stage which is more than doubled the original cost.
The best time to complete the Progressive Leasing payments and close out the contract is within the first 90 days when you stand to enjoy the same-as-cash benefit.
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Progressive Leasing Payment Estimator
You can use the calculator below to estimate your Progressive Leasing payment and have an understanding of how much you could save at each stage of the contract.
If you want to know about each of the terms, you can visit the Progressive Leasing calculator page for more as there is a detailed explanation of each to help you understand how they all work.
Progressive Leasing Payment Options
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The platform provides options to choose from when you want to make lease payments through your account dashboard.
 These include:
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Custom Payment
This option provides you with the flexibility to choose the specific amount you want to pay.
It can be particularly useful when you have additional funds you want to allocate to your account or need to make a one-time payment different from your regular installment.
You can use this option to supplement your regular payments or, if desired, replace your next scheduled payment entirely.
This could be beneficial in situations where you have extra income or want to adjust your payment schedule temporarily.
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Standard Payment
This is the fixed amount that a customer is committed to paying regularly as part of a scheduled payment plan. It is the stable, predictable portion of their financial commitment.
If this standard payment is made more than 3 business days in advance, it will replace the next scheduled payment.
This allows customers to proactively manage their payments and make adjustments to their financial plans promptly.
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Early Purchase Option
This option allows customers to pay off their entire account balance in one go to end the lease contract.
It provides a convenient and efficient way for individuals to complete their financial commitments ahead of schedule.
Paying the account in full through the early purchase option signifies the completion of the contract or the full acquisition of the product or service.
This might be attractive to customers who want to own the item outright or complete their financial obligation promptly and save on the high fees associated with continuous rental.
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Progressive Leasing Payment Methods
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When it comes to handling your lease installment payments, Progressive Leasing supports three methods including:
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Bank Account
Progressive Leasing offers the option for customers to set up automatic debits from their bank accounts.
This adds a layer of convenience as the payments are deducted automatically on the scheduled date.
By authorizing auto debit, customers reduce the risk of missing payment deadlines.
This ensures that lease installments are consistently paid on time, contributing to a positive credit history and avoiding any potential late fees.
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Debit or Credit Card
Customers can opt for autopay using either a debit card or a credit card.
This flexibility allows them to choose the payment method that aligns with their financial preferences and rewards programs associated with their credit cards.
Autopay transactions are often secured with encryption and authentication measures, enhancing the security of the payment process.
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Manual Payments to a Designated Account
For those who prefer a more hands-on approach, Progressive Leasing allows manual payments.
Customers can initiate payments themselves, giving them a sense of control over when and how they manage their lease installments.
Manual payments can be made through methods such as bank transfers or checks, providing flexibility for customers who prefer traditional payment methods or have specific preferences regarding how they manage their finances.
For instructions on how to use the manual method or the designated account number, users will need to reach out to Progressive Leasing.
Progressive Leasing Payments Frequently Asked Questions
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Below are some frequently asked questions relating to payments for Progressive Leasing:
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How much is the Progressive Leasing down payment?
You will make a down payment of $59 at most of the merchants that accept Progressive Leasing.
However, this may vary depending on the retailer or the product you want to purchase.
How to change the Progressive Leasing payment date?
If you want to permanently change your Progressive Leasing payment dates, you will need to reach out to its support team three days before your next due payment by visiting the contact page for details.
However, if it is a temporary requirement and you want to make a payment before your next scheduled date, you can do so by going to the ‘Make Payment’ section when you are logged into your account.
Select the standard payment amount option if you want to pay the exact value on your next scheduled amount or the custom payment amount if you want to pay a different value.
If you pay the exact or more than your next scheduled amount at least three days earlier than your next due amount, it will replace your next repayment due value.
Can I make Progressive Leasing payments late?
Progressive Leasing may be able to adjust your next scheduled payment if you inform them at least 3 days before your next due payment.
If you think you will not be able to pay at the date on your scheduled statement, you can request a late payment by letting them know for adjustment.
If you missed informing them, Progressive Leasing does not offer any grace period and it will attempt to debit your connected repayment methods on the due date.
What happens if I miss Progressive Leasing payments?
You may end up paying a non-sufficient fund fee if you miss your scheduled Progressive Leasing payments.
In addition to the possible penalty fee, you will continue to accumulate rental costs which could be difficult the more you delay repayments.
Ensure you do not miss your lease payments by enabling the auto-pay feature and connecting your debit/credit card and your bank account.
How can I make Progressive Leasing payments?
Follow these steps to make your Progressive Leasing payments:
1. After logging in, navigate to the account you wish to make a payment on and click on ‘Make Payment.’
2. Choose the payment amount based on your preference:
i. Customize Payment Amount: Opt for this option to select the specific amount you want to pay. It allows for an additional one-time payment and may substitute your upcoming scheduled payment.
ii. Standard Payment Amount: This represents your regular recurring payments. If made more than 3 business days in advance, it will replace the next scheduled payment.
iii. Early Purchase Option Amount: Select this option to pay off your account in full.
3. Verify your chosen payment method
4. Complete the process by submitting your payment
How can I extend the Progressive Leasing payment date?
If you want an extension for your next scheduled Progressive Leasing payment, you can ask for it to be extended by reaching out to the support team at least three days before your next due payment.
Can you pay off Progressive Leasing early?
Yes, you can pay off a Progressive Leasing agreement early by going to the ‘Make Payment’ section when logged in and selecting the early purchase option.
By doing this, you will save yourself some funds as continuing until the end of the contract is usually expensive, doubling the original price of the product on lease.
How can I contact Progressive Leasing?
For assistance with your Lowe’s purchases through Progressive Leasing, visit the support page and choose your preferred method of contacting the Progressive Leasing team.
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Understanding all regarding the Progressive Leasing payments is very important before you continue with the contract at any of the merchants that accept it as part of their financing methods.
With sections explaining how you could save using any of its early buyout options and the estimated costs if you continue till the end of the contract, this is one vital part of the lease agreement.
However, this option could be very expensive when you continue beyond the first 90 days and you may want to consider it after trying other financing methods or when you are sure of closing out the contract within the first three months.
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