What is Progressive Leasing Repossession Policy and What are Your Rights?
Generally, the creditor can take the collateral (repossession item) without going to court. But in the case of Progressive Leasing Repossession, there are several tries to inform the defaulter. These tries can be in the form of calls, letters, or e-mails. These creditors can extend the time limit of debt payment too.
Even if your collateral is repossessed, your liability for the owed amount remains the same. You can check about the repossession fee and owed amount by contacting (877) 898-1970 or customersupport@progleasing.com.
What Collaterals can be Repossessed?
If anyone is not able to make a debt payment or is unable to fulfill an important security agreement term, then that person will be considered a “Defaulter.” In case of insurance lapse or insolvency, the creditor can declare the loan as default. In many cases, creditors take property as collateral, which they can take without getting orders from any court.
Some of the most common items progressive leasing in-house collection department can repossess:
Vehicles;Rent-to-Own items;Items bought with credit card;Collateral property under unenforceable contract;Collateral personal property.
How to Change Payment Schedule?
Progressive Leasing has a wide range of frequency options. This means you can choose different lease periods. The longest and shortest period varies from 12 months to 90 days.
Once the frequency is selected, payment will automatically deduct from the given account. Many times, due to many reasons, you may not be able (or comfortable) to pay. In that case, you have the option to extend your payment date.
For that, you have to contact on (877) 898-1970 or customersupport@progleasing.com. But the extension period has a limit of 45 days. After which you have to pay your dues.
How to End Your Lease?
If you want to end your lease before completing the loan, then you had to have fulfilled the following conditions:
Up to date payment;Ready to return your item;Ready to pay the restocking fee (if there is).
Once you fulfill these conditions then you will be able to end your lease. For that, you have to contact (877) 898-1970 or customersupport@progleasing.com.
Potential Impact on Credit
Progressive Leasing is not in contact with major Credit Bureaus. So, if you default then your credit score will not be affected. But the downside is if you pay it then your credit score will not build up too.
So, if you think of not paying, then consider that these progressive leasing companies can take you to court if you are unable to pay. So, take it easy and think before everything.
What are Your Rights?
As a citizen of our country, you have the “Right to Privacy” and “Freedom of Unreasonable Search.” Due to these rights, repossession can’t happen without court orders or a sufficient number of reminders.
If you put your item in your house, then they can’t enter and repossess it without court orders or your complete support while without breaching the peace.
What is the Difference Between Repossession and Trespassing?
In case of trespassing, the customer can go to court and take the necessary legal action against the agent or the agency.
What is Breaching the Peace?
As mentioned earlier, Repossession agents and agencies can’t take any action which may breach the peace.
It is a set of instructions and practices which limits the power of the agency. Due to these practices, there is a power balance between the organized agency and unorganized individuals.
These actions can be considered as being polite too. Such as asking the owner before entering his/her house, not to repossess items without a court order if the owner is not complying.
What is the process of getting a Progressive Lease?
You have to follow these steps:
Fill out the application form. In case of approval, buy the item. Sign the lease agreement after complete review. Make the initial payment and set a future payment schedule.
Conclusion
Now we have learnt ‘What is Progressive Leasing Repossession Policy and What are Your Rights?’, Progressive Lease allows higher extending time. Yet, after that, they have to take action of repossession. Progressive Leasing agency has a set of rules to follow. Yet some Repossession agents may take a different approach. In that case, you should know what your rights are. So that you can avoid the agency’s harsh action.
What are the requirements I need to fulfil?
You must be an adult meaning (18 years or older). You should have a Social Security Number. You must have an active checking account and its number. You should have a credit card or a debit card for the purchase.
How long can my approval last?
Your approval has 90 days’ validity. During this period you have to sign the lease agreement. Otherwise, it will expire. Then you have to reapply. There are some retailers, who cancel the order if a lease is not signed the same day. In that case, you have the option of reordering within the 90 days limit.
