Rent-To-Own Program 2019 Terms & Disclosures

INITIAL PERIOD: We provide a rental instrument for a 30 Day Rent Free Trial Period upon receipt of your application, $20 enrollment fee and approval from our credit department. The Initial Period begins on the day the instrument is delivered.

ENROLLMENT FEE: The one-time enrollment fee, including tax, covers the cost of credit approval, instrument preparation, upgraded mouthpiece, and all processing and handling. With the enrollment fee, the first month rental and loss coverage fees are free. The one-time fee of $20 is payable in advance of delivery, is non-refundable once the instrument has been delivered, and does not apply toward the ownership of the instrument.

RENT TERM: The Rent shall be from month-to-month and shall be automatically renewable each month. You will receive use of the rental instrument for successive one (1) month terms so long as monthly payments are made on or before the due date and you comply fully with all agreements and conditions herein. Rental fees are not refundable and only apply to the use of the rental instrument selected on this agreement, according to the terms of this agreement.

TOTAL COST OF OBTAINING OWNERSHIP: When your Rent payments (not counting Loss Coverage Fees) equals the TOTAL PURCHASE PRICE plus tax, Buddy Roger’s Music will assign the title of the instrument to you and the Rent-to-Own Program will end.

UPGRADE OPTIONS: Our rental instruments are the highest quality student instruments that provide your child with the best option on which to learn. When you are confident your child is ready for their own instrument, you have the option to: 1). Buy the rental instrument you are using according to the terms of the Early Purchase Option, 2). Purchase a brand new student instrument, at the current retail price as of purchase date, deduct rental fees already paid from the price, and reduce the remaining balance by 25%, according to the Early Purchase Option, or 3). Upgrade your student instrument and apply the first 24 months of Rent payments toward an intermediate or professional instrument.

EARLY PURCHASE OPTION: You may, at your option, elect to purchase the instrument early by paying the REMAINING BALANCE. As incentive for an early purchase, Buddy Roger’s Music will reduce the remaining balance by an amount equal to 25% of the remaining balance. The REMAINING BALANCE is defined as: Purchase Price less Rent payments (does not include loss or enrollment fee).

CASH PRICE of the instrument is the TOTAL PURCHASE PRICE, less 25%, plus tax.

TITLE and right of possession remain with Buddy Roger’s Music during the Rent Term. You have no right to sell, mortgage, pawn, pledge, encumber, or dispose of said property. Title will be transferred to you when you acquire ownership according to the terms of this agreement. Buddy Roger’s Music retains all rights to inspect our property, with proper notice, during the rental term, and pick up our instrument wherever located, should your Rent Term end.

EXCHANGES: You may exchange the rental instrument listed on this agreement for any other rental instrument, providing your rental account is current. If you receive a rental instrument with a different monthly rental rate, the new rate will take effect as of the date of the exchange. The TOTAL PURCHASE PRICE may also be different. There is no charge to exchange and any Rent fees already paid will remain on your account and can be applied toward the instrument you are receiving, up to the TOTAL PURCHASE PRICE of the replacement instrument.

LOSS, DAMAGE, & MAINTENANCE COVERAGE: Loss coverage is provided automatically for an additional monthly fee, however, this coverage is optional. To decline, please see #5 DECLINE COVERAGE OPTION on the front of this agreement. The loss fee is applied toward the loss protection and maintenance costs on your instrument and does not apply toward the ownership of the instrument. The loss fee is payable in advance with your monthly Rent payment. If the fee is not paid, coverage will lapse, and you will be responsible for all losses and maintenance charges.

Loss Coverage includes all adjustments and repairs, accidental damage, and loss by fire or theft, with no deductible, subject to the following terms:

1. The deterioration of appearance (scratches, minor dents, finish) is not covered in so far as it does not affect the playing of the instrument.

2. Accessories (reeds, straps, sticks, etc.) are not covered.

3. An instrument totally destroyed by fire or accidental damage, or lost by theft, will be replaced with an instrument of equal value (as of the time of the loss) at no charge, provided reasonable proof of such loss is presented and the theft is reported to the local police within 24 hours of discovery of the theft.

4. All adjustments and repairs must be made at Buddy Roger’s Music. Do not attempt any repairs on your own or take the instrument to an outside source for repairs as it will void this coverage.

5. A Claim for repair or replacement does not alter the Rent-to-Own Program Agreement.

CREDIT REPORT AUTHORIZATION: You authorize Buddy Roger’s Music to obtain a personal credit report as a condition of the agreement.

TERMINATION BY YOU: You may, at your option, terminate this agreement at any time by returning the rental instrument to any Buddy Roger’s Music location in the same condition as at the time of Rent, fair wear and tear excepted, and by payment of all Rent payments and other charges due through the date of the return. Rent fees will accumulate until property is received at Buddy Roger’s Music. Music Teachers and other third parties shall not be responsible for the return of property. Rent fees paid cover the period of time that you had the instrument, whether the instrument is actually used or not. They are non-refundable, and have no value toward the purchase of any other products sold at Buddy Roger’s Music.

TERMINATION BY US: Buddy Roger’s Music may, without notice, terminate this agreement should (a) you fail to make Rent payments required and any late charges within ten days after the due date, (b) you breach the promise/obligation under this agreement, (c) you filed misleading or inaccurate information on this agreement, or (d) anything happens that Buddy Roger’s Music feels endangers the instrument in your possession.

DELINQUENCY: Rent accounts ten days or more past due will be charged a $5 late fee. You authorize Buddy Roger’s Music to contact spouse, student, or reference regarding this agreement when past due, using contact information provided. If your account is delinquent and you fail to return the instrument, we reserve the right to charge a $40 pick-up service fee and/or attorney’s fees to send an agent or outside collection firm to your house to collect our instrument.

RETURNED CHECKS: In the event that your check is returned unpaid for insufficient or uncollected funds, we may electronically re-present your check for the check amount and the returned check charge without further notice as permitted by law.

RIGHT OF REINSTATEMENT: A Renter (you) who fails to make timely payments has the right to reinstate the original Rent-to-Own Agreement without losing any rights or options previously acquired under the Rent-to-Own Agreement within three Rent terms after the expiration of the last Rent term for which the Renter made a timely payment, provided the Renter surrenders the Rent property to Buddy Roger’s Music or its agents when requested to surrender the property. Before reinstating, the Renter is required to pay any unpaid Rent payments, delinquency and late charges.

WARRANTY: If any part of the manufacturer’s warranty exists on the instrument when Renter acquires ownership according to the terms of this agreement, the warranty will be transferred to the Renter.

ORAL STATEMENTS & PERFORMANCE: It is understood that no other agreement, guarantee, warranty, verbal or written, expressed or implied shall limit or qualify the terms of this agreement.

OTHER: It is the Renter’s responsibility to notify us of any concerns or problems with the instrument on your account so that we can resolve them in a timely manner. Buddy Roger’s Music must be notified at once of any change of address, phone number, and/or the school your child is attending.