Hybrid LeasePurchase
“The Hybrid Lease/Purchase Program is hands-down the best alternative secondary finance program in the industry, servicing over 1,000 stores in 40 states!”
How the Program Works
Once your customer is turned down by your primary lender you will already have certain application information to help you pre-qualify them for the “Hybrid” Lease/Purchase program. There are ONLY two requirements:
- Your customer Must be employed for the past 6 months with gross monthly income of $1,000, and
- Must have an active bank account for at least 3 months with $500 per month in deposits, no negative balances or NSF charges in the past 30 days.
If your customer meets these two easy requirements listed above, they are pre-approved! Three easy-to-get documents are used to verify the requirements and receive an approval:
- 30-day bank statement,
- Most recent pay stub,
- Photo ID.
“Pre-qualifying the customer is Key!” If your customer meets our only two requirements you’ll be able to tell them that they are already conditionally approved. You can refer to the “Pre-Approval Matrix” and tell them their credit line and payment amount! When a customer knows they’ve already been approved, they’ll have no problem obtaining the required documentation and returning to your store. Once pre-approved, the application process can begin.
Our training programs and HLP tools will provide the knowledge your sales associates need to make your HLP program a high-yield success!
STEP ONE: Determine your customer’s pre-approved credit line from the Pre-Approval Matrix. Fax the customer’s Application, bank statement, pay stub, voided check and photo ID to our processing center for final approval.
STEP TWO: You will be faxed or emailed a response in approximately 30 minutes! If Approved, an open-to-buy amount; or if Pending, the additional documentation needed.
STEP THREE: Once the customer chooses their merchandise a copy of their invoice is faxed to the processing center.
STEP FOUR: Within 15 minutes the store will be faxed or emailed the completed Lease/Purchase Agreement, ACH form and Receipt of Goods form for customer execution.
FUNDING
The customer signs all the forms and pays the store a $40 app/processing fee. The Receipt of Goods form must be signed by the customer upon delivery of the merchandise. Fax the forms to our processing center and the store will be funded (ACH in 24-48 hours) the invoice amount less a 6% discount and the $40 app/processing fee.
GETTING STARTED
Complete the attached Store Signup form and fax to (904) 215-8017. Supplies and a complete training manual will be mailed to you.
Enroll Now Lease Purchase Program
Program Overview
“Send us your turndowns and let us turn them into gold!”
