FAQs

 

How does lease to own work at BrandsMart Leasing?

Leasing to own from BrandsMart Leasing can be a great way to get what you want right now. We offer a simple lease program where you make periodic renewal payments, and if you make all of the lease renewal payments or complete an early purchase option, you will own the merchandise.

Leasing is a convenient way to get the items you want without a big upfront payment, using credit, or making a long-term commitment. BrandsMart Leasing offers a great selection of name brand products, with affordable payments and flexible choices on how to own your merchandise.

BrandsMart Leasing provides a rental/lease purchase agreement. It is not a loan, credit, or financing. While no credit history is required for BrandsMart Leasing's digital approval process, we do obtain information from consumer reporting agencies and BrandsMart Leasing affiliates in connection with your lease application.

You will not own the leased merchandise or acquire ownership rights unless you make all your lease renewal payments or exercise an early purchase option. Not all applicants are approved.

 

What is the process? How do I get started?

See the local BrandsMart Leasing team member at your local BrandsMart U.S.A. store location.

 

What do I need to apply?

When you apply in-store you will need to provide the following:

  • Name and contact information (address/phone) – Georgia, Florida, or South Carolina residents only

  • Social Security Number

  • Government issued ID

  • Income information

  • Residence information

  • Mobile Phone is required to receive verification text when applying

  • Credit/Debit Card for initial payment

 

Do I need a Social Security Number to apply for a lease?

Yes.

 

What forms of ID are accepted when applying?

We accept US-issued identification including Driver's License, government-issued Green Card, government-issued ID card, Military ID, Passport, Resident Alien Card & State ID card. Matricula Consular are not accepted as ID by BrandsMart Leasing.

 

How long does my approval last?

Approval is only valid at this store location during store hours for 7 days, including day of application, not 24 hours from approval decision.

 

Do you charge an application fee or any other up-front fee?

BrandsMart Leasing does not charge an application or processing fee.

 

How much will I be approved for?

It depends. Applicants are evaluated on an individual basis, and we look at many data points, including credit information and income to determine approval amounts. These data points will indicate whether Brandsmart Leasing would be a good option and, if so, the approved amount.

 

How will my merchandise be delivered?

BrandsMart Leasing or its authorized service provider will call you to schedule delivery of your merchandise. If you have questions about your delivery, please call 954-797-4097.

 

What should I do if my item is delivered damaged?

If you notice that your merchandise is damaged, please call 954-797-4097 immediately.

 

How long will it take for my item to arrive?

Delivery times vary based on the merchandise selected.

 

How can I set up an account to make my payments online?

Online payments will be available.

 

How do I make a payment arrangement?

Please call 844-641-5152 to make a payment arrangement.

 

Will BrandsMart Leasing be using my bank information to auto-draft payments from my account?

BrandsMart Leasing will not use your banking information for payment without your authorization.

 

Do I have the option of buying the product before my lease term ends?

Yes. You can purchase the product at any time. If your payments are up to date, you will have a Buy Out option for a limited period of time after you start a lease agreement.  That limited period varies by store location, and you should ask a BrandsMart Leasing team member for the details of the Buy Out option available.  Through the applicable Buy Out option, you can choose to purchase the leased merchandise by paying the original retail cash price for the item plus $99 (minus the amount of any lease renewal payments that you’ve already paid). If you owe any other charges at that time under your lease agreement you will need to pay those as well. The applicable Buy Out option is described in the BrandsMart Leasing Program Addendum to your lease agreement. 

After the applicable Buy Out option expires, you can purchase the leased merchandise for more than the retail cash price but less than the total of remaining lease payments, as described in your lease agreement. This early purchase option amount is also explained in the lease agreement.

 

What if I plan to pay out my lease later?

Even if you intend to purchase later, regular lease renewal payments must be made. Remember you are leasing the merchandise you selected until you make all payments or complete an early purchase option.

 

What forms of payment do you accept?

BrandsMart Leasing accepts most debit and credit cards. 

 

Do I have the option of paying cash for my first payment?

Not at this time.

 

What does BrandsMart Leasing mean by total cost of ownership?

The total cost of ownership includes the retail cash price of the merchandise plus the cost of lease services. It is the total of all scheduled lease renewal payments. You will also be responsible for applicable tax. The total cost of lease ownership will be more than the retail cash price of the merchandise. The total cost of ownership, including the cost of leasing, is shown in the application and check out process.

 

What if I can no longer afford my payments?

We understand that unexpected situations come up that may prevent you from keeping your merchandise. If you find yourself unable to continue with your lease, please call Customer Service to discuss your options: 844-641-5152.

 

Does BrandsMart Leasing check my credit?

As part of our digital application process, BrandsMart Leasing will check credit history and creditworthiness and rely upon customer reports and information obtained from third-parties and affiliates of BrandsMart Leasing in considering your application.

 

How is a lease different than a credit transaction, financing, or a loan?

A BrandsMart Leasing transaction is not credit. With a credit transaction, financing, or a loan, you make a purchase with borrowed money that must be repaid, often with interest. In a credit transaction, you owe for the balance of your debt even if you are no longer in possession of the merchandise. With a lease, you sign an agreement to lease merchandise from BrandsMart Leasing. Brandsmart Leasing owns the merchandise, but you can take ownership after making all required lease payments or through an early purchase option. But, if you choose to return the merchandise before you complete your ownership plan, you don’t owe anything more on the merchandise if you are current on your payments when it is returned according to the terms of your agreement. Ownership of leased merchandise is optional.

 

Does BrandsMart Leasing charge interest?

You are leasing to own your merchandise, not financing the purchase with BrandsMart Leasing. So, there is no interest charged like in a credit transaction. However, your total cost of ownership does include the cost of leasing which is the amount BrandsMart Leasing charges you in addition to the retail price of the merchandise for the services and benefits of leasing to own with BrandsMart Leasing. So, your total cost of ownership will be more than the retail cash price. The retail price, the cost of leasing, and the total cost of ownership are clearly disclosed in your lease agreement.

 

Will a lease application impact my credit?

Applying for a lease with BrandsMart Leasing should not impact your FICO score; however, we do look at credit bureau reports, and this inquiry may appear on your credit report.

 

Is this a hard or soft hit on my credit?

BrandsMart Leasing will make inquiries to Transunion & Experian, including soft inquiries against traditional credit files. Other secondary bureaus, however, do not offer this option, and inquiries to those bureaus (none of which prepare FICO scores) may be considered hard inquiries.

 

What is the difference between a hard and a soft credit inquiry?

An inquiry occurs any time an individual or business requests a copy of a person’s consumer report – also known as a credit report. The bureaus keep a record of all inquiries made. Creditors and scoring models could consider inquiries a negative factor in a consumer’s report. On a soft inquiry, the inquiry is only visible to the consumer if requesting a copy of their own consumer report, whereas a hard inquiry can be seen by other credit reporting agencies.

 

Does BrandsMart Leasing report to credit bureaus?

No. We do not currently report payment information to credit bureaus.

 

Can I build up my credit by doing a successful Lease?

BrandsMart Leasing provides a lease to own program, not credit, and does not report payment information to credit bureaus.

 

Will you service my leased merchandise?

One of the benefits of leasing to own is that leased merchandise that is defective will be repaired by BrandsMart Leasing, or its authorized service provider, according to the terms of the lease agreement.

 

What is BrandsMart Leasing’s return policy?

Once your leased merchandise has been delivered, you can call 844-641-5152 to schedule a time for return or pick-up as stated in your agreement. However, you will not receive a refund. Your item must be returned with all provided accessories.

 

Can I cancel my order before delivery?

If you have not yet received your leased merchandise, you can call the BrandsMart Leasing store location to cancel your order.