BAND INSTRUMENT RENTAL PURCHASE AGREEMENT
This is part of the contract for your musical instrument lease. The rest is listed below. Read it completely before completing the online rental form. In the contract, "us" and "we" means Spotts Music Center and "you" means the person agreeing to the Band Instrument Rental/Purchase Agreement. By completing the band instrument rental form (located here: https://spottsmusicforms.com/forms/band-instrument-rental-application/) you agree to the terms listed below.
CREDIT AUTHORIZATION AGREEMENT
You authorize Spotts Music Center to make whatever credit inquiries it deems necessary in connection with this credit application or in the course of review or collection of any credit extended in reliance on this application. All information set forth in this application is declared to be a true representation of the facts for the purpose of obtaining the credit requested and any willful misrepresentation on this application could result in criminal action. If requested, we will inform you of the name and address of the consumer reporting agency used to furnish the report. All information provided is held in strict confidence and will not be shared with any other party outside of the application process here in described.
NOTICE: You are renting this property. You will not own it until you make all of the regularly scheduled payments or you use the early purchase option. You do not have the right to keep the property if you do not make required payments or do not use the early purchase option. The Lessor may repossess the property if you fail to make rental payments as scheduled.
MONTHLY AUTO PAYMENT: You agree to provide a valid debit or credit card account for the monthly payment to be made each month on the due date. 100% of the equity portion of the monthly payment will apply to the rental/purchase price.
SECURITY INTEREST: We will retain title to the instrument until you have paid all rent payments and late charges due under this Contract. You grant us a security interest in the instrument and accessories as security for the payment of those amounts.
EARLY PURCHASE OPTION: You may purchase the instrument at any time by paying 70% of the unpaid Rental/Purchase Price Balance.
RIGHT TO RETURN: You may return the instrument to us at any time and have no further obligations under this Contract except to pay all rent due through the return date. We will not refund any monies paid prior to the instrument being returned.
RETURN PROCEDURE: To ensure timely credit for your return, you must notify us your intent to return by mail, email, telephone or through our website form. You must then return the instrument to the music instructor, if the instrument was delivered to your school, or to us at one of our business locations. Failure to notify us of your intent to return may delay receiving credit for the return.
MAINTENANCE & REPAIR COVERAGE: In consideration for monthly payment of the M&R fee, we will make any adjustments or repairs necessary to keep this instrument in proper playing condition during the term of this Contract. Replacement of supplies such as reeds, lubricants, strings, etc. are not included. All repairs must be made by our authorized technicians. This service does not include damage due, in our judgement, to careless negligence or intentional damage of the instrument. In such instances, repair costs are NOT covered and will be your responsibility. We will replace the instrument with one of comparable quality only if it is stolen or destroyed due to non-negligent, accidental misfortune. If stolen, the incident must be reported to civil authorities. To obtain the instrument replacement a written explanation must be presented along with a replacement fee of $500.00 for the Saxophone, French horn and Baritone. The replacement fee for all other instruments will be $300.00. Monthly M&R fees are non-refundable and do not apply to the purchase price of the instrument. This coverage ends when you are no longer making monthly payments.
WARRANTIES: If new, or like new, the instrument is covered by the respective Manufacturer’s Warranty.
INSURANCE: The Lessee is not required to purchase insurance or liability damage waiver against loss or damage to rental property. You may do so for your protection.
MONTHLY BILLING FEE: By NOT meeting the Auto Payment requirement of your monthly payment obligation, a $5.00 monthly billing fee, plus PA Sales tax, will be charged in addition to the total monthly payment due each month.
LATE PAYMENTS AND DEFAULT: If a monthly payment is more than 5 days late, you will be charged a $5.00 late fee. We retain the right to terminate this Contract if you fail to make any scheduled payment within the 5-day grace period. We can also terminate this Contract if you do NOT inform us of and provide a new address when you move or your child changes schools. If we notify you of termination, you must immediately return the instrument to the music teacher or to one of our business locations. If you fail to do so, we can take possession of it wherever we find it, including school premises, if we do so lawfully and peacefully. You are responsible for all costs of collection and repossession.