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.
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.
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 the required payments or do not use the early purchase option. Subject to your grace periods and reinstatement rights, the lessor may repossess the property if you fail to make rental payments as scheduled. Your rights and responsibilities are fully explained in this rental-purchase agreement.
EARLY PURCHASE OPTION
You may purchase the above described instrument at any time by paying the CASH PRICE of the instrument minus 50% (1/2) of all rental payments paid. Late charges do not apply.
RIGHT TO RETURN
You may return the instrument to us at any time and have no more obligations under this Contract except to pay all rent due through the return date. We will not refund any money you paid before the instrument is returned. You must follow the return instructions listed below.
MAINTENANCE AND REPAIR COVERAGE OPTION
By selecting coverage, this extends coverage to repairs, adjustments, and service necessary to keep the instrument in proper playing condition at no charge.
You, the lessee are not required to purchase insurance or liability damage waiver against loss or damage to rental property. You may choose to do so for your protection.
You agree to rent from us and we agree to lease to you the instrument you selected on this form. You agree to pay us monthly payments in the accepted amounts on a monthly basis. You will own the instrument when you have made all the payments.
GRANTING OF PERMISSION
NATURE OF AGREEMENT
You understand that this is a lease contract. We are legally required to provide you with the disclosures listed as if we were selling the instrument to you on credit.
MAINTENANCE AND REPLACEMENT COVERAGE
Under this plan we will make any adjustments or repairs necessary to keep this instrument in proper playing condition, during the term of this agreement. Damage that in our judgement could have only been caused intentionally is not covered and is leasee's responsibility to remedy. We will replace any instrument with one of comparable quality only if it is stolen, or destroyed by fire, provided the incident is properly reported to civil authorities. To obtain the instrument we must have a copy of this report along with a written claim giving details of the loss. There is a $300 replacement charge for Alto and Tenor Saxophone, Baritone, or Cello and $200 for all other instruments. The above coverage ends when you are no longer making payments.
REINSTATEMENT OF CONTRACT
You may reinstate this agreement after termination under the following conditions:
1. Pay all past due rental charges
2. Pay all applicable late charges due
3. Pay a reinstatement fee of $50
If lessee has paid less than two-thirds of the rental payments necessary to acquire ownership and has voluntarily surrendered said property, the period of time which reinstatement is available is 90 days from termination date. If lessee has paid more than two-thirds of the rental payments necessary to acquire ownership and has voluntarily surrendered said property, the period of time which reinstatement is available is 120 days from termination date.
LATE PAYMENTS AND DEFAULT
You agree to pay a late charge if we do not receive a payment with in 5 days of the day it is due. We also can terminate the Contract if you do not make any payment within that time, if you move and do not provide a new address or if your child changes schools. If we do terminate, you must return the instrument immediately. If you do not, 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.
We will retain title to the instrument until you have paid all rent payments and any 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.
Complete the band instrument pickup request form online (https://spottsmusicforms.com/forms/band-instrument-pickup-request-form-school-delivery/) or notify us by mail or phone. Then return the instrument to the music instructor or to us, by mail or personal delivery. To receive credit for a return DO NOT RETURN THE INSTRUMENT TO ANYONE WITHOUT CONTACTING US AND GETTING RETURN AUTHORIZATION.
This Agreement contains the entire understanding between us. The only way it can be changed is by a new contract signed by you and accepted by us. Our signature is not necessary to make this Contract enforceable.
You understand and agree that, in connection with this Agreement, we may collect non-public personal or financial information about you. We are committed to maintaining your private information confidential and will restrict access to your non-public information to only those employees who need to know such information in order to obtain your credit report, service your account, or to enforce any term or condition of this agreement. We maintain physical, electronic, and procedural safeguards to protect your non-public information.
ANY HOLDER OF THIS CONSUMER CREDIT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE LESSOR OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HERE UNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HERE UNDER.