Bristlecone lending offers closed end lease agreements. Similarly structured to a car lease. This program is NOT a 90 days same as cash, a loan, or a credit card
A closed end lease is a program with fixed monthly payments, and a fixed contract term, with the option to buy out of the contract early, or purchase the property after the full lease term has been fulfilled.
This is a lease agreement, so there is no interest associated with this program. Any amount you’d pay beyond the financed amount are just financing fees. They are predetermined based on your total receipt amount and will not change.
No. We do not charge an application fee.
The payments that a customer makes per month are fixed, and will never increase or decrease.
The Customer will make these payments over a predetermined term.
The financing fees mentioned above can be more than double what they financed if they run their contract to full term.
The way to save money on this program, is for customers to make only the minimum payments until they can pay what is called a buyout. The buyout is a lump sum payment that they would make on the month they'd want to no longer be under contract.
Customers can pay their buyout at any time during the term. However, the earlier they do it, the more money they'd save overall. Up to 55% savings from the total term cost.
The buyout payment total, includes what is currently owed plus 10% of the property's value. As a "purchase fee".
The purchase fee will have to be paid at the end of the lease term even if the customer does not buyout early.
The purchase fee makes the property legally their owned property and no longer under a lease.
Estimates for monthly payments, contract term, and buyout amounts at certain months can be found at http://http://bristleconelending.com/cost-terms-calculator/. This tool can be accessed by retailers and customers alike.
EXAMPLE: on a $1,000.00 dollar finance, the monthly payments may be $92.26 per month.
For 24 months. 92.26 x 24 = (2214.24) <= Total paid over 24 months Minus 1000 financed = 1,214.24 in financing fees.
The customer will have paid $2,214.24 over the course of 24 months.
The customer can buyout at any time in order to avoid paying this amount.
The buyout for a $1,000.00 finance is as follows:
After making 1 monthly payment, the buyout = $1114.58 (1st Monthly payment of 92.26)+1114.58 = $1206.84.
After 1 monthly payment plus buyout, the customer would have paid $1206.84 in total for the contract. 2214.24 – 1206.84 = 1007.40.
The customer would have saved $1007.40 from the full contract term amount.
A savings of roughly 45%
After paying the buyout, the contract would end, the property would be considered purchased, and we’d report to the credit bureaus as PAID IN FULL.
The customer’s credit would be impacted positively.
Note: The customer can pay their buyout at any time. Assuming they’ve fulfilled monthly payments on time, they are not restricted as to when they can pay this.
Amounts on example are subject to change*
No, the property is under a lease until the Customer pays their early buyout or pay the purchase fee at the end of the contract term. Please understand that the property being purchased is under a lease before signing a contract.
It is not recommended to pay more than the minimum payment. Instead, we recommend saving money and buying out the contract as early as possible. However, if you still wish to make more than the minimum payment, contact the servicer assigned to your Bristlecone' customer account. Their contact information can be found on the first page of the signed contract.
Unfortunately, no. Legally, 2 people cannot lease 1 item.
Approvals are valid for 60 days from the date of application. If the approval is not used within 60 days it will expire and a new application would need to be submitted.
Yes. When you submit your application with Bristlecone Lending you give us the right to run a hard credit inquiry.