Instrument Rent-to-Own Agreement
(1) Do not sign this before reading the entire agreement, even if otherwise advised. (2) Do not sign if it contains any blank spaces. (3) You are entitled to an exact copy of any agreement you sign. (4) You have the right to exercise any early buy-out option provided in this agreement. Exercise of this option may result in a reduction of the total cost to acquire ownership under this agreement.
A. Ownership: I understand that I will not own the instrument until the total number of payments are made, and total amount is paid to acquire ownership. I am responsible for the fair market value of the property if it is lost, stolen, damaged or destroyed. I understand I may acquire ownership of the property by paying outright the balance of the principle less the payments made (less the maintenance plan).
B. Right to return: I may, at any time, return the instrument to GMC in good condition and I will be released from this agreement, but will still owe any outstanding payments, late fees and collection fees.
C. Maintenance Plan: Covers all repairs except those resulting from my willful or wanton misconduct. In the case of theft, loss or accidental destruction, with a police report GMC will cover my homeowner’s deductible up to $250, but I am responsible for the balance of the purchase price. Cosmetic damages are not repaired by GMC upon my request.
NOTICE: This contract oﬀers, for an additional charge, a liability damage waiver to cover damage to the property. Before deciding to enter this agreement, determine whether your homeowner’s or casualty insurance aﬀords your coverage for damage to the rental property and the amount of the deductible.
D. Bankruptcy: If I file for bankruptcy before the principle is paid, the instrument will not be in my bankruptcy estate.
E. Default: If I default on any term or condition of this agreement, GMC may take possession of the instrument wherever found (at school or elsewhere). I am responsible for collection costs of an additional 47% of payments due and instrument value, 8% interest on the same, and $50 for each visit to your home, school, or elsewhere to retrieve instrument or payments. I may not move out of Colorado and continue this agreement. I will notify Golden Music of any local move.
F. Reinstatement: If I return the instrument within 5 days after missing a payment, I may reinstate the agreement within 60 days, (120 days if over 60% of balance has been paid) but am responsible for the missed payments plus late fees.
CREDIT CARDS ARE REQUIRED FOR YOUR ONGOING PAYMENTS. I AGREE THAT IF MY CARD IS DECLINED PAST 5 DAYS OF THE DUE DATE, THERE WILL BE A $5 LATE FEE ADDED FOR THAT PAYMENT. I UNDERSTAND THAT I MUST KEEP A CURRENT CREDIT CARD ON FILE AT ALL TIMES OR I AM IN DEFAULT OF THIS CONTRACT.
The Golden Music rent-to-own program’s is the most efficient, affordable way to get high quality instruments featuring home delivery, school support, 100% rent goes to purchase, trade-up of instruments, and a loaner program.
MAINTENANCE PLAN: covers nearly any repair needed on the instrument… the dog chewing it, the car running over it, spills, breaks, mishaps...not covered are extreme neglect or purposeful damage, nor cosmetic repairs on demand. The Maintenance Plan is mandatory because: 1. The instrument remains the property of Golden Music Center until the final payment is made, and we have a very strong interest to be sure that it is playing perfectly; that we are repairing it; and all that needs to be done for it gets done properly. 2. This instrument represents our store in all the settings it is used in and we want it working perfectly! 3. We want your student to have a working instrument at all times.
RETURNING: Simply bring your instrument to the store, of if you want pickup, phone or email us; there are no further charges, pending cooperation for arrangement of a mutually joint time to pick-up. You stand by until we have a delivery in your area, which we will phone you the day before to arrange.
LOANERS: are available when repair or maintenance is necessary. Loaners are not guaranteed however. Sometimes we are out of an instrument category, if so we will process the repair as fast as possible.
STRINGS: for violin, viola, cello and bass are covered no charge for first two months.
BOWS: Rehairs on student instruments are covered (we usually just replace the bow).
EXPENDABLES: Reeds, rosin, cork grease, slide grease are things that come with the instrument but are not replaced if used up, lost or broken. Cases and bags are covered.
THEFT OR LOSS: If there is a lost or stolen instrument, we cover up to $250 of the amount owed to us for insurance deductible. The customer is responsible for the rest of the balance. A police report is required.
PURCHASE: Equity is calculated from the rental fee excluding tax and maintenance plan. Equity can only be used for the same person that started renting. It may not be switched to anyone else. You may purchase your instrument for 30% off the remaining balance.
RENTAL INSTRUMENT CATEGORY DEFINED: Rental instruments include only: flute, clarinet, alto sax, trumpet, trombone, baritone, French horn, oboe, combo kit, percussion/bell kit, snare drum, violin, viola, cello, and string bass. Please note, Guitars, drums sets, keyboards or any other items are not available for rent or to trade credit to.
INSTRUMENT AVAILABILITY: Not guaranteed. Sometimes an item is out of stock.
RETURNING: You can return and cancel the contract at any time. Within five days after your due date, your payment (if made) will be refunded. Any unpaid balance and fees remain due of course.
LOSS OF RENTAL CREDIT WHEN RETURNED: If the instrument is returned, the credit accumulated is dissolved.
TRADING: The credit is not transferable to any other store products, not saved on our books and not transferable to any other person. The same student that started the contract may switch to any other band or orchestra instrument in the category.
LOSS OF RENTAL CREDIT WHEN TRADING: If you go to a lower purchase priced instrument, only a proportion of credit is granted equal to the lower instrument’s purchase price divided by the high instruments price as a percentage is then multiplied by the credit. If changing to an equal or more expensive instrument, all credit (less tax and maintenance) is applied.
THE TRADING AND CREDIT OPTIONS ARE ONLY AVAILABLE FOR THE ORIGINAL STUDENT WHO RENTED – YOU MAY NOT TRANSFER CREDIT TO ANY OTHER PERSON NOR TO ANY PRODUCT OUTSIDE OUR RENT-TO-OWN CATEGORY. IF THE ORIGINAL STUDENT IS NOT USING THE INSTRUMENT, ALL RENTAL PERKS AND OPTIONS ARE CANCELED.
Thank you! And we are looking forward to serving you for your musical needs!
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Document Name: Instrument Rent-to-Own Agreement
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