Rental Installment Contract: New Band Instrument
The monthly rental fee is due 30 days after the initial down/first payment is made and each month thereafter until the instrument is paid for in total or the instrument is returned.
There is NO INTEREST CHARGE, NO FINANCE CHARGE, NO SERVICE CHARGE, NO MAINTENANCE CHARGE, for the instrument.
All payments including the down/first payments and the monthly rental payments go towards the total cost in the purchase of the instrument. Buyer may pay the contract in full at any time before maturity. There is no discount at any time for early payment in full.
Late Charges and Costs of Collection:
If the monthly payment is 10 days or more late, the buyer will pay the delinquency charge of five percent (5%) of such payment, but no more than $5.00, with a minimum of one dollar ($1.00). The buyer will be responsible for the payment of any actual costs and reasonable costs of collection of the musical instrument if the buyer fails to communicate with the seller for a period of forty-five (45) days after any default in making payments due under this contract.
Return of the Instrument:
If the instrument is returned, this contract will be cancelled and the buyer shall not be liable for any future payments. The buyer, however, is liable for all rental payments to the date of return of the instrument and for any damages that may have occurred while renting the instrument. The buyer will forfeit the down/first payments and all payments made toward the purchase of the instrument unless the buyer has made payments totaling 60% or more of the purchase price. If the buyer has made payments totaling 60% or more of the purchase price and the instrument is returned to the seller, the seller will sell or lease the instrument within 90 days and account to the buyer for any surplus.
Itemization of Cost:
Cost of Instrument: $450.00
PA Sales Tax: $27.00
Total Cost: $477.00
Down/First Payment (1 month down; next payment in 30 days): $104.94
(including sales tax) Unpaid Balance: $340.26
Monthly Payments: $34.98
10 Months at: $34.98
Final Monthly Payment: $22.26
Service Charge/Finance Charge/Interest Charge: $0
These disclosures apply to the lease after the initial down payment period and are given to comply with the Federal Consumer Leasing Act.
Lessor and Lessee. We are the lessor and you are the lessee.
Payment at Inception.
Your initial down payment of $104.94, including tax, is payable now, which is before your lease begins. We will treat this as a capitalized cost reduction of your lease.
ANNUAL PERCENTAGE RATE: 0%
(The cost of your credit as a yearly rate.)
FINANCE/SERVICE/INTEREST CHARGE: $0
(The dollar amount the credit will cost you.)
AMOUNT FINANCED: $372.06
(The amount of credit provided to you or on your behalf.)
TOTAL OF PAYMENTS: $372.06
(The amount you will have paid after you have paid all scheduled payments.)
TOTAL COST OF YOUR DOWNPAYMENT: $104.94
TOTAL SALE PRICE: $477.00
(The total cost of your purchase on credit including your down payment.)
YOUR MONTHLY PAYMENT SCHEDULE WILL BE:
No. of Payments: 10
When Payments are due:
Amount of each Monthly Payment, including Sales Tax: $34.98
And A final Payment of: $2.12
Security: You are giving a security interest in the instrument described below and in the accessories included in the lease.
Late Charge: If a payment is more than 10 days late, you will be charged 5% of the payment, but not more than $5.00, with a minimum charge of $1.00
Prepayment: If you pay off early, you may be entitled to a refund of the Finance Charge.
ITEMIZATION OF AMOUNT FINANCED:
Cash Price for Instrument: $450.00
Sales Tax: $27.00
Less Initial Downpayment: $104.94
Unpaid Balance and Amount Financed: $372.06
Please Select Your School District*
We rent instruments to select LOCAL school districts. If your school is not in the list, or if you have rental questions, please contact JW Music to inquire about rental options at 717-258-6765. Thank you!
Home Address & Phone
Primary Phone Number *
Work Address & Phone
Please provide current employment information for at least one individual responsible for this rental contract.
Work Phone Number *
Driver License Number *
Student Information *
Choose Instrument Delivery Option *
JW Music will deliver your student's instrument. Please select a delivery option.
Next payment and Finalization of Rental Contract
Your next payment will be processed 30 days from today.
A JW Music employee will contact you by phone to complete the remaining rental agreement information. Please note: As part of finalizing your rental agreement, and in order to process your monthly rental payment, we require (2) current credit and/or debit cards to facilitate processing your payment each month.
Once the rental contract is completed, you will receive a final hard copy of the contract via USPS with a return envelope so you can send back to JW Music a signed and completed hard copy contract.
Once we receive your signed and completed contract, we will deliver your rented instrument to the delivery location you selected as part of your online rental process.
If you have any questions, please contact JW Music: (717) 258-6765.
Signature Of Approval *
Please type your full name to approve this online rental agreement.