Terms and Conditions
INSTRUMENT RENTAL AGREEMENT - TERMS AND CONDITIONS
1. TERMINATION: Instrument may be returned, and this agreement terminated at any time. This agreement automatically renews monthly until the instrument is paid off or until the contract is terminated.
2. EARLY PURCHASE OPTION: You have the option to purchase your instrument at any time and receive 30% off your balance after rental payments have been applied. Rental payments will be applied first, and then a 30% discount will be applied to the remaining balance.
3. CREDIT ACCUMULATION: 100% of rental payments, less Maintenance & Replacement Warranty payments and up to 24 months, may be applied to the Estimated Fair Market Value of this instrument or to any other student level instrument. Accumulated credit may also be applied to select step-up band and orchestra instruments of equal or greater value. No refunds will be issued for credit accumulation.
4. REFUNDS: NEW SCHOOL OF MUSIC will not refund rental payments, sales tax, or Maintenance & Replacement Warranty payments. If you terminate your contract in the middle of your monthly billing period, no monies will be refunded.
5. TITLE AND OWNERSHIP: Title and ownership of the rented instrument remains with NEW SCHOOL OF MUSIC until lessee makes all rental payments required in this agreement or exercises the Early Purchase Option. In the event lessee declares bankruptcy, NEW SCHOOL OF MUSIC retains ownership of the instrument and lessee agrees to return the instrument to NEW SCHOOL OF MUSIC within 15 days.
6. LATE FEES: A late fee of $5 per month will be assessed on the monthly payment if your account becomes 7 days or more past due.
7. DEFAULT: Lessee’s failure to pay the full balance owed on this instrument rental agreement will result in default. Upon default, lessee assumes liable for the full estimated fair market value of the instrument listed on this rental agreement. Lessee has 10 days from the date of default to pay the full balance owed to make rental agreement current AND return the instrument to NEW SCHOOL OF MUSIC. Lessee may elect to pay the entire estimated fair market value and applicable fees in order to take ownership of the instrument. Default accounts may be placed with a collection agency and reported to a credit bureau.
8. CONSENT: Lessee authorizes NEW SCHOOL OF MUSIC to obtain a personal credit report. Lessee authorizes NEW SCHOOL OF MUSIC to charge initial payment, monthly payments, and past due payments to lessee’s credit card. Lessee authorizes NEW SCHOOL OF MUSIC to contact spouse, student’s school, and/or relative regarding this agreement if past due.
9. SECURITY DEPOSIT: Any security deposit, if required, will be returned to the lessee within 30 days of returning the instrument less deductions for excessive damage, missing items, past due payments, and/or late fees.
10. LEGAL FEES: NEW SCHOOL OF MUSIC will recover from lessee all expenses, including legal fees that result in legal action taken to recover possession of the instrument.
11. TERMS AND CONDITIONS: By signing this rental agreement, lessee agrees to all terms and conditions outlined in this agreement. Lessee acknowledges receipt of the musical instrument listed on this agreement. Lessee assumes all responsibility for the instrument during the period of the contract.
12. ENTIRE AGREEMENT: This rental agreement constitutes the entire agreement between the lessee and NEW SCHOOL OF MUSIC, and shall not be amended, altered, or exchanged except by written agreement signed by the parties hereto.
NOTICE: You are leasing this property. You will not own it until you make all the regularly scheduled payments or you exercise the early purchase option. You do not have the right to keep the property if you do not make the required payments and do not use the early purchase option. NEW SCHOOL OF MUSIC may repossess the property if you fail to make rental payments as scheduled. Your rights and responsibilities are fully explained in this instrument rental agreement.