YES – you will own it!
Things to remember if you lease
- You don’t automatically own the item
- You are responsible if the item is damaged or stolen – you may have to continue making payments, sometimes it is a requirement to take out insurance to cover replacement cost
- Check your agreement, you may have to pay admin fees or if you cancel the agreement, there may be early termination fee.
- Late payments will attract penalty fees
- Explore all of your purchasing options, chose carefully as there is no “cooling off period” with a consumer lease.
- You always have other options.
- Consider layby – many stores have this facility, you just need to ask. You don’t get to take the goods home until you have paid for them but you pay no fees or interest and YES you own them.
- Save up and pay cash – some stores will reduce the price for a cash transaction
- If you are on a low income you may qualify for a NILS – No Interest Loans Scheme – which offers small loans for specific items, that you pay back each fortnight.
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