Whoa, that was a long holiday! But let’s get back to work; I’m trying to blog here damnit!

If you happen to come across my first Flexi Compras post, then you know what to expect coming up here. I wanted to give anyone interested in financing with this new “No Credit Check” techophiliac some of the details to help them on their way.

To be honest, this is the first time I’m getting a good look at the contract myself, now that I’ve stopped playing with my Samsung Galaxy Tab, they lent ( leased ) me… *cringe*.. let’s take a look at some numbers:

First, let me start off by saying that the particular Galaxy Tab that I purchased retails at 399.99 MSRP.Flexi Compras Logo

So, here’s a breakdown of my contract:

  • The initial payment of this piece of merchandise includes the following charges:  116.51 ( Rental payment – 84.29, Optional Loss Damage Waiver – 8.34, Processing Fee – 15.00, and Tax – 8.88 )
  • I have the option of either weekly, semi-monthly, or monthly payments, amounts listed below:
    • Weekly = 36 payments of 19.99 for a total of 719.64 in lease and a sales tax of $65.16 for a Total Cost of 784.80
    • Semi-Monthly = 17 payments of 39.99 for a total of 663.83 in lease and a sales tax of $60.26 for a Total Cost of 724.09
    • Monthly = 8 payments of 69.99 for a total of 580.92 in lease and a sales tax of $52.71 for a Total Cost of 663.63
  • An Early Purchase Option exists ( one which I chose to abide by ) which allows me to purchase the item at any time after a payment of the full 479.99 less 100 percent of the rental payments I have made, plus sales tax, before the end of the initial month ( 01.22.12 ). I have Early Purchase Options after that date as well, however; I do plan on having that paid off before the 22nd to spare my butt some coin.
    • Take note, the Early Purchase Option required that I pay an additional down payment of 60.00 on this item along with the initial payment.

That was a pretty brief breakdown, if you’re uber interested in what’s going on here, you can find the full scan of my contract below.

Okay, lemme get my noodle cooking..

I have already paid Flexi Compras 185.00 including the initial payment of 125.00 plus the Early Purchase down payment of 60.00.

According to the Rules set by the Early Purchase Option, I must pay 479.99 minus 100% of rental payments ( 84.29 ) not including taxes or fees ( whatever that is of course ) plus sales tax by 01.22.12

So it should look something like this:

( Payoff price 479.99 ) – ( Early Purchase Down Payment 60.00 ) – ( 100% Rental Payments 84.29 ) + ( Sales Tax approx. ~ 38.40 ) = Final Purchase Price of $374.10

374.10 + ( Initial Payment 125.00 ) = $499.10

Considering the MSRP of 399.99 and my high potential for error in mathematics, I’m really only looking at a 100 dollar loss over the one month leasing period.

I do bear in mind that these companies love to confuse their customers, and I may have really butchered my attempt in figuring out the total price of my purchase. Long story short, I plan on paying off this baby by the 15th of January, so I’ll let you know how the numbers really turn up.

From my current standpoint, I’m pretty stoked about only a 100 dollar leasing cost. I’ll keep my fingers crossed though. If you’re super interested in digging into the details, I have provided a full scanned copy of my Flexi Compras contract below. If you really  have time to go through my numbers, feel free to give me a heads up about how I can’t compute and I’d be grateful and ready to correct them. As far as I’m concerned, it isn’t illegal to post my contract so I’ll go ahead and do so, if you think otherwise, QUICK! be sure to let me know! Thanks!

Hope this helped somewhat! Stay tuned for ( hopefully ) my final Flexi Compras post, where I give you the final numbers and some thoughts about the customer service and other details about my experience with the financier!

My Flexi Compras Contract : Front | Back

 

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