LA details
Who owns the merchandise?
ACIMA!! Acima owns the merchandise until the account is purchase in full or the customer executes one of the early purchase options
What section does it state the Cost of Rental?
Paragraph 3
Returned payment fees are always $25.
FALSE!!
You need to check the LA section 4 (Other Charges) to see what the returned payment fee is.
What is Liability Damage Waiver Option Service?
Liability Damage Waiver (LDW) allows the customer to pass the responsibility of loss, damaged, stolen or destroyed property back to Acima by paying an optional small fee with each renewal payment
Per the lease, if the customer wants to opt-out of Arbitration Provision how many days does the customer have to do so?
15 DAYS from the date of signing
How do we calculate the total of payments?
Acima Cash Price + Cost of Rental = Total of Payments
What section of the LA does it state the merchandise that the customer is leasing with us?
Section 1! Definitions.
Once the First Early Purchase Option expires, customers qualify for a 35% discount off of their remaining total of payments when they purchase in full.
FALSE!!!
Each lease has a different SEPO discount. You need to check the LA in section 3 to find out which discount that specific customer receives.
What is the Benefits Plus Program?
Acima Benefits Plus (B+) is a discount club program. The program offers many benefits for customers, including account protection, travel and entertainment discounts, and healthcare savings. Not only are these great discounts and features, but they’re immediately available once the customer is a member, and they extend to the member’s immediate family!
What is the OTL program?
Open to Lease allows a customer with an active lease, to get up to 4 additional leases in order to use their full approval amount.
How do we determine when the first payment date is? And where does it state this in the LA?
The customer's first payment date follows the pay period that they put on their application, but we start no sooner than 7 days after delivery.
This is stated in section 2 of the LA.
What section does it state the total of payments?
Section 3! Purchase terms.
Also can be found on the second page
At any point, if the customer no longer wants their merchandise or cannot afford their minimum payments, they can return the property through Acima and terminate the lease.
TRUE!!!
Whether the lease just started or they are halfway through, the customer is able to request to return the property.
LDW and B+ are not offered during the lease origination process in the following states:
CA, CT, NC, SC or IN (but it is coming soon for these states)
(answer True or False)
FALSE!
The states are CA, CT, NC or IN
However, it is coming soon for NC, CT and IN. Not for CA
What is the "Cool-off" Period and how long is it?
The "Cool-off" period was introduced to prevent fraud for the customers who purchase their leases very quickly. A customer has to wait at least 15 days from their first lease being funded before they can reapply if they purchase their account. (This does not apply to OTL).
What does the "Acima Cash Price" include?
Retailer Invoice Amount + Markup
**It does not include the purchase fee.**
Which section does the customer agree to automatic withdraws from their account?
Section 12! Payment authorization.
In section 2 of the LA, it states that the customer's payment amount may change to the extent the tax rate changes after the date of the agreement.
TRUE!!
Taxes are subject to change, which may affect the customer's payment amount.
If a customer calls in and was signed up for B+ and they need to submit a claim, how do they do this?
They will need to submit a claim through their account on
www.acbenefitsplus.com and log into their account OR
By downloading the Acima Benefits Plus App.
Then they would fill out whatever waiver form is available to them. Acima Benefits Plus vary state by state
If a customer calls in and states they were never explained how our service works, how would you explain our service?
“As you learned in the lease agreement, Acima purchased the property from the retailer and is leasing it to you. You make renewal payments while in possession of the property (as shown in section 2 of the lease). Your payments are set up to be automatically withdrawn (frequency) from account ending (Primary Payment Method)”’
The last couple of pages of the LA is usually the "Exhibit B" which provides a breakdown of the customer's remaining total of payments and their early purchase option as they make payments. What would make the figures/amounts in "Exhibit B" not true anymore?
If the customer is placed on the First Early Purchase Plan, makes additional payments, or changes their frequency, failed or missed payments, would no longer match their account information.
What section of the LA does it provide the minimum payment amounts?
Section 2! Payments.
Also can be found on the second page and the last page of the lease.
Per the lease agreement, the customer has to call at least 3 days before their scheduled payment to make any adjustments to that payment.
FALSE!!! It states 3 BUSINESS DAYS.
If they call 2 business days prior to the scheduled payment, we can adjust their payment if necessary, however, in the LA it states 3 business days.
If a customer calls in and states their property they are leasing was damaged due to a wildfire and they are enrolled in LDW, what do you advise the customer? What queue do you transfer the call to?
You will inform the customer that you will have to transfer the call to RESO LDW BPLUS English queue to file a claim.
When does the Cost of Rental "kick in" or start?
The day the lease is funded!!! It's not once the FEPO expires. The lease is for 12, 18, 24 months and it is what the customer originally agrees to.