Terms
How do we calculate the total of payments?
Acima cash price + Cost of rental
What section of the lease does it provide the Acima Cash Price?
Section 3
Who owns the merchandise?
ACIMA!
The SEPO is a discounted price off of what amount?
The remaining total of payments at the time of purchase.
Section 4
A customer signs a lease for 12 months and has 52 payments, what frequency are they on?
Weekly!
What is included in the amount the customer pays within their fepo?
Acima cash price (markup + merchant invoice amount)
Purchase fee
Applicable taxes
How soon are we able to pull payments? What section of the lease does it say this?
No sooner than 7 days! As stated in section 2
How does a customer sign the lease agreement?
Generally through their cellphone! It's signed via a digital signature.
What is the markup?
A cost of leasing that is added to the merchant invoice amount to get the Acima Cash Price.
What section does it state we have the authorization to pull a consumer report?
Section 13
Section 3! Remember it provides the amount the customer PAYS. You calculate then what the discount is.
Is the lease automatically funded once the customer signs it electronically?
No! Sometimes they sign the lease however may be waiting for their merchandise to be ordered or delivered etc. So the "funded date" does not necessarily mean the date the customer signed their lease agreement.
In the lease, how many business days prior to their payment does it state a customer must call in order for us to adjust their payment date?
3 business days
If a customer states they never agreed to a 12-month agreement, what should you say?
Acima services are a 12-(18, or 24) month lease agreement with the option to purchase the account for the first early purchase amount within the fepo time frame. However, the lease will continue for the full term if not purchased by the fepo expiration date or with the SEPO Discount.