FREQUENTLY ASKED QUESTIONS

How do I initiate a lease purchase?
Departments must complete a Purchasing Requisition Form or a Web Requisition.  Follow the instructions for completing the form, with the following differences:

Paper Requisitions:

• In the body of the requisition, the statement "to be leased through Stores over ____ years" must be included.
• The requisition, once approved, should be sent to the University Stores Lease Program, 101 Angell Building.

Web Requisitions:

• If you are initiating the lease via the Web requisition system, type "to be leased through Stores over ____ years" in the internal notes.

How do I pay for a leased item?
Funds are automatically removed from accounts on a monthly basis through the Stores billing process.  The monthly lease charge will begin when the material is received and the invoice is paid by Stores. Stores retains ownership until all lease obligations have been met. The lease may be paid off at any time during the contract period by paying the lease balance (principal plus current month's interest).

Who is able to lease items from University Stores?

Any department with a valid university account and adequate funding may lease from Stores.

How long can items be leased?

Leased items require a commitment of one to five years.  However, the lease can be paid off at any time.

What happens if a leased item is damaged? Who is responsible?
If a leased item is damaged, the leaseholder is responsible. University Stores is not responsible for damaged items.

Who is responsible for repairs and maintenance?
The leasing department will adhere to a maintenance agreement on all equipment during the lease.

What is the current interest rate?
The current interest rate is 6.0%

Can I put money down on a lease?
Yes. State the amount you plan to put down in the body of the requisition form.

Can I use funds to pay toward a lease if they are available?
Yes--this is encouraged. It will reduce the number of months and interest paid on the lease.

What happens once the lease expires?
University Stores Lease Purchase is a lease-to-own operation. At the end of the lease, inventory records will be changed to reflect ownership. An ETN will be completed by Stores if the value is over $5000.

How do I pay off a lease early?
Contact University Stores at 355.1700 to request the lease balance and to request and early buyout. Be sure to indicate if there is a change in the account number.

Can I change an account number during the lease period?
Yes, contact University Stores at 355.1700 to request an account number change.