Rent-To-Own Agreement Terms & Conditions
Initial Rental Period:
The initial rental period is one (1) month following receipt of the first month’s payment and delivery of the instrument.
After the initial rental period, the contract shall be automatically renewed on a month to month basis so long as monthly payments are made on or before the due date, and you comply with all the terms and conditions listed herein.
Rental Payments are non-refundable, and apply only to the instrument selected according to the terms of this agreement. Rental Payments are due in advance, and will be charged to the debit or credit card authorized for payment in Section Eight (8) of this Contract. You agree to contact Mojo Music Discount if there are any changes to the debit or credit card, including cardholder name, account number and expiration date.
A minimum late fee of $10 per month will be assessed to all accounts 10 days past due. In the event that an account becomes 90 days past due, you will be considered to be in default of contract. At such a time, the rental will be cancelled and the entire balance owed on the instrument will become due on demand. You must immediately return the instrument to Mojo Music Discount and pay any unpaid rental fees and/or other charges due to the date of return and any damage charges, less normal wear and tear. Mojo Music Discount reserves the right to repossess the rental instrument in the event of contract default. You remain liable for all rental fess incurred prior to the date of repossession, as well as all collection fees that are incurred. You agree to be liable for all expenses, including attorney’s or collection fees, that are incurred as a result of contract default.
Purchase option shall apply to the purchase of an instrument of the same or greater value as the instrument rented under this agreement. This option shall apply only to instruments within the instrument lines carried by Mojo Music Discount at the time the purchase option is exercised. Should you desire to exercise this Purchase Option, the amount owed shall be the list price of the instrument, plus sales tax, less rental payments and tax made for 36 months of the Contract. After 36 months, the contract will be considered paid in full and title of the instrument will pass to the signee.
The title and right of possession of the instrument listed on this agreement remains with Mojo Music Discount during the term of the rental agreement. You have no authority to sell, mortgage, pawn, pledge, encumber or dispose of said property. You must contact Mojo Music Discount prior to declaring bankruptcy to arrange for the immediate return of the instrument.
The instrument listed on this agreement may be exchanged at any time during the term of the rental, provided that your account is current. If you exchange to an instrument with a higher retail price, the current rental rate for that instrument and grade will apply to this agreement, effective at the date of exchange.
Loss, Damage & Maintenance:
You are responsible for maintaining and servicing the instrument listed on this agreement. You are also responsible for all losses and damages that may result to the instrument, less normal wear and tear, and destruction of the property. Optional Repair and Replacement Coverage is available as protection against all repairs and losses by checking “Accept” in Section Seven (7) of this contract.
You may, at any time, terminate this agreement by returning the instrument to Mojo Music Discount in the same condition as the time of rental, less reasonable wear and tear, and by payment of all rental charges and other charges incurred through the date of return. At the time of return, all monies paid shall be considered rental fees. Rental fees will accumulate until the instrument is received by Mojo Music Discount. Rental fees paid cover the period of time you had the instrument in your possession, whether or not the instrument was used. Rental fees are non-refundable, and early instrument returns will not receive a refund. Rental fees paid have no value toward the purchase of any other product sold by Mojo Music Discount.
Mojo Music Discount must be notified immediately of any changes to address, phone numbers or school to which the student is attending. You may not, at any time, take the instrument out of state for any reason. By signing this agreement, you state that you have read the agreement in its entirety and have received a copy of the agreement. You also agree that you have inspected the instrument, and that the instrument is in good working order.
Repair & Replacement Coverage:
Optional Repair & Replacement Coverage is available for all instruments, and provides coverage for all adjustments and repairs, accidental damage, and loss due to fire or theft. You must accept the Repair & Replacement offered in Section Seven (7) of this contract for coverage to take affect. There is no deductible for claims. Monthly rates apply as follows:
a. Premium - $7.99
b. New - $6.99
c. Like New - $5.99
c. Used - $4.99
Repair and Replacement Coverage is subject to the following terms:
- Repair coverage is limited to repairs resulting from normal usage of the instrument. Cosmetic damage (scratches, minor dents, finish) that do not affect the playability of the instrument, neglect and abuse are not covered. Mojo Music Discount reserves the right to determine abuse and to cancel the Repair & Replacement Coverage in the event of abuse.
- Expendable items such as strings, bows, bridges, reeds, mouthpieces, cases and accessories are not covered.
- Any instrument totally destroyed by fire or accidental damage, or lost due to theft, must be reported to Mojo Music Discount immediately. The instrument will be replaced with an instrument of equal value at no charge, provided reasonable proof of such loss is presented and the theft or fire is reported to the local police or fire department within 24 hours of discovery of the loss or damage.
- All adjustments and repairs must be done by Mojo Music Discount. Attempts to repair the instrument yourself, or repairs by another establishment, will void your coverage.
- A claim for repair or replacement does not alter the rental agreement.
- The rental contract must be up to date for any claims to be processed. Any interruption in payment of Repair & Replacement Coverage will void the coverage.