How the Lafayette Music "Purchase Option Plan" works
Lafayette Music no longer uses the industry standard "rent-to-own" contract. Instead, we have created a program that combines the best of both renting and buying musical instruments in what we call our "Purchase Option Plan".
How is that possible?
What Lafayette Music has developed is an installment sales contract designed expressly for the needs of the music industry. By incorporating the advantages of a typical rent-to-own contract with the legal safeguards of an installment sales contract, the purchaser of an instrument from our store is entitled to:
• return an instrument at any time with no further obligation
• receive exchange credit up to the full amount of monthly payments (excluding taxes and insurance) for another instrument, including step-up and professional models
• transfer credit to another person or donate it to a school or other non-profit to exchange for instruments
What kind of instruments can I purchase under this plan?
Any instrument in our store with a retail value of $150 or more qualifies for the Purchase Option Plan. This includes all of our new and used band and orchestra instruments as well as new and used guitars, ukuleles, banjos and other instruments as well.
How much does this cost?
Since our contract is based on the actual price of an instrument as well as what type of instrument it is, we are able to offer instruments under this program for as little as $10.00 a month plus tax and insurance depending on availability. A typical clarinet, trumpet, flute or violin, for example, will vary from about $15 to $25 per month. More expensive instruments like cellos or saxophones vary from $30 to $45. Because of the flexibility of our system, we can also apply trade-ins or buy-downs to the price of any instrument to reduce the monthly payment.
Whether you are interested in an economical used instrument or a brand new instrument at a dealer direct price, we can probably offer something to fit your budget, but no matter what instrument you purchase, we guarantee that it will be in good playing condition when you leave the store. How do these features compare to a standard rent-to-own contract?Click on this link to see a short side-by-side comparison of the two types of plans in PDF format.If this sounds like the kind of plan you might be interested in, give us a call at 303.661.9335 or come by the store to see what we have to offer.
