Requirements to begin the Rent to Own contract
Violin Shop Tampa Inc. requires payment for the rest of this month's rent (prorated), next month, and a security deposit of $50 or 10% of the instrument value (which ever is greater). All payments are auto-billed on the 1st of every month on a credit card placed on file.
Violin Shop Tampa requires the following:
1. Valid form of identification
2. Valid credit card for auto-billing
3. For instruments totaling $1000+ , Violin Shop Tampa Inc. requires your social security number
(This information is required by Violin Shop Tampa Inc. and is only shared in the event we must send an account to collections.)
Rental Contract Terms and Conditions:
1. Customer may return the instrument listed above at any time after the three month minimum rental term. Monthly rental payment is due by the 1st of each month. No refund of money will be made when the instrument is returned, as all the money paid shall be considered rent until the instrument is paid in full.
2. All money paid as rent will apply toward the purchase of the instrument.
3. A $10 per month late fee will be assessed on all accounts 7 days past due. After 30 days a 1.5% monthly interest on remaining balance is added plus the $10 per month late fee.
4. If the instrument is returned it must be complete with all items covered by this contract. Missing parts or included accessories not returned with instruments must be paid for at the time of return, including any accessories. Returns is the responsibility of the renter.
5. If the instrument is lost, stolen, destroyed or for some reason ceases to be under the renters control, the terms of this agreement shall remain in effect. If for any reason it becomes necessary for Violin Shop Tampa Inc. to seek a legal remedy to recover instruments, or employ the services of a collection service to recover any past due balances or recover any instruments it is understood and agreed that the renter/purchaser will have the sole responsibility for payment in full of any costs incurred by Violin Shop Tampa Inc. in the pursuit of said recovery.
6. This instrument may be exchanged for a different type of instrument with principal only applying toward the exchange instrument. Exchange can be made for any instrument of greater value and similar condition and use.
7. Title to the instrument shall remain with Violin Shop Tampa Inc. until all sums due hereunder are fully paid. I agree not to sell, pawn, mortgage, remove from the state, or otherwise dispose of this instrument until paid in full.
8. Should I default on any two consecutive monthly payments or fail to answer any correspondence, Violin Shop Tampa Inc. may assume that I do not wish to continue the contract and may take possession of the instrument wherever found, at school or elsewhere.
9. If the rental account becomes behind for any reason the next attempt to bill the card number on file will include all past due , late charges as well as current charges.
10. You the buyer may cancel this transaction at any time prior to midnight of the third business day after the date of this transaction.
Maintenance and Replacement Agreement (M&R)
This comprehensive “Maintenance and Replacement Agreement” apples only to the instrument listed on the contract. The fee is due and payable on the monthly rental payment date. It must begin at the time of the rental. The Replacement portion includes; Fire, Theft, and Accidental Damage Secondary to your home or apartment insurance. Our Maintenance and Replacement Agreement covers whatever yours does not, less deductible per major repair ($15 Violin/Viola, $25 Cello, $50 Bass). The Replacement portion has a ($50 Violin/Viola, $75Cello, $100 Bass) deductible. If the instrument is to be replaced, the full security deposit becomes non-refundable. Violin Shop Tampa Inc. must be notified immediately of damage to or loss of this instrument. We must have a copy of the police report in cases of fire or theft to complete arrangements. The Maintenance portion of the agreement includes repairs and adjustments necessary to keep this instrument in playing condition. Any repairs or adjustments must not have been damaged by malicious intent or abuse. This agreement becomes null and void when the above listed instrument contract is satisfied or paid in full: or if the rental contract is delinquent by more than 30 days. If the agreement has been voided due to delinquency , lease assumes all responsibility for damage or loss of the instrument.
This agreement does not include:
1. Parts that do not affect the playing of the instrument, or cleaning.
2. Damage which does not affect the playing ability of the instrument. Also “Finish condition” is not included
3. Strings, Bridges, Bows and Cases are not included
4. This agreement becomes void if account becomes 30 days or more past due.
5. Any work done and not covered by this agreement will be billed.