Frequently Asked Questions

Does I Do offer leases or loans?

I Do lending offers lease purchase agreements. Similarly structured to a car lease. This program is NOT a 90 days same as cash, a loan, or a credit card

What is a lease purchase?

A lease purchase is a program with fixed monthly payments, and a fixed contract term, with the option to buy out of the contract early, or purchase the property after the full lease term has been fulfilled.

What is the interest rate for this program?

This is a lease agreement, so there is no interest associated with this program. Any amount you’d pay beyond the financed amount are just leasing fees. They are predetermined based on your total receipt amount and will not change.

Is there an application fee?

No. We do not charge an application fee.

Are the payments fixed, or do they change over time?

The payments that a customer makes per month are fixed, and will never increase or decrease.

Who makes these payments, and for how long?

The Customer will make these payments over a predetermined term.

How much are the financing fees?

The financing fees mentioned above can be more than double what they financed if they run their contract to full term.

How do Customers save money with this program?

The way to save money on this program, is for customers to make only the minimum payments until they can pay what is called a buyout. The buyout is a lump sum payment that they would make on the month they'd want to no longer be under contract.

When can a Customer buyout?

Customers can pay their buyout at any time during the term. However, the earlier they do it, the more money they'd save overall. Up to 55% savings from the total term cost.

How is the buyout total calculated?

The buyout payment total, includes what is currently owed plus 22.5% of the property's value. As a "purchase fee".

Is the "purchase fee" only for the buyout?

The purchase fee will have to be paid at the end of the lease term if the customer does not buyout early.

Why does a Customer need to pay the purchase fee?

The purchase fee makes the property legally their owned property and no longer under a lease.

Where can a Customer get an estimate of what they will pay?

Estimates for monthly payments, contract term, and buyout amounts at certain months can be found at http://http://IDolending.com/cost-terms-calculator/. This tool can be accessed by retailers and customers alike.

Do you have an example of how much buying out would save the Customer?

EXAMPLE: on a $1,000.00 dollar finance, the monthly payments may be $92.26 per month.

For 24 months. 92.26 x 24 = (2214.24) <= Total paid over 24 months Minus 1000 financed = 1,214.24 in financing fees.

The customer will have paid $2,214.24 over the course of 24 months.

The customer can buyout at any time in order to avoid paying this amount.

The buyout for a $1,000.00 finance is as follows:
After making 1 monthly payment, the buyout = $1114.58 (1st Monthly payment of 92.26)+1114.58 = $1206.84.

After 1 monthly payment plus buyout, the customer would have paid $1206.84 in total for the contract. 2214.24 – 1206.84 = 1007.40.

The customer would have saved $1007.40 from the full contract term amount.

A savings of roughly 45%

After paying the buyout, the contract would end, the property would be considered purchased, and we’d report to the credit bureaus as PAID IN FULL.

The customer’s credit would be impacted positively.

Note: The customer can pay their buyout at any time. Assuming they’ve fulfilled monthly payments on time, they are not restricted as to when they can pay this.
Amounts on example are subject to change*

Is the property legally the Customer's?

No, the property is under a lease until the Customer pays their early buyout or pay the purchase fee at the end of the contract term. Please understand that the property being purchased is under a lease before signing a contract.

How can a Customer pay more than the minimum payment?

It is not recommended to pay more than the minimum payment. Instead, we recommend saving money and buying out the contract as early as possible. However, if you still wish to make more than the minimum payment, contact the servicer assigned to your I Do' customer account. Their contact information can be found on the first page of the signed contract.

Will submitting an application for your program run my credit?

Yes. When you submit your application with I Do Lending you give us the right to run a hard credit inquiry.

Can multiple people combine separate approval amounts to purchase 1 item?

Unfortunately, no. Legally, 2 people cannot lease 1 item.

How long do customers have to use an approval?

Approvals are valid for 60 days from the date of application. If the approval is not used within 60 days it will expire and a new application would need to be submitted.




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