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What is a lease?

Need a hearing aid? Let our lease-to-own program with flexible purchase options help you.

Let’s break it down. Pardon the boring legal language.

Basically:

Medly takes the basics of an auto lease concept and applies it to personal property. So, it’s just another way to pay for something you want with a few important differences.

In Detail:

A lease is an agreement between Medly (the lessor) and you (the lessee). We purchase the hearing aid from the dispenser and lease the product to you. This way, you can possess the hearing aid that you might not otherwise be able to afford.

Each month, you pay us a monthly lease payment, which gives you the right to possess and use the hearing aid for that month. It works exactly like a car lease. If, at any point, you do not want to continue leasing the hearing aid, you can purchase ownership of the hearing aid from us.

Three Components to a Lease:

The lease has three components: (1) An “in-store or delivery payment” at the beginning of the lease; (2) “monthly payments” for the term of the lease; and (3) a lease “purchase option” during the lease or at the end of the lease.

  1. When you sign the lease, you will make an in-store payment and take your hearing aid home with you or schedule a time for delivery and make the first payment at delivery.
  2. You will pay us a low, fixed monthly payment in exchange for the right to possess and use the hearing aid for that particular month.
  3. You have two purchase options if you want to stop leasing the hearing aid from us and purchase ownership. First, you can purchase ownership and end the lease early with our Early Buyout Option. Second, you can purchase ownership of the hearing aid at the end of the lease term if you don’t want to return the product to us.

Some Basic Definitions of Words You Will See in the Lease

Medly lease agreements are closed-end leases with flexible purchase options.

Closed-end lease agreements are arranged over a fixed amount of time. Medly lease agreements are generally 36 months. If a customer leases for the entire term and wants to purchase the hearing aid from us, the customer will make one final payment – the fair-market value (also known as the residual price). If the customer pays this amount, they will own the hearing aid and the lease contract will be over. If the customer does not want to purchase, they can return the leased hearing aid to us after the lease ends.
Fair-market value, or residual price, is the amount a leased product is worth at the end of a lease. This is the amount the customer must pay us to become the owner of the leased hearing aid. This price is equal to the amount someone would pay for the same product from a third party (i.e. the product’s “fair market value”). If the lessee is unwilling to pay this fair market value at the end of a lease term, they are required to return the product to us.

More About Our Lease

  • A lease is NOT a loan.
  • We do not provide credit like loans provide credit.
  • There are no interest rates.
  • A customer cannot pay off a lease early by paying more each month.
  • A lease is not rent-to-own.
  • We purchase a product for a customer in need then lease that product to the customer.
  • We give customers the option to purchase their leased products outright at any time during the lease or and at the end of the lease at its fair market value.
  • Customers are not required to purchase. It is totally optional.

Benefits of a Medly Lease:

  • Early Buyout Option (purchase option) at any time during the term of the lease.
  • Customers can become the owner of their leased hearing aid at any time, if they want.
  • Customers have the choice to keep the leased hearing aid, or return it to us at the end of the lease.
  • Down payment options can reduce the overall cost. The more money the customer puts down, the less the lease will cost.
  • One of the highest approval rates in the industry.
  • Customers who struggle to get traditional financing may qualify with Medly.
  • 30-day Satisfaction Guarantee.
  • 60-day Refund Policy

With rapid advancements in hearing technology, a lease is an excellent option. Leasing provides the opportunity to upgrade after the lease term, which helps avoid maintenance and repurchase issues later on.