NOTICE TO LESSEE—READ BEFORE SIGNING: (1) DO NOT SIGN THIS BEFORE YOU READ THE ENTIRE AGREEMENT, INCLUDING ANY WRITING ON THE REVERSE SIDE, EVEN IF OTHERWISE ADVISED. (2) DO NOT SIGN IF IT CONTAINS ANY BLANK SPACES. (3) YOU ARE ENTITLED TO AN EXACT COPY OF ANY AGREEMENT YOU SIGN. (4) YOU HAVE THE RIGHT TO EXERCISE ANY EARLY BUYOUT OPTION AS PROVIDED IN THIS AGREEMENT. EXERCISE OF THIS OPTION MAY RESULT IN A REDUCTION OF THE TOTAL COST TO ACQUIRE OWNERSHIP UNDER THIS AGREEMENT
A) Ownership: I understand I do not own the instrument until the total number of payments are made and total amount is paid to acquire ownership. I am responsible for the fair market value of the property if it is lost, stolen, damaged or destroyed. I understand I may acquire ownership of the property by paying outright the balance of the principle.
B) Late Payments: If I am over five days late making a payment, GMC may charge my credit card plus a late fee of $5, or return of the instrument is required. If I am late twice, I agree to be switched to automatic ongoing payments on my credit/debit card. I understand that I must keep a current credit card on file at GMC at all times or I am in default of this contract.
C) Right to Return: I may, at any time, return the instrument to GMC in good condition and I will be released from this agreement, except will owe for any outstanding payments, late fees and collections fees.
D) Maintenance Plan: Covers every repair except those resulting from mysterious disappearance, vandalism, abandonment or due to damages caused intentionally by the lessee or resulting from your willful or wanton misconduct. In the case of theft, loss or accidental destruction, with a police report, GMC will cover my homeowner’s deductible up to $250, but I am responsible for the balance of the purchase price. NOTICE: THIS CONTRACT OFFERS, FOR AN ADDITIONAL CHARGE, A LIABILITY DAMAGE WAIVER TO COVER YOUR RESPONSIBILITY FOR DAMAGE TO THE PROPERTY. BEFORE DECIDING WHETHER TO ENTER THIS AGREEMENT, YOU MAY WISH TO DETERMINE WHETHER YOUR OWN HOMEOWNERS OR CASUALTY INSURANCE AFFORDS YOU COVERAGE FOR DAMAGE TO THE RENTAL PROPERTY, AND THE AMOUNT OF THE DEDUCTIBLE UNDER YOUR OWN INSURANCE COVERAGE.
E) Bankruptcy: If I file for bankruptcy before the Purchase Price is paid, the instrument will not be in my bankruptcy estate.
F) Default: If I default in any term or condition of this agreement, GMC may take possession of the instrument wherever found, at school, or elsewhere. I am responsible for collection costs of an additional 47% of payments due and instrument value, 8% interest on the same, and $50 for each visit to you home, school or elsewhere visited to retrieve the instrument or payments. I may not move out of the Denver-Metro/Colorado Springs area and continue this agreement. I will notify GMC of any local move.
G) Reinstatement: If I return the instrument within five days after missing a payment, I may reinstate this agreement within sixty days (120 days if over 60% of balance has been paid), for the missed payments plus late fees.
We will phone you to arrange delivery or confirm store pickup as soon as we can after receiving your contract information. If you have questions now, please phone 303-279-1111.