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CLAVIERS BAROQUES -- It's EASY to lease a harpsichord!

HOW IT WORKS: The leasing company actually buys the instrument from us and then rents it to you. After the last monthly rental payment, there may be a "buy-out" amount, usually 10% of the amount financed. When you pay them this buy-out amount you are actually buying your instrument. The leasing company issues you a bill of sale or purchase receipt, and the harpsichord is yours! (ta-da!) Leasing is available for both individuals and institutions. If you are an institution or a professional musician, check with your tax accountant to see what amount is deductible for income tax purposes in your jurisdiction. Note: Leasing is only available for new or refurbished instruments, not for kits or "as is" used instruments.

DOWNPAYMENT: A down payment of 1/3 is required for a custom-built instrument, but as little as 10% for instruments we have in stock or refurbished used instruments. More is always acceptable, of course, and will reduce the monthly payments. The downpayment is usually payable to us, Claviers Baroques.

MONTHLY PAYMENT: The monthly payment depends on the amount financed and the term you choose for the lease -- 2 to 5 year terms are available. The rates per $1,000 financed are currently $52.50 over 2 years, $37.50 over 3 years and $25.60 over 5 years, assuming a 10% buy-out at the end of the term. If you wish the lease to come to zero (no buy-out at the end), the payments will be about 10% higher. Sales taxes are additional and are generally added to each lease payment (amount will depend on state & local laws). The usual term is 3 years, the leasing people tell me 90% of their customers opt for that. The leasing company we deal with is based in Canada but has associates in the US, so Canadians would be dealing in Canadian dollars, and US customers in US dollars, Mexicans customers in pesos. Sorry, we don't have leasing arrangements for the rest of the world -- yet!

A few examples of payment amounts --

Instrument Price:

whatever

$3,000

$5,750

$6,800

$8,500

$10,000

$16,250

$25,000

less: down payment

1/3 (or more)

1,000

1,917

2,266

2,833

3,333

5,417

8,333

less: buy-out amount

10%

300

575

680

850

1,000

1,625

2,500

= amount financed

57%

$1,700

$3,258

$3,854

$4,817

$5,667

$9,208

$16,417

Monthly payment amount over: (per $1 financed)*
           

2 year term/24 pmts

$0.05250

$89.25

$171.05

$202.34

$252.89

$297.52

$483.42

$861.89

3 year term/36 pmts

$0.03750

$63.75

$122.18

$144.53

$180.64

$212.51

345.30

615.64

5 year term/60 pmts

$0.02560

$43.52

$83.40

$98.66

$123.62

$145.08

$235.72

$420.28

*OAC, plus applicable federal, state and local taxes Rates are subject to change.


APPLICATION: When you have decided on the harpsichord you want, the term you want to pay it off over, and the buy-out at the end, e-mail us or call us (our toll-free number is 1-888-597-0946). We will send the forms to you via fax, e-mail or "snail-mail" (your choice) with the equipment description, the cost, the term and our vendor information on the leasing application forms. If you haven't made a final choice, or just want know if leasing is a possibility for you, we can also do it as a "pre-approval"; we put TBA in the description and use an estimated amount, usually higher than the anticipated purchase -- or we can leave the amount and term blank and you can fill it in. The leasing company usually requires 2 years employment history and $35KCdn or $24K US before-tax annual income (or a co-signor). When you have completed the purchaser information section, fax or mail the form to the leasing company -- obviously, fax will be faster. They tell us that if all provided info is correct, they can give approval within 24 - 48 hours. Commercial leases are a bit different, so if you are representing an institution (school, conservatory, university, orchestra, whatever) give us a call or e-mail.

DELIVERY: Once your application is approved we will be notified and we can ship the instrument to you anytime you wish. If it is a custom instrument, we will begin construction and set a delivery date in consultation with you. We arrange shipping to your specifications and prepare any necessary customs documentation. There is no duty on harpsichords under NAFTA (Canada-US-Mexico). Note: the cost of shipping (on average $500) and customs clearance is NOT included in the list price; you would pay this at the time the harpsichord is delivered. Monthly payments would begin once the leasing company has received notification that the instrument was delivered to you. If you order a custom-built instrument, we can provide a "loaner" while it is being built (shipping costs added). In that case the lease is made for the "loaner" instrument (description, value and serial number), and then revised to reflect the new instrument when it is delivered. This allows you to be flexible with regard to options -- building a custom instrument can be an organic process!

OTHER REQUIREMENTS: When your harpsichord is delivered the leasing company will require the following in order to process the lease:

1.) 1st and last month's payment cheque (including taxes) -- they will advise exact amount
2.) a void cheque (for the pre-authorized debit plan -- optional, but avoids $5 month handling/service fee)
3.) a copy of your drivers' license, passport or other government-issued photo ID.
4.) serial #, description and photograph of the instrument on lease -- we will provide that.
5.) lease agreement signed by lessee (you) in three places -- they provide the form ready for your signature
6.) proof that the instrument is insured for all perils. Normally this will be included in your standard home and contents insurance, but your insurance agent can provide a letter of proof of insurance (they know about this). In addition to making the leasing company happy, it will also make sure that the instrument is covered to its full value under your policy should any bad thing occur.

MAINTENANCE: Our list prices include annual maintenance for one year. If you wish a longer term for your lease an extended warranty/maintenance plan is available. Please do not hesitate to contact us if you have any questions, or if we can be of service in any way.


FLEXIBILITY: Leases can be changed! If you get bitten by the Scarlatti bug and wish you had gone for the Italian single instead of the French double, we can swap instruments and adjust the lease. If you get a big promotion and want to trade in your modest Canadian single for a Flemish double with full decoration, we can do that, too. This is especially useful for schools, conservatories, universities and orchestras who may find their instrument requirements changing from one year to the next as student and/or audience interests change, but it works for any lease.

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