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 |
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.
C+L+A+V+I+E+R+S B+A+R+O+Q+U+E+S |
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