Overstock.com Introduces Lease-to-Own Service Through Progressive Leasing
September 19 2018 - 9:43AM
Overstock Financial Services expands services to lease products
for up to 12 months
Overstock.com, Inc. (NASDAQ:OSTK) recently launched its newest
addition to Overstock Financial Services, a fully integrated
lease-to-own purchase option provided through Progressive Leasing,
a wholly-owned subsidiary of Aaron’s, Inc. (NYSE: AAN). This new
service adds a simple and affordable purchase option for Overstock
customers to lease products for up to 12 months. The lease-to-own
program expands Overstock’s financial services, which already
provides lending, investment, credit cards, and insurance services
to Overstock customers. The lease-to-own option is currently
available on more than three million lease eligible products on
Overstock.com.
“We’re always optimizing ways to provide our customers the best
purchase experience on our site,” said Patrick M. Byrne, CEO and
founder of Overstock.com. “Progressive’s lease-to-own program will
help our customers build the homes of their dreams in a way that is
financially convenient for them.”
Customers can quickly and easily apply for a Progressive lease
at Overstock.com, no credit needed. Upon submitting an application,
each customer will receive an instant decision. If approved,
purchasing with Progressive’s lease-to-own option is as simple as
selecting Progressive as the payment type and proceeding to
checkout, following the standard checkout process. Lease-to-own
customer orders will be shipped after an initial $49 payment.
Customers will own leased items after exercising a 90-day purchase
option, an early lease buyout, or by completing 12 months of
payments.
“As the leading lease-to-own provider, we’re thrilled to be able
to partner with Overstock to help shoppers currently underserved by
other payment methods to purchase the items they need or want
today, while driving incremental sales and improving customer
satisfaction for our retail partners,” said Blake Wakefield,
President and Chief Revenue Officer at Progressive Leasing.
“We focus on making the shopping experience as convenient as
possible in all areas including the final checkout,” said Byrne.
“This is why we provide a wide variety of payment options
including, financing through our private label credit card,
lease-to-own, and payment though PayPal, or dozens of top
cryptocurrencies like bitcoin.”
Overstock provides multiple financial services through its
Finance Hub™, which include robo-advising investment, lending,
credit cards, and insurance. Club O, Overstock’s loyalty program,
provides free shipping on every order, rewards starting at a
minimum of 5% and increase to as much as 10%, and other additional
perks, for $19.95 annually.
The lease-to-own service is available to all qualified Overstock
customers approved through Progressive Leasing. The standard
Overstock return policy applies to these purchases.
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to hundreds of thousands of
products from third-party sellers. Additional stores include Pet
Adoptions and Worldstock.com dedicated to selling artisan-crafted
products from around the world. Forbes ranked Overstock in its list
of the Top 100 Most Trustworthy Companies in 2014. Overstock
regularly posts information about the company and other related
matters under Investor Relations on its website,
http://www.overstock.com.
About Progressive Leasing
Prog Leasing, LLC, a wholly-owned subsidiary of Aaron’s, Inc.
(NYSE: AAN), is the largest and longest-tenured virtual
lease-to-own provider in the United States. The company’s mission
is to provide simple and affordable payment options for credit
challenged consumers. Over the last 19+ years, Progressive
Leasing’s fair and transparent NO CREDIT NEEDED lease-to-purchase
option has helped over 4 million customers and their families, even
if they have less-than-perfect credit or an inability to pay for
their purchase upfront. Progressive has also helped more than
27,000 retail stores drive increased revenue and improve customer
satisfaction. Learn more at http://www.progleasing.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended March 31, 2018, which was
filed with the SEC on May 8, 2018, and any subsequent filings with
the SEC.
SOURCE: Overstock.com, Inc.
Media
Contact:pr@overstock.comorpr@progleasing.com
Investor
Contact:ir@overstock.comorir@progleasing.com
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