Signed up to Flexirent/Lisa Agreement Which Has Backfired

Bottom Dollar on 06/05/2019 - 16:28
Last edited 06/05/2019 - 16:44 by 1 other user

Hi

Seeking some advice before I escalate my situation.

In March 2018, I leased/purchased a Lenovo laptop on Flexirent/Lisa for $1660.

At the time, I thought I understood the terms and conditions of the agreement- what I took away from it was that at 18 months, I could exit the agreement early as that when I would have met the repayments of the laptop in full.

The correct process is call switch point, whereby at 18 months, you can upgrade for free (return the product) as long as you sign up to a new term OR pay out additional months and keep the item.

More information is available here

Ideally, at 18 months, I want to own the laptop at the purchase price and not have to pay any additional money. Any recommendations on how I get close to my ideal outcome?

Financial

Related Stores

flexirent.com.au
flexirent.com.au

Comments

  • spackbace on 06/05/2019 - 16:33
    +9

    https://www.bealisa.com.au/lease-faqs

    What happens at the end of the lease?

    You will need to discuss your end-of-lease options with us at least 3 months before your agreement finishes.

    At this point you’ll need to think about what you would like to do with your leased goods:

    • Return the goods and end your agreement
    • Apply to upgrade/switch to new goods
    • Apply to continue to lease on a monthly basis

    You can't own it.

    Congrats, you've just rented a laptop. Hence why it's called a 'lease'.

  • tsunamisurfer on 06/05/2019 - 16:44
    +5

    I thought I understood the terms and conditions of the agreement

    You thought you understood the T&C's but you failed to understand the core premise behind the product.

    Use this as a lesson to understand what you are signing up for.

    For now try to make the lease of the item tax deductible to maximise the benefit of the arrangement.

  • sghetti on 06/05/2019 - 17:04
    +3

    Leasing companies don't make money by you paying exactly what you would've paid for the laptop outright… There's always a gotcha… You want that 50 months interest free on that sofa? That's right, $5.95PM admin fee when there is an outstanding balance, resulting in another $300 on top of any payments for the device, which has well depreciated by the time it has been paid off.

    While this can help some people is smoothing out the payment process over a longer period of time, you pay more for the service…

    • Bottom Dollar on 06/05/2019 - 17:06

      Yeah, my lapse in judgement. Usually good with these things but mistake on my behalf. Will just have to grin and bare this one.

  • Stopback on 06/05/2019 - 17:35
    -4

    Phone the company and ask how much it is to buy outright.

    OR go on a holiday

    If your goods are accidentally lost, accidentally damaged or stolen we’ll usually cover you for repairs or replacements – even if something happened during an overseas trip of up to 28 days.1 Just call us, and notify the police in the case of theft, as set out in the FAQ below and we will help to sort things out. This protection is part of Lisa’s FlexiCare program and is included in your agreement. Read the full details in our Terms and Conditions.

    • spackbace on 06/05/2019 - 17:42
      +1

      Yeah they cover a loan unit, but you still have to pay your lease…

    • Samsungnote10 on 07/05/2019 - 14:02

      Easily detetecable Fraud like that I wouldn't recommened

  • wei13 on 06/05/2019 - 17:47

    How much more you need to pay to own it? I'd probably just pay out the additional months and move on. Lesson learnt.

    Not sure you have anything to 'escalate' about.

  • chumlee on 06/05/2019 - 18:08
    -6

    They havd been ripping people off for years under flexirent brand.

    Raise your concern with ASIC if you like but not much else you can do

    • Samsungnote10 on 07/05/2019 - 14:03

      I'd hate to think what you think of cashconverter loans

        • Samsungnote10 on 07/05/2019 - 15:05

          I've read enough reviews.
          But most of them are complaining about the bleating obvious and is just ignorance

          It's no different to complaining about the fact that the banks expect you to pay your credit card back at the end of the month

  • [Deactivated] on 06/05/2019 - 18:43
    +5

    Agreement Which Has Backfired

    Title is wrong. Agreement never backfired. You merely misunderstood the fine print.

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