Overstock.com Introduces Lease-to-Own Service Through Progressive Leasing
Overstock Financial Services expands services to lease products for up to 12 months
SALT LAKE CITY, Sept. 19, 2018 (GLOBE NEWSWIRE) -- 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.
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.