Top PreferredLease.com Question: What Is Preferred Lease?

Acceptance Now recently merged with Merchant Preferred to form Preferred Lease. As such, customers wonder is Preferred Lease Acceptance Now and if the company's business profile, services, and policies have changed. You may have questions about how to sign up for a Preferred Lease account or cancel an existing account. Below is an overview of the company's rating on Pissedconsumer.com.

Number of Preferred Lease reviews – 51

Preferred Lease rating* – 1.4⭐

Preferred Lease claimed losses – $23.8K

Successful calls – 0%/3

Resolved issues – 1

In this article, we answer the following top consumer questions about this financial service and how to contact Preferred Lease customer service if you have issues:

• What is Preferred Lease?
• How can I contact Preferred Lease customer service?
• How to use it?
• How to cancel it?
• Does Preferred Lease report to credit bureau?

1. What Is Preferred Lease?

PreferredLease.com is a lease-to-own program that has been around since 2005. It provides millions of customers with no-credit needed solutions. 

This means that you do not need to have a credit history or meet a minimum credit score to access the solution. Therefore, it offers customers the ability to buy items that they might not have been able to buy upfront. 

The company has partnered with over 4,500 retailers who offer customers flexible ownership options for different products. The program is available for a wide range of products, including electronics, appliances, jewelry, furniture, tires, and many more, up to $4000.

Customers can buy from the Preferred Lease online store or the numerous physical locations of participating companies across the US. According to the company's website, the Preferred Lease customer service is accessible 24/7 to help you with your purchase. 

Once your lease-to-own contract is approved, you get to purchase your preferred items and make flexible payments. You make payments online, at the store, or through the Preferred Lease application as per the agreed schedule.

Customers' perception of PreferredLease.com varies as evidenced by customers reviews and ratings on various platforms. For example, on PissedConsumer, the rating is 1.4 stars, and GlassDoor gives it 3.3 stars. 

Reviews indicate several Preferred Lease complaints, including:

• poor customer service characterized by difficulty contacting support and unhelpful customer representatives,
• errors in credit reporting,
• double charging,
• difficulty getting refunded,
• unclear contract terms.

For instance, in Preferred Lease review #2763731, the customer has several complaints, including difficulty canceling, difficulty getting in touch with customer support, poor customer service, and sneaky membership charges.

The customer signed up for Preferred Lease and bought furniture in November 2020. They were able to pay off the furniture by February 2021. However, they continue to be charged a club membership fee. They called the Preferred Lease contact number several times without getting through. When they finally got through, a representative told them they would not be issued a refund as they had benefitted from discounts.

2. How Can I Contact Preferred Lease Customer Service?

The Preferred Lease contact page indicates that you can reach them through various channels – contact form, phone, mail, and social media.

The Preferred Lease phone number is (801) 938 8030. It is open Monday to Friday 9 a.m. – 8 p.m. ET and on Saturdays 9 a.m. – 6 p.m.

The contact form allows you to send a contact request to the Preferred Lease customer service. You should fill all the fields – first name, last name, email, mobile phone number, subject and provide details about your issue. A customer service representative will get back to you within one business day.

Alternatively, you can send a mail to the Preferred Lease headquarters address:

Preferred Lease
5501 Headquarters Drive
Plano, TX, 75024

Notably, PreferredLease.com has a Twitter account. However, there is no activity on the feed. You may attempt to reach the customer service by sending them a direct message or tweeting them, but there is no evidence you will get a response.

Preferred Lease complaints indicate that the company's customer service is highly unreliable. While some customers complained about being put on hold for long periods on the Preferred Lease phone number, others were able to get through to the representatives, but they were unhelpful. Some consumers did not get a response when they filled out the Preferred Lease contact form.

3. How to Use Preferred Lease?

PreferredLease.com specifies the following steps for using their services:

1. Select a store depending on the products you would like to lease-to-own.

You may shop online on the Preferred Lease application, the website, or a store location. Use the "Find Store" feature on www.preferredlease.com to find a store near you.

2. Choose a flexible payment plan.

You can apply on Acima.com or by logging in to your Preferred Lease account on the app. Financing ranges between $300 - $4,000. Approval is fast and easy as long as you meet the following criteria:

• An active checking account with a minimum monthly income of $1,000.
• 3 months of income history with an indication of your current source of income.
• Government-issued ID and Social Security Number or Taxpayer Identification Number.

3. Shop for your preferred items.

Proceed to shop on the Preferred Lease online stores or retail locations you had selected when applying. You can buy as many items as you like up to the approved amount for your Preferred Lease account. Acima will pay the retailer the entire amount and then lease it to you as per the agreement. On check out, PreferredLease.com will provide you with a 12-months or more lease agreement. You will be asked to review it and sign.

4. Set up your payment.

You will be required to make an initial lease payment and set up a flexible schedule for the remaining installments. Once you complete the remaining lease payments, you will own the item. 

You can also opt to purchase the item early on in the lease period at a discount. If you no longer want the item or are dissatisfied with it, you can return it any time as long as it is in good condition.

Several Preferred Lease complaints indicate that customers were charged double on the lease installments. In other cases, customers made payments on time, but the company called to claim the payments as unpaid (as seen in the Preferred Lease review #3028518).

They took payments out of our account on time, actually we were making double payments and now they are calling us claiming we havent made payments other than 3 times...

4. How to Cancel Preferred Lease?

Due to issues such as delayed delivery and double charging, some customers would like to know how to cancel Preferred Lease. 

Unfortunately, there is no clearly stipulated Preferred Lease cancellation policy. While their home page states that you can return items within the lease period as long as they are in good condition, there are no clear guidelines on how to cancel Preferred Lease or the procedures for returns and refunds.

Contact the Preferred Lease customer service if you are keen to cancel your agreement or return items. For immediate assistance, call the Preferred Lease phone number to find out the steps to cancel. 

Several reviews on PissedConsumer indicate that customers have not been successful with Preferred Lease cancellation despite contacting customer support severally and being assured that their accounts will be canceled (e.g., review #2678081).

5. Does Preferred Lease Report to Credit Bureau?

PreferredLease.com does not explicitly indicate if they report to credit bureaus, but their website states that they may help you build credit.

However, Acima.com states in their FAQs section that they report credit. Since Acima is the main financier for the Preferred Lease application and online store, it is assumed that Preferred Lease might report credit.

Besides, in some Preferred Lease reviews, customers complained that the company had not reported their credit. Which would mean that they were expecting the company to report as per the lease agreement.

Preferred Lease enables its customers to afford items through easy, flexible payment options. The lease-to-own program is available on the company's website and app. You can purchase through the Preferred Lease online store or the physical stores of the partnering companies.

Despite its convenience and easy access of credit for people with low credit scores or no credit history, the program has several downsides that you need to consider before signing up for a Preferred Lease account. These include poor customer service, ambiguous membership terms, and unclear Preferred Lease cancellation policy and procedures.

What's your experience with Preferred Lease? You can share the details with others by leaving a review on PissedConsumer.com.

*Disclaimer: Ranking and statistics are based on our users’ review texts and PissedConsumer posters’ reviews. Also, a company’s rating is calculated using a mathematical algorithm that evaluates the information in the profile, including users’ rating, the number of resolved issues, the number of company’s responses, etc. The algorithm is subject to change in the future.