Equity Transfer Information
The following policies apply towards instruments that are rented with the option to purchase from Boomer Music Company:
100% of the first three months’ rental payment (not including tax or optional maintenance) is applied toward the outstanding pre-tax balance to purchase the instrument.
90% of all subsequent rental payments (not including tax or optional maintenance) are applied toward the outstanding pre-tax balance to purchase the instrument.
Instrument Equity Explanation:
If an instrument is rented and another instrument is rented or purchased, a portion of the equity that has accumulated toward the purchase of that instrument will transfer to the new instrument. This must be done at the time the new instrument is rented or purchased. Equity not transferred at the time of return is lost. Equity cannot be transferred to another customer.
Equity can transfer from one (or more) instruments to a single instrument only. Transfers from a band or orchestra instrument can be made only to another band or orchestra instrument (not to guitars or electronic items). This transfer will be made to in stock instruments only. There will be no special orders made for equity transfers. There will be no refunds or credits issued if the amount of equity exceeds the purchase price of the new instrument.
If an account is not current or there are outstanding late fees or equipment that is missing or has not been paid for in full, the outstanding balance must be paid before equity can be transferred. Any damage to instruments that are being returned for which the renter did not choose the optional maintenance will have the transferred equity reduced by the estimated cost of the repair. If the cost of the repair exceeds the available equity the renter must pay for the repair in full before any equity will transfer.
Instrument Equity Calculation:
Equity is calculated using the following formula:
100% of the first six months’ applied payments
90% of the next six months’ applied payments
80% of the next six months’ applied payments
70% of all subsequent months’ applied payments
80% of any previous equity transfer
Please note: all policies are subject to change without notice.