HOFFMAN ESTATES, Ill., Nov. 6, 2013 /PRNewswire/ -- Kmart will offer lease-to-own financing at stores nationwide this holiday season. The latest addition to Kmart's portfolio of financial services, the lease-to-own program began to rollout at Kmart stores in test markets as of Oct. 15 and will be available in all stores by Nov. 22. Giving customers and Shop Your WaySM members a no credit-required way to take home the items they need right away, lease-to-own financing will be available year-round for merchandise priced at $150 and over.
"Kmart's lease-to-own program will help ease some of the financial barriers our members and customers will face this holiday season," said Jai Holtz, vice president, financial services, Sears Holdings. "For members and customers who have an immediate need, lease-to-own gives a full house assortment of products and a way to pay."
Large Product Assortment & Competitive Pricing
Members and customers will have access to more than 600,000 products including home appliances, mattresses, ready-to-assemble furniture, lawn and garden equipment, consumer electronics, seasonal toys, sporting goods and service plans.Kmart lease-to-own products are always brand-new, never refurbished items including trusted brands such as Kenmore and Craftsman. Customers using lease-to-own financing at Kmart will receive competitive retail sales pricing for their items and will have access to the full scope of Kmart's warranties and in-home services; plus, Shop Your Way members will earn points on leased purchases. How to Qualify To qualify for lease-to-own, a customer must be 18 years of age, earn a minimum of $1,000 a month and supply a social security or tax identification number when applying. The minimum amount for lease-to-own financing is $150, there is no maximum amount and customers may bundle multiple items under one contract, provided that at least one item meets the $150 minimum. Members and customers make the first lease payment at the store, followed by monthly or bi-weekly payments made electronically. After five months, customers have the option to buy out the lease. The lease-to-own program is part of Kmart's financial services portfolio, which offers payment and financial solution options for every customer. Additional products include layaway, bill pay, check cashing, the Sears MasterCard and the Halogen pre-paid debit card.