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Overstock Adds Lease-To-Own Program With Progressive

Overstock.com has launched an integrated lease-to-own purchase option through Progressive Leasing.

With its leasing program, the Overstock financial services business provides consumers with a simple and affordable purchase payment option, the company said. The program applies to more than three million eligible products on Overstock.com. From a corporate perspective, it expands the company’s financial services, which already provides lending, investment, credit cards and insurance.

Once it receives a lease-to-own order, Overstock ships product after an initial $49 payment. Thereafter, customers can buy items after exercising a 90-day purchase option, an early lease buyout or by completing 12 months of payments.

“We’re always optimizing ways to provide our customers the best purchase experience on our site,” said Patrick Byrne, Overstock.com CEO and founder. “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.”