Engagement ring leasing problems - Has this happened to you?

That's bs! They have to honor the price it was at time if purchase. If it decreased would they lower your cost?

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I agree!!! I couldn't believe it when he told me that's what they said to him.

The crazy part too is it was a set (engagement & band) on CLEARANCE. How can you increase the price on that?

That you are using the term "leasing" instead of "buying" would make me wonder just what type of agreement was signed when the ring was obtained.

What does the agreement paperwork say about payments?

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I only have the receipt and the little pamphlet they give you to keep it in. There's nothing in the fine print on the receipt regarding leasing besides that he'll make monthly payment.

Unfortunately I have no clue what type of agreement he actually signed all I know is he told them that was the ring he wanted and they had him sign stuff at the store.

The fact the term leasing is used makes me think something sketchy is going on. It'd be a payment plan if anything.
Either way multiple payments a months and raising the final cost is BS. You can report bad business practices to the BBB, I'd file a report.

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I'm going to try to look up whatever leasing policy they typically have. I had no clue he "leased" it versus an actual payment plan. I'll definitely be going in soon

If they refuse to honor the original price I'll definitely file a report. Thank you, I hadn't even thought of that

I did some quick Googling and poking around on Zales website. It looks like your fiance might have signed a lease to own contract, which means you don't own the ring until you pay it off. Zales seems to be pushing a 90 day payment plan, I suspect your fiance got sucked into a payment plan without understanding the terms. It's unclear if changing the charges is allowed but I'd still file a report for poor business practices, your fiance should have had the payment plan explained clearly with more than a pamphlet to take home.

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That's all I could find too but nothing about increasing prices or fine print

I'm not sure WHY he signed this. Probably because he trusted the salesperson & was told that it was a typical payment plan. If this is what is happening I don't want the ring & I want the money back I'm so over it.

That's so fustrating. I'm not sure they'd let you return it for the money though. Id make sure to post negative reviews on the location he went to as well.

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Awesome just saw this as a review of this company

"After an initial purchase I made a return. I called to get answers about the general adjustments in my account. How great was my amazement to discover that the company refuses to share the information of the leasing fee calculation. In the "Information and Acknowledgment" document they say: "This purchase option MAY BE for more than the retailer's sale price, not "same as cash"". So "may be". The difference with the sale price is hidden in the Purchase Agreement under the phrase "90-Day Purchase Option amount plus tax" How do they calculate it? How to know if are they charging me a fair price? This is lack of transparency, that is called authorized theft. I don't recommend them to anyone."

Seems like we're pretty much screwed.

Honestly this is why he typically doesn't make big purchases.

Yup file a complaint with BBB, and see about attorney general in your state. Leave negative reviews everywhere. Call the management of the store and tell them you're filing complaints unless they can cancel the whole thing in 5 days. Call the payment company and ask for a manager tell them they have 5 days to refund your money or you're filing.
File anyway is my advice even if they manage to sort this out.
I'm sorry they did this. It really sucks

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Yeah I'm actually in the process of doing that with the BBB now - for the leasing company AND for the store.
I'll have to call all the places tomorrow unfortunately. I wish I wasn't at work so I could just get this done now it's stressing me out.

I told him to call the bank so they can hold payments because we're in a dispute currently.

Thank you/: It really does, I hope something can get sorted out. & something needs to be done about the company bc we're not the first people unfortunately

From Zales website:

"The advertised service is a rental- or lease-purchase agreement (or in certain states, a rent-to-own agreement; a consumer rental-purchase agreement; a lease agreement with an option to purchase; or a consumer-lease agreement) provided by Prog Leasing, LLC or its affiliates. It is not a loan, credit or financing. While no credit history is required, Progressive obtains information from consumer reporting agencies in connection with lease application. The initial payment is $79. All remaining lease payments will be determined by the cash price of the leased item and the frequency of payments. You will not own the leased merchandise or acquire ownership rights unless you make 12 months of payments or exercise an early purchase option. 90-day purchase option includes a markup over invoice price (except for 3-month purchase option in CA). After 90 days, early buyout options vary by state."

It sounds like your fiance leased the ring. just like you would lease a car. In a car lease, you pay a set payment every month, but that's to "rent" the car. You don't own it. At the end of the lease period, you have an option to return the car and lease a new one, or buy the car. The cost to buy will have nothing to do with how much you paid to lease, because those weren't payments toward buying. They set the price at the time, according to how they would price a "preowned" car.

Another analogy is renting a house. If your landlord wants to sell the house, you have an option to buy it, but your previous rent payments won't effect the price of the house.

I'm sorry your fiance chose this method of buying, but I'm not sure the company is wrong by just accepting payments without applying them to a balance. That's how leases work.

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What's wrong is that we were not informed. We did not get a copy of anything; this is a company they use. The salesperson did not say anything regarding how the process works. We were never contacted regarding our options in x amount of days to buy out; we were never told that was an option or a thing.

I've already submitted two complaints to the BBB and will be in the store tomorrow with documentation.

View Quoted Comment How were you not informed? There’s no way your FH has a lease on this ring without signing something stating that the ring was being leased. Zales has several financing options, so whatever he chose, he signed something that explained it.

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They didn't explain he said here is "the best option I highly suggest this option choose this option" and didn't shut up about this policy. We were told it was through ZALES not whatever 3rd party. he signed for the ring as in purchasing it nothing else obtained, nothing else sent with him as typical with every single other business I've encountered.

He signed for the ring and was sent out the door and that was the end of their conversation

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The information I quoted above is available on this website:

https://www.zales.com/lease-purchase-program

I understand that you're frustrated, but your fiance had to have at least filled out the application to apply for the lease, so there should be a copy of that. Or a receipt for it. The salesman may very well have been deceptive, or as you said, your fiance may not have understood what he was signing. Some of those places have some real vultures working for them.

I hope this works out for you, and you are able to get your money back. If that happens, maybe it would be best if you accompany your fiance next time to find a different ring.

There isn't a copy of it in our hands so as far as I'm concerned this is not entirely our fault. Sure he's a stupid boy it doesn't surprise me that he purchases something important and THIS happens.

I doubt they'll give us any money back but I'm not paying over $2,000 for a stupid piece of jewlry so I'll just be out what I've paid and not have an engagement ring.