Understanding Lease Statuses
Lease applications move through a lifecycle of their own. This lifecycle is composed of a series of statuses. Lease Statuses, their meaning, and how they fit together into a typical lease flow are important concepts to understand when working with Progressive Leasing.
|Application||Approved||Customer has been approved. An account number an approval limit will be provided in the response.|
|Application||Denied||Customer has been denied. An account number is still provided for a Denied status.|
|Application||Pre-Approved||Additional information is needed from the customer for a final credit decision. Customers should contact Progressive Merchant Services for assistance.|
|Application||Pending/In-Process||A Pending status can occur in the event Progressive’s credit decision engine is down. This is a very rare occurrence, however, in the event a Pending decision occurs, customers should contact Progressive Leasing Merchant Services for assistance with their application decision.|
|Invoice Submission||Contracts||Once the invoice information is submitted on an Approved lease ID, the status will change to Contracts.|
|eSign Lease Agreement||Contracts Received/Lease Accepted||Once a customer signs their lease agreement, the status changes to Contracts Received and then quickly to Lease Accepted. In the event an invoice changes after the lease has been signed, SubmitLeaseReturn endpoint will need to be used.|
|Delivery Confirmation||Funded||SubmitDeliveryConfirmations will change the lease status from Lease Accepted to Funded.|
Additional Lease Statuses
Approval Expired - An approval is only good for 90 days. In the event an approval expired, a customer will need to reapply. All leases MUST be completed within a 90 day period. It is recommended to monitor all leases that are associated to invoices as well.
Contracts Expired - If SubmitInvoiceInformation has been submitted which changed the lease ID to Contracts, the contracts will expire in 60 days. This is because the customer never signed their lease agreement. In some cases, the lease status can be changed back to an Approved status by contacting Progressive merchant support.
In Process - A member of Progressive merchant services has placed the lease into an In-Process status. This typically represents that the customer is working with merchant services to overturn a denied decision.
Updated almost 2 years ago