Steinway's Institutional Ownership Plan
Scott E. Thile, RPT, Murray State University
Steinway's "Institutional Ownership Plan" was designed by Banc One Leasing Corporation based in Columbus, Ohio. This is a lease-to-own program which is made available to both state and private schools. The program is flexible and can be tailored to fit the needs and budget of individual schools. The program can include tax-exempt financing for schools that qualify for it.
The Steinway Institutional Ownership Plan is based on Banc One Leasing Corporation buying the pianos from Steinway and then entering into a lease-purchase agreement with the school. This makes it possible for schools to have immediate delivery of a quantity of Steinway pianos without having to raise the funds up front. The program is a form of installment payment plan that does not create a debt obligation for most state and local governments. It is possible to include all the costs associated with setting up the program in the lease purchase payments. At the end of the agreement the school owns the pianos free and clear. The complete lines of both Boston and Steinway pianos are available through this program.
The largest of these programs to date has been with the University of Georgia's School of Music in Athens. This deal includes 21 Steinway uprights and 25 Steinway grands worth more than $830,000. The pianos are now in use in the U of G's recently completed $34 million music complex.
For more information contact Steinway's director of institutional sales, Sally Conveleskie. Her number is 212-332-0132. She can send you detailed information about the program as well as answer any questions you might have.
