If I rent to own a product, am I obligated to pay until I own it?
The cornerstone of the RTO industry is the consumer never goes into debt, is never obligated to make the next payment and can return the product at any time for any reason. When shopping for home furnishings, RTO is the only option that gives you that flexibility.
Compare RTO with retail, credit and used to find the best option for your budget. RTO is the only option that does not obligate you to pay in full for the product.
Do you rent previously rented products?
Because most products are returned within four months, RTO stores usually have a stock of used products ready to own. Those products will be cheaper and easier to own and can be a great deal. Most customers want new products to rent so RTO stores must get rid of previously rented products to make room for new.
Research your local stores for the best previously rented products to get the best deal for the best price.
Can you buy previously rented products?
RTO stores need to move previously rented products quickly. Many will offer great deals to buy the product outright. Call around to find which RTO store has that previously rented product ready to own with a cash purchase today. You can get the best “used” deals at RTO stores and most people do not realize or take advantage.
If I am a day late on rental payments, will the company repossess the item?
Work with your RTO store regarding late payments. RTO is in the service business so they will be more than willing to accommodate you. But, remember, there are late fees with your payments depending how late the payment will be.
Each company has different policies regarding late fees but most late fees are regulated by your state’s RTO law including grace periods.
Make sure you ask about their late fee policy and if the fees are regulated by the state RTO law. Shop around for the best deal and policies with all of your RTO stores in your area. The RTO industry is very competitive and will bend over backwards for your business.
I see stories that say I will pay 200% or more for an item if I rent to own the item. Is that true?
The golden rule to best use RTO is the least number of payments, the cheaper to own.
Use the 90-days-same-as-cash option. If you make the payments according to agreement, in 90 days you’ll have that home furnishing at an affordable price in the market. Some rent to own companies offer 180-days-same-as-cash plans.
While renting to own a product and you want to end up owning it, exercise the early-purchase option. The early-purchase option can reduce the total Rent-To-Own price by 50 percent of remaining payments.
Choose the least number of payments over time to save considerable money. Rent-To-Own stores offer the flexibility of choosing your own payment plan. If you RTO a product for two years, you will pay twice as much or more. Use the RTO transaction wisely and you will receive all of the benefits at an affordable price.
If I have to return the product but want to rent it at a later date, do I have to start payments over at the beginning?
Most state RTO laws mandate payment reinstatement rights. But, again, RTO is in the service business and the industry is very competitive. As a consequence, most RTO stores offer lifetime reinstatement rights.