rent to own is a type of business which rents items with the condition that the rented item will be owned by the renter when the term of the rent has been completed. This type of business is mostly used in items such as furniture and appliances but can also be used in other purchases. This is used by customers who cannot make a payment up front and do not like to incur debt.
The customers for these types of transactions may come from various people of different backgrounds but is more popular with the poor. The positive things going for this are there is no credit checks to be signed and the customer can return the goods at any time if doesn’t feel like owning it at any time of the rental term. Customer support is also being offered.
With the ownership of a product being just an option for the customer, this industry growing rapidly and dealers are lowering cash prices to create new customers. There are many stores offering this service and with the recent credit crunch, it is becoming more popular as more and more people are considering this. Currently serving around 3 million customers a year, this number is expected to grow rapidly in the coming years. The advantages of rent-to-own are many and some of which are ability to overcome the possible poor credit situations, no obligation to the customer and flexibility in payments.
APRO (The Association of Progressive Rental Organizations) is the international voice for this rent-to-own industry. It is a non-profit association that deals with rent to own contract. The membership benefits of this association are general counsel, credit/debit card program, commercial insurance, group health insurance and availability of statistical surveys.
The list of rent to own companies can be found here and it contains the address and contact information of these companies. The statistics and growth information of these industries can also be read there.
Subscribe to:
Post Comments (Atom)
Post a Comment