Hi All,
Here is a quickie tip – avoid rent to own schemes, you’ll end up paying more in the long run. Here is how rent to own works, a company will buy an appliance wholesale, say a Television or DVD player, then rent it to an unsuspecting consumer for well above the wholesale price.
For example, a 42 Inch Phillips LCD TV goes for about $868 dollars wholesale. A rent to own outfit will want to rent it to you for $99 per month for 24 months. The gross profit on this is about about $1,508 ($99×24 – $868). Guess who pays for this? Yep, its you, the consumer.
Rent to own is a rip off. Instead get used appliances from craigslist or a flea market. Don’t let rent to own take any of your wealth.
Best,
James
Like DINKS? Subscribe!
Subscribe to get the latest DINKS Finance content by email.
DINKS (Dual Income No Kids) Finance is a blog discussing personal finance for couples. While by no means financial experts, we own a variety of assets including real estate and stocks. We've been up to our eyeballs in debt and have made tons of financial mistakes. However, we've successfully retired that debt and we both do learn from our failings. We hope that our voice in this blog can help others in achieving their goals!
{ 0 comments… add one now }