Tip of the Day: Avoid Rent To Own

by James & Miel on April 1, 2009 · 0 comments

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

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