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Historically, consumer advocates, some U.S. The cost incurred by consumers in rent-to-own transactions has been the subject of long-term debate and differing opinion. In addition, some survey respondents reported poor treatment by employees in connection with late rental payments, problems with repair services, and hidden or added costs. Īccording to a Federal Trade Commission survey on the rent-to-own industry in the United States conducted in 2000, consumers reported that they chose to engage in rent-to-own transactions for a variety of reasons, including: “the lack of a credit check,” “the ability to obtain merchandise they otherwise could not,” and, “the convenience and flexibility of the transaction." The most common reason cited for dissatisfaction within the survey was high prices. An alternative purchase option is commonly provisioned for, allowing the consumer to pay off the remaining balance on the agreement at any point in time in order to obtain permanent ownership. Though not obligated to do so, the consumer can choose to continue making interval payments on the merchandise for a pre-specified period of time, at which point they would own the good outright. In the structure of this type of transaction, the consumer ( lessee) - at the end of each week or month - can choose either to renew the lease on a weekly or monthly basis by making renewal payments, or to terminate the agreement with no further obligation by returning the tangible property. Rent-to-own agreements are based on a weekly or monthly rental term. Rent to own serves 4.8 million customers at any given time in the year. Today the association has approximately 350 member companies representing approximately 10,400 stores in all 50 states, Mexico and Canada. The association began with approximately 40 original member companies and elected an initial board of 16. In response to a growing desire to share information, develop uniform practices and procedures, and cultivate a positive public image within the growing rent to own industry in the United States, rent to own dealers established a trade association-The Association of Progressive Rental Organizations (APRO) in 1980. T’s Rental in Wichita, Kansas in 1963, and later helped establish Rent-A-Center.
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Individuals cited as key figures in the history of the rent-to-own transaction and application as a business model include Charles Loudermilk, Sr., who in 1955 began renting out Army surplus chairs and later founded Aaron Rents, and J. Within the United States, the practice of retail-based rent-to-own businesses began to develop in the 1950s and 1960s. was Lotus Radio, which began operating as a radio rental business in 1933. One of the first rent-to-own retail stores established in the U.K.
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The concept of rent-to-own transactions first emerged in the United Kingdom and continental European countries under the hire purchase model.
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While rent-to-own terminology is most commonly associated with consumer goods transactions, the term is sometimes used in connection with real estate transactions. The usage of rent-to-own transactions began in the United Kingdom and Europe, and first appeared in the United States during the 1950s and 1960s. Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, real property, and engagement rings, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.Ī rent-to-own transaction differs from a traditional lease, in that the lessee can purchase the leased item at any time during the agreement (in a traditional lease the lessee has no such right), and from a hire purchase/installment plan, in that the lessee can terminate the agreement by simply returning the property (in a hire purchase the buyer has a limited time, if any, to cancel the agreement).