Heads Up: Research before Retail Renting-to-Own

By John Voket 

 

I
know the temptation of wanting something now, even if the cost for that
item does not equate with the amount of disposable cash on hand. With
so many individuals opting to sign up for 'rent-to-own' programs, this
advice from the Better Business Bureau is particularly valuable.



The BBB says rent-to-own stores are popular alternatives to using a
credit card, for consumers with a poor credit history or people who
don’t want to put down a deposit on merchandise. Today, there are 47
states with legislation that spells out consumers’ rights when engaging
in a rent-to-own contract.  



Better Business Bureau and the Federal Trade Commission (FTC) receive
complaints about rent-to-own stores that do not adequately explain
their contracts, delivery of used or damaged goods, and illegal
collection practices.



These include having reps show up at consumers’ front doors if a
payment is late, placing harassing telephone calls and threatening to
call the renter’s employer to report a late or missed payment.



Better Business Bureau recommends consumers take the following precautions before entering into a rent-to-own lease:





 






Reprinted with permission from RISMedia. ©2013. All rights reserved.