Here's a look at the true cost of rent-to-own—and the alternatives: by KristinStoller
warns consumers about entering into rent-to-own transactions, as laws regulating them vary by state. Many rent-to-own companies also may charge delivery or processing fees on top of state and local sales tax.
“Like many financial services that are specifically targeted to low-income populations, rent-to-own is both simultaneously feeding specific needs of the population and leveraging their situation to be financially profitable,” Zikmund-Fisher says. “I have very mixed feelings. I recognize some people use the industry in ways that meet their needs, and they pay a high cost for doing it.”
Take, for example, a single mother in a low-paying job with no car, Winn says. If she needs to do laundry, she has to take the bus to a laundromat, where she ends up spending $15 to $20 each week to wash her clothes. For “about the same amount of money,” she could rent-to-own a washer/dryer set in the comfort of her own home. If the appliance breaks, most rent-to-own companies will repair it at no cost, or give the woman a loaner while she waits for it to be repaired, Winn says.
Throughout his research, Anderson says he’s seen people game the system through returns or early purchases so they don’t end up with hefty fees. People are doing their own calculations to find out the best time to return rent-to-own items, he says. For example, most people with one-year arrangements will return items within four months.
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