Author Topic: Rent to own!  (Read 3437 times)

Self-employed-swami

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Rent to own!
« on: November 26, 2014, 06:40:10 AM »
http://www.cbc.ca/news/canada/manitoba/rent-to-own-practices-in-canada-would-be-illegal-in-parts-of-u-s-1.2850023

Basically, you can opt to pay anywhere from 2-4x the cost of regular household appliances and electronics, in convenient low weekly payments.  Many US states have capped the premium people can pay in rent to own contracts, but not in Canada.  :/

MoneyCat

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Re: Rent to own!
« Reply #1 on: November 28, 2014, 08:48:56 AM »
This industry exists because low income people are ashamed to be low income and want to pretend that they are middle class.  So they "purchase" new appliances, furniture, and toys from a rent-to-own place and enjoy the fun of paying 400% of the actual price of the items in question.  My sister used to do this and she would not listen to reason about it.  I told her to just go on Craigslist and there are lots of people giving furniture and appliances away, but she said that was what "poor people" did.  She was so embarrassed by who she was.

dycker1978

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Re: Rent to own!
« Reply #2 on: November 28, 2014, 09:00:07 AM »
Seriously 20.00 a week for a laptop... anyone can run a calculator and see that the total cost is really high... if it even lasts them two years.

This is the same type of thing as the money marts and such.  You can go get a $200 2 week loan for only $20(meaning that you have to give them $220 at the end of two weeks)  10% intrest due in two weeks...

I hope they dont come break legs if you default on these like the mobsters of past...

iris lily

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Re: Rent to own!
« Reply #3 on: November 28, 2014, 09:10:53 AM »
Whether you are low income or high income or any where in-between, the sooner you stop buying things in order to bolster your social status, the sooner you are free. Freeeeeee!!!!!!!! And can stash away money to support the lifestyle you really want.

It's all about self-actualization, and being poor while renting stuff is just stupid. That's actually a cultural issues, not one of money.

Supposedly most poor people are too smart for this, or at least that's what the literature leads us to believe. Yet in my urban core area there is one rent-to-own place. I suppose it could be worse with multiple places.
« Last Edit: November 28, 2014, 09:13:13 AM by iris lily »

RFAAOATB

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Re: Rent to own!
« Reply #4 on: November 28, 2014, 10:11:29 AM »
Now if those Ferguson protesters only targeted rent to owns and pay day loans for arson, they might actually help the community.

alaskacobalt

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Re: Rent to own!
« Reply #5 on: November 28, 2014, 04:10:20 PM »
While I was in the military, I used to work for Rent a Center to supplement my income and I delivered so many big screens to some of the dumpiest trailers.  The craziest part was when someone would order an appliance that was too wide for their door, they would simply cut a bigger gap so we could get it in.  Rent to own is great however if you need something ASAP and plan on paying it off during the 90 days same as cash time frame. 

MrsPete

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Re: Rent to own!
« Reply #6 on: November 28, 2014, 04:52:22 PM »
Seriously 20.00 a week for a laptop... anyone can run a calculator and see that the total cost is really high... if it even lasts them two years.
A lot of the people who fall for this thing don't bother to punch the numbers into a calculator.  They just say, "Twenty dollars a week -- that's nothing!"
Whether you are low income or high income or any where in-between, the sooner you stop buying things in order to bolster your social status, the sooner you are free. Freeeeeee!!!!!!!! And can stash away money to support the lifestyle you really want.
Thing is, at least some of the people who buy these things see it as a way to get the lifestyle they want:  A typical middle class lifestyle. 

MoneyCat

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Re: Rent to own!
« Reply #7 on: November 30, 2014, 07:51:13 AM »
Seriously 20.00 a week for a laptop... anyone can run a calculator and see that the total cost is really high... if it even lasts them two years.
A lot of the people who fall for this thing don't bother to punch the numbers into a calculator.  They just say, "Twenty dollars a week -- that's nothing!"
Whether you are low income or high income or any where in-between, the sooner you stop buying things in order to bolster your social status, the sooner you are free. Freeeeeee!!!!!!!! And can stash away money to support the lifestyle you really want.
Thing is, at least some of the people who buy these things see it as a way to get the lifestyle they want:  A typical middle class lifestyle.

That's exactly what it is: a desperate attempt to achieve a middle-class lifestyle.  We horribly shame people for being low income, which is really sad when you think about it.  It's like shaming people for being sick.

Forcus

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Re: Rent to own!
« Reply #8 on: December 02, 2014, 12:01:38 PM »
You know I'm not sure it's solely a low income thing. I think there are probably a lot of moderate income folks who are house poor but want the lifestyle of someone who isn't.