Don't do it!
The refrigirator went out in one of my rental properties. Unfortunately, I had to utilize Rent-A-Center temporarily until I could have the refrigirator replaced. Rent-A-Center was my only option considering my tenant needed a refrigirator immediately and I don't reside in the same state where the property is located.
After reviewing the rental contract, I quickly noticed that you basically pay twice the amount of the item after all the fees and finance charges. Though the weekly payment seems reasonable, those payments over an extended period of time add up.
After returning the refrigirator after a period of 1 week, the sales manager informed me that the payments appear to be inexpensive/reasonable which prompts customers to utilize the rent-to-own option. However, after several weeks into the contract, people will generally fall behind in their weekly payments. Once this occurs, there are a lot of additional fees added to retain ownership of the items, otherwise RAC takes the item back.
Long story short - RAC markets low weekly payments. However, they know most of their clientele will end up defaulting halfway through the loan giving RAC the opportunity to reclaim the items.
Thank you for responding
