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So I went to the Rent - A - Center website. I figured they would only show the payment price and not the total of payments price to take ownership but they do. Here are a few examples:Sofa and Love Seat 21.00/wk 91 payments totaling 2001.09
Samsung Galaxy Note 8.0 Tablet 22.95/wk 52 payments totaling 1195.48
LG 55" Ultra HD 4K LED TV 55UB8500 34.99/wk 104 payments totaling 3638.96 which is about 3X the price you can get it for.
Yikes!
E
T
Edits: 04/29/15Follow Ups:
;
There should be a law for stupid.
But my brother was always a spend thrift. If he got two nickels, he'd spend three. He'd take that TV for the Super Bowl for $34.99 plus delivery and worry about the consequences later.
Of course, you know that $34.99/week is about $150/month.
There are 4.3 weeks in a typical month.
-Rod
... At least the unemployment problem would be solved.
You will need millions of people to write enough laws to cover "stupid" .... and still fail.
A wag might say it would be a stupid law!
d:o)
Smile
Sox
I'd be quite time consuming, probably several generations before the benefits would gain traction
----------------------
"E Burres Stigano?"
The weekly payments are always scheduled to be due on the customers pay day......
E
T
... For what are basically unsecured loans it is pretty good actually.
One of Australia's biggest department store specializes in "no interest" loans for 12/18/24 months (before interest kicks in) on most of their products. Many of the offers are executed with no deposit.
The department store "insures" or "indemnifies" the contract with an insurance company. If the deal goes sour it is the insurance company/debt collectors who chase the client.
The big plus for the department store is the goods bought on these sort of terms are sold at recommended retail price.
Anybody with an ounce of negotiating skills can purchase the same goods with a cash transaction and secure at least a 30% discount off recommended retail price. However many folks just pay whatever the ticketed price indicates so those type of folks can actually believe they benefit from buying the goods on terms.
Folks borrowing money to purchase goods has been going on forever. It is a necessary service providing goods to many folks.
Smile
Sox
Wow! I paid $800 for my LG 60" LED about a year ago....I gotta confess I did use their services many years back around '97; we moved across country and although I kept my desktop computer and keyboard with me, my computer monitor was on a Navy contracted moving truck which can take a few weeks to catch up with (they do multiple moves along the way, no worries-it was free ;). Needing AOL along with classes, addresses, etc., I ended up renting a monitor thru one of those rental places for about $15 a week (keep in mind monitors back then were pretty costly; upwards of $400 a pop!). Worked out great especially with the brand new 14.4K modem I had installed! woo-hoo!
Edits: 04/29/15
Theoretically the margins were great, but in reality getting timely payments, or any payments for that matter, and repossessing furniture/electronics, was just more trouble than it was worth. His clientele weren't exactly the upper crust citizens in his area.
----------------------
"E Burres Stigano?"
I hear ya. I know a guy with a buy here pay here used car lot. Many stories.
E
T
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