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re: 78 worry free payments for a total of $2339.22
Posted on 3/1/15 at 8:25 pm to BowDownToLSU
Posted on 3/1/15 at 8:25 pm to BowDownToLSU
Girl I used to work with paid $50/mo for two years to store some furniture she had bought for $700. Lol. And the only reason I found out was because she didn't get the storage unit until she had already moved out of her apt in Houston and was temporarily storing it at someone's house, and she had to make a special trip to Houston to deal with it all again. New furniture mind you, not old family heirloom pieces or something. I tried explaining to her that she was going to wind up spending almost twice as much as the furniture was worth just to keep it. She couldn't put two and two together tho. Unbelievable.
0
Posted on 3/1/15 at 8:27 pm to SlowFlowPro
Posted on 3/1/15 at 8:33 pm to stout
Posted on 3/1/15 at 8:40 pm to stout
Simarly to when you have a phone upgrade at a discounted price by renewing your contract. About 6 months ago I went into AT&T to upgrade to an iPhone 6. Sales rep gets all the numbers put together and tells me my monthly bill will be going up. Come to find out they give you the upgraded phone for $199 that day then roll a financing payment into your monthly bill for the remainder of the full retail cost. Over 2 years I would have paid $1800. No thanks.
Posted on 3/1/15 at 8:43 pm to stout
Is that any worse than car financing or mortage?
Posted on 3/1/15 at 8:47 pm to stout
Pardon my ignorance as I don't really know anything about rent to own places, but is this one of those kind of deals where you can get a phone, keep it for a couple months, then bring it back? Or is it set up where you have to pay the 78 payments?
Because who really finances a phone for 6 1/2 years?
Because who really finances a phone for 6 1/2 years?
Posted on 3/1/15 at 8:49 pm to stout
The entire rent-to-own business rips off the folks who won't save up to buy stuff.
Everything is probably 4X retail price.
However, I suspect there's a large number of products rented that are ruined, and the company cannot get their money back.
Everything is probably 4X retail price.
However, I suspect there's a large number of products rented that are ruined, and the company cannot get their money back.
Posted on 3/1/15 at 8:50 pm to stout
Jeesh...
Posted on 3/1/15 at 8:51 pm to East Coast Band
quote:
The entire rent-to-own business rips off the folks who won't save up to buy stuff.
Because they want it now, and can't afford it and will not wait until they can afford it.
Posted on 3/1/15 at 8:56 pm to HarryBalzack
quote:Wrong. It's free money. EITC compliments of Russell Long and the Nola Saints.
he loaned the federal government $8K, for a year, for free, so he's probably not the sharpest knife in the drawer to begin with.
Over$6k in free money. At tax time it's why it's Black Friday when the tax money rolls in.
Posted on 3/1/15 at 8:59 pm to 3deadtrolls
I'm guessing you can return it at anytime just like everything else they "rent to own". I'm not sure if that price includes service also. It 30 bucks a week for 2 years. The model these places have is finding the loophole on interest rates. Each state has maximum rates you can charge. Mostly 20-25%. What these places do is rent it to you for what ever they feel fit and if you agree to it, they can sell you something with an 50% plus unwritten interest rate. They call it a membership fee I believe.
But when you have bad credit, no money, and feel you deserve that flat screen TV, these places capitalize and if you don't pay, the call 10 of your family and friends every hr, send a collection agent to your job, and will come repo it.
After that, they clean it, put it back on the floor and sell it again for the same price they did the first time. The RTO outfits pay for it 5 times before they "fire sell it" unless it's a high demand item. If it's one of those, they keep renting it until it calls apart
I'm sure in some cases but most of the items they sell have their cost covered in the first month or so. Most of their items are low end, entry level or "cheap" models. Furniture especially has a huge mark up. That couch they are selling for 2500 cost them 300.
But when you have bad credit, no money, and feel you deserve that flat screen TV, these places capitalize and if you don't pay, the call 10 of your family and friends every hr, send a collection agent to your job, and will come repo it.
After that, they clean it, put it back on the floor and sell it again for the same price they did the first time. The RTO outfits pay for it 5 times before they "fire sell it" unless it's a high demand item. If it's one of those, they keep renting it until it calls apart
quote:
However, I suspect there's a large number of products rented that are ruined, and the company cannot get their money back.
I'm sure in some cases but most of the items they sell have their cost covered in the first month or so. Most of their items are low end, entry level or "cheap" models. Furniture especially has a huge mark up. That couch they are selling for 2500 cost them 300.
This post was edited on 3/1/15 at 9:05 pm
Posted on 3/1/15 at 9:01 pm to Celery
quote:
Message
Posted by Celery
Is that any worse than car financing or mortage?
If you pay 40% interest on those then no
Posted on 3/1/15 at 9:02 pm to Bullfrog
quote:But then they reduce the line cost from $40 to $15 if you finance the phone so it comes out to the same. This is how it works these days. Instead of them subsidizing the phone they let you pay for it and make the bill lower. The whole idea is to keep you constantly upgrading every two years like clockwork and constantly paying for a phone. Run the numbers. When I upgraded to a 6, all I had to pay that day was the sales tax on the retail price of the phone not $199 or whatever.
Simarly to when you have a phone upgrade at a discounted price by renewing your contract. About 6 months ago I went into AT&T to upgrade to an iPhone 6. Sales rep gets all the numbers put together and tells me my monthly bill will be going up. Come to find out they give you the upgraded phone for $199 that day then roll a financing payment into your monthly bill for the remainder of the full retail cost. Over 2 years I would have paid $1800. No thanks
This post was edited on 3/1/15 at 9:05 pm
Posted on 3/1/15 at 9:02 pm to stout
The meanest thing I've ever done was repossessing a TV during the Christmas Holidays when I worked as a manager trainee at Aaron Rents. A man and his 8-10 year old son were waiting to watch a bowl game that night decked out in their Alabama tee shirts.
I was out calling on apartment complex managers giving them referral checks or trying to get them to refer people to us. I had been told to stop by two apartment residences to get a pyment or do the repo.
It was the last place I went that day. I could have just gone back to the store and told the manager no one was home. Instead the guy let me in and told me he guessed I'd have to take it because he couldn't make a payment.
I walked in front of the kid, turned off the TV, unplugged everything and carried the TV out the door. The kid sat there the whole time watching me.
As a manager trainee I had not only this duty but would also have to go out and deliver furniture all day if one of the delivery guys didn't show. At that time, they were under court orders to have people in my position punch in and out. They had been overworking working manager trainee's before then and that was one way the feds were monitoring them. I was only with Aarons for two weeks.
The furniture/appliance rental places, pay-day loan companies, check cashing companies, etc. charge ridiculous rates. The people that use them usually live in neighborhoods where the grocery stores, convenience stores, etc. have higher prices for their goods than the same chain's stores in wealthier neighborhoods.
As a society, we are allowing some of these businesses that cater to low income folks do a great job of keeping them down.
I was out calling on apartment complex managers giving them referral checks or trying to get them to refer people to us. I had been told to stop by two apartment residences to get a pyment or do the repo.
It was the last place I went that day. I could have just gone back to the store and told the manager no one was home. Instead the guy let me in and told me he guessed I'd have to take it because he couldn't make a payment.
I walked in front of the kid, turned off the TV, unplugged everything and carried the TV out the door. The kid sat there the whole time watching me.
As a manager trainee I had not only this duty but would also have to go out and deliver furniture all day if one of the delivery guys didn't show. At that time, they were under court orders to have people in my position punch in and out. They had been overworking working manager trainee's before then and that was one way the feds were monitoring them. I was only with Aarons for two weeks.
The furniture/appliance rental places, pay-day loan companies, check cashing companies, etc. charge ridiculous rates. The people that use them usually live in neighborhoods where the grocery stores, convenience stores, etc. have higher prices for their goods than the same chain's stores in wealthier neighborhoods.
As a society, we are allowing some of these businesses that cater to low income folks do a great job of keeping them down.
Posted on 3/1/15 at 9:06 pm to Celery
quote:
Is that any worse than car financing or mortage?
A home mortgage can be has for as low as 3%.
Cars typically a little higher 4-5%
If my math is right, the interest rate on that phone is 180%
Posted on 3/1/15 at 9:11 pm to Celery
quote:
Is that any worse than car financing or mortage?
Not nearly the same thing.
Posted on 3/1/15 at 9:11 pm to 3deadtrolls
quote:
Because who really finances a phone for 6 1/2 years?
78 weeks. It's weekly payments. Not monthly.
Posted on 3/1/15 at 9:16 pm to stout
I thought the Feds started some new agency to fight this stuff, 
Posted on 3/1/15 at 9:34 pm to StrangeBrew
There was this girl that was a receptionist in an office I used to work at. Dumb as bricks but she had nice tits.
She went out one weekend and financed a new couch, new bed, new TV and new dining room table at one of these places. Ended up being about $100 per week for two years for about $2500 worth of stuff.
We could not convince her how the math worked. She thought she had gotten the deal of a lifetime - a house full of furniture and a TV for $100 a week. Me and a colleague were cringing when we explained it to her that if she would have saved that $100 a week ofr 6 months, she could buy all of that stuff outright.
It finally struck her and then she said. So if I put this on my credit card, it wouldn't take me as long to pay it off? Exactly.
But then she said "Oh, but I don't want to put it on a credit card. Having a balance will hurt my credit.
Like I said, she got by in the world because she had some nice tits.
She went out one weekend and financed a new couch, new bed, new TV and new dining room table at one of these places. Ended up being about $100 per week for two years for about $2500 worth of stuff.
We could not convince her how the math worked. She thought she had gotten the deal of a lifetime - a house full of furniture and a TV for $100 a week. Me and a colleague were cringing when we explained it to her that if she would have saved that $100 a week ofr 6 months, she could buy all of that stuff outright.
It finally struck her and then she said. So if I put this on my credit card, it wouldn't take me as long to pay it off? Exactly.
But then she said "Oh, but I don't want to put it on a credit card. Having a balance will hurt my credit.
Like I said, she got by in the world because she had some nice tits.
Posted on 3/1/15 at 9:51 pm to anc
quote:
Like I said, she got by in the world because she had some nice tits.
pics?
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