Why do people rent to own?

[tinapbeana]

Re: Why do people rent to own?

I love this rule too bad my dh doesn't believe in it. He believes in the I want it now & I don't care what I have to do to pay for it (ie the credit card or mooch'n from savings) =

wow, shelby, when did you marry my husband?

seriously, that description sounds just like the difficulties i have w/ my DH, and it's currently driving me up a wall. do yo have any tips/tricks/prozac?

[shelbylovesmelby]

Re: Why do people rent to own?

wow, shelby, when did you marry my husband?

seriously, that description sounds just like the difficulties i have w/ my DH, and it's currently driving me up a wall. do yo have any tips/tricks/prozac?

*LMAO* I'm glad I"m not the only one who has that problem. A good credit rating is our enemy in a matter of speaking. Um... how bout reducing the limit on your credit card? That's the only thing other than guilt that works for me. "Hun I had to put back that sweater that was on clearence, we can't afford it this week, I know I like it & I NEVER buy anything for myself but you see you had to buy that MP3 player & there isn't even grocery $ left" Ya know something like that. He tells me to quit it & just buy what I want, sure if filing chapter 7 in the next 6 mo's & moving our family into his parents basement sounds like an option!!

[GrimJack]

Re: Why do people rent to own?

Well, my 2 cents worth is to remind you all that your mortgage is pretty much rent-to-own and you end up paying 3 times its worth - possibly even more if you got caught up in the housing bubble and have an ARM (some people even have an ARM that is 100% interest!).

GrimJack

ps I actually do know the difference between financing a house and financing a TV; an important point is that if you finance anything!! besides a house, you are losing (and you better not accept financing a house as a no-brainer).

pps - just in case the point is not clear - if you borrow money to buy a car, you pay mostly principal and 'earned' interest; if you finance a car, you pay all the interest first then start paying for the car and you go quickly upside down and owe more than the car is worth.

[poundwise]

Re: Why do people rent to own?


I'm proud to say that my state kicked the payday loan places out.

North Carolina Declares Victory In War On Payday Lending

One of the growing problems is that even though some states do ban these businesses from operating, many payday lender companies offer these loans over the Internet and/or by phone and fax.

[poundwise]

Re: Why do people rent to own?

...if you borrow money to buy a car, you pay mostly principal and 'earned' interest; if you finance a car, you pay all the interest first then start paying for the car and you go quickly upside down and owe more than the car is worth.

While this most often true, as with a simple interest loan of any type, the primary reason a person ends up being 'upside down' most often has more to do with the value of the car and its depreciation rate than with the loan itself. This is, of course, especially true with a new vehicle.

[Ima saver]

Re: Why do people rent to own?

I am glad to hear that North Carolina has outlawed the payday places. I live about 15 miles from the state line.

[rduell]

Re: Why do people rent to own?

I can give you one example of why people would rent to own.

My librarian friend that I've posted about just had to do this for a refrigerator. Her refrigerator was ruined in the power surges that she was having in her home. She went shopping for a refrigerator and could not get credit because of her low pay and poor credit history. So she ended up at a rent-to-own place and will probably pay at least double what the refrigerator is worth.

I wish I had known before she did this because we could have tried to find someone with a used refrigerator for sale or anything else to avoid this.

Do they lock you into these contracts for a certain time period or can you get out of them fairly easily? I've never dealt with them, so I don't know.

[poundwise]

Re: Why do people rent to own?


I saw this advertised on television yesterday...

ColorTyme Custom Wheels

If that's not ridiculous and exploitive, I don't know what is.