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(BusinessWeek)   The profits at Rent-A-Center are too damn high   (businessweek.com) divider line 64
    More: Spiffy, Rent-A-Center, expectations  
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3459 clicks; posted to Business » on 24 Apr 2012 at 6:00 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-24 06:09:45 PM  
I bough two shares for only 51 weekly payments of $11.99.
 
2012-04-24 06:12:12 PM  
The place is a ripoff, and just as much of a predatory shark as Payday loans. Don't EVER get something at any kind of Rent To Own place. Sure, they break into nice payments, but in the end you pay at least 4 times the retail price. Like that $150 BluRay player? Sure, you're only paying $33/month for it, but after 18 months, you've paid $600 for it.

Too bad for places like this that prices are coming down on electronics, good news for the people they prey on, but bad news for these companies, I bet they don't last 10 more years with this pricing scheme. There might still be people out there this desperate, but change is in the wind.
 
2012-04-24 06:27:19 PM  

Mikey1969: The place is a ripoff, and just as much of a predatory shark as Payday loans. Don't EVER get something at any kind of Rent To Own place. Sure, they break into nice payments, but in the end you pay at least 4 times the retail price. Like that $150 BluRay player? Sure, you're only paying $33/month for it, but after 18 months, you've paid $600 for it.

Too bad for places like this that prices are coming down on electronics, good news for the people they prey on, but bad news for these companies, I bet they don't last 10 more years with this pricing scheme. There might still be people out there this desperate, but change is in the wind.


Nah, there are stupid poor people everywhere, and always will be. I mean, it is possible to Rent to Own farking rims. If you can't afford farking rims, or at least don't have a credit card to be able to charge them, you don't need them, idiot.

Places like these, which successfully prey on the poor and stupid, make it (slightly) harder for me to be in favor of a government safety net. That's the conservative argument-people are poor because they are stupid and/or lazy. And, in quite a few cases, that's an accurate statement. Of course, in quite a few cases, it is not.
 
2012-04-24 06:30:41 PM  
Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.
 
2012-04-24 06:37:56 PM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


I could imagine something like that going down. "Fark you, I paid I swear I paid *clang* ahh my knees".

I wonder if the RTO boom also created the lead pipe boom.
 
2012-04-24 06:48:54 PM  
I went into a Rent A Center just to check out the prices on the laptops to rent. The specs were all a generation or two behind laptops currently sold, and the Rent to Own price was really ridiculous even for Rent A Center.
 
2012-04-24 06:52:57 PM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


I knew a guy who Repo'd for Rent A Center. Didn't like him before I knew that, but yes they will find a way (or make one) into your house and walk off with that couch you missed a payment on. Or TV, or baby crib.
 
2012-04-24 07:04:27 PM  
I prefer the "save-to-own" plan.

/blame equally shared - rent-to-own places are scams and their customers are idiots
 
2012-04-24 07:05:45 PM  
You have to be a special kind of stupid to buy from these kind of places. When charging the item to a credit card at 10%+ interest rates and paying it off at near the minimum payment saves you big money, you have to realize you're getting ripped off.
 
2012-04-24 07:20:48 PM  
You see, the thing with victimizing poor people is that they are poor, and you need to victimize lots of them in order to turn an obscene profit. Once they are completely bankrupt, you drain their blood (for those corporate board meetings) and break down their bodies for any valuable parts, and sell the rest to a cat food company (that makes 'cat' food, sold to poor people that don't own cats - I've heard that recycling is good).

/It's not evil; it's 'just business,'
//helping poor people . . .
///become poorer.
//Bootstrappy!
/We need some sort of societal ivermectin.
 
2012-04-24 07:27:16 PM  
This shiat's comedy gold:

Stories from Rent-to-Own. (Something Awful, Clicky-Pops)

/super cereal
 
2012-04-24 07:28:07 PM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


They will repo the items, once they have possession of the items often they'll charge a big late fee and a repo fee. Now if you call them up and tell them "hey, I just can't make the payment on the big screen this week, can I go a week late on it" they'll gladly keep you in the item but you DAMN well better have both payments + late fee the next week. If you tell them "hey, I can't make the payments, come pick it up" then as long as you're current when they pick it up, you're off the hook.

Most people don't get just one or two items, they get the whole farking bedroom set plus the TV, surround sound, couch, end tables, lamp, rug, and maybe a kitchen table. Paying something like $550/wk JUST ON FURNITURE. If you get a week behind on THAT they'll come repo your whole damn house. Most people who do that though will "give" it to a friend for a few weeks and move shortly thereafter.

But these places give you a "friendly reminder call" 3 days before you're due, the day you're due, and twice a day thereafter until you show up and make the payment. They'll roll a truck to your house three days after you're late to come pick up a payment and make sure you're still there.
 
2012-04-24 07:48:47 PM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


Yeah they'll repo, but they can't charge you the full remainder of payments, that would be double-dipping.
 
2012-04-24 08:07:11 PM  
I found the guy, Charlie Falk, that I was talking about. This guy was the original dirtbag.

http://www.law.emory.edu/4circuit/sept96/952629.p.html

According to the complaint, TranSouth conspired with Charlie Falk's Auto Wholesale, Inc., and JB Collection Corporation, both of Norfolk, Virginia, to effect an automobile "churning" or revolving repossession scheme. Falk's sold used vehicles at inflated prices, offering to arrange financing at interest rates as high as thirty percent.

Under the terms of the financing contracts, Falk's retained a security interest in the vehicles pending full repayment of the loan by the borrower. Falk's then assigned the secured notes to TranSouth, agreeing to buy back the notes for a fixed price - - usually $1,000 to $1,500 - in the event of the borrower's default.
If a borrower missed a payment, TranSouth had the vehicle repossessed.1 It then mailed a"Notice of Private Sale," giving the borrower an opportunity to redeem the vehicle.2 Any vehicles that were not redeemed were retransferred, with the accompanying notes, to Falk's for the prearranged consideration.

Upon repurchasing the notes, Falk's assigned them to JB, its wholly- owned subsidiary. JB then demanded payment from the borrowers for the "deficiency" between the loan balance and the price obtained by the "sale" of the vehicle, i.e., the retransfer price. If the borrower failed to pay, JB filed a deficiency action in state court for the stated amount. On occasion, JB also claimed attorney fees of twenty-five percent, notwithstanding that it had filed suit without the assistance of counsel
 
2012-04-24 08:14:04 PM  

cig-mkr: I found the guy, Charlie Falk, that I was talking about. This guy was the original dirtbag.

http://www.law.emory.edu/4circuit/sept96/952629.p.html

According to the complaint, TranSouth conspired with Charlie Falk's Auto Wholesale, Inc., and JB Collection Corporation, both of Norfolk, Virginia, to effect an automobile "churning" or revolving repossession scheme. Falk's sold used vehicles at inflated prices, offering to arrange financing at interest rates as high as thirty percent.

Under the terms of the financing contracts, Falk's retained a security interest in the vehicles pending full repayment of the loan by the borrower. Falk's then assigned the secured notes to TranSouth, agreeing to buy back the notes for a fixed price - - usually $1,000 to $1,500 - in the event of the borrower's default.
If a borrower missed a payment, TranSouth had the vehicle repossessed.1 It then mailed a"Notice of Private Sale," giving the borrower an opportunity to redeem the vehicle.2 Any vehicles that were not redeemed were retransferred, with the accompanying notes, to Falk's for the prearranged consideration.

Upon repurchasing the notes, Falk's assigned them to JB, its wholly- owned subsidiary. JB then demanded payment from the borrowers for the "deficiency" between the loan balance and the price obtained by the "sale" of the vehicle, i.e., the retransfer price. If the borrower failed to pay, JB filed a deficiency action in state court for the stated amount. On occasion, JB also claimed attorney fees of twenty-five percent, notwithstanding that it had filed suit without the assistance of counsel



Why do you hate Freedom?
 
2012-04-24 08:29:13 PM  

Mikey1969: Too bad for places like this that prices are coming down on electronics, good news for the people they prey on, but bad news for these companies, I bet they don't last 10 more years with this pricing scheme. There might still be people out there this desperate, but change is in the wind.


Furniture and appliances have always been their bread and butter and will continue to be.
 
2012-04-24 08:30:39 PM  

cig-mkr: I found the guy, Charlie Falk, that I was talking about. This guy was the original dirtbag.

http://www.law.emory.edu/4circuit/sept96/952629.p.html

According to the complaint, TranSouth conspired with Charlie Falk's Auto Wholesale, Inc., and JB Collection Corporation, both of Norfolk, Virginia, to effect an automobile "churning" or revolving repossession scheme. Falk's sold used vehicles at inflated prices, offering to arrange financing at interest rates as high as thirty percent.

Under the terms of the financing contracts, Falk's retained a security interest in the vehicles pending full repayment of the loan by the borrower. Falk's then assigned the secured notes to TranSouth, agreeing to buy back the notes for a fixed price - - usually $1,000 to $1,500 - in the event of the borrower's default.
If a borrower missed a payment, TranSouth had the vehicle repossessed.1 It then mailed a"Notice of Private Sale," giving the borrower an opportunity to redeem the vehicle.2 Any vehicles that were not redeemed were retransferred, with the accompanying notes, to Falk's for the prearranged consideration.

Upon repurchasing the notes, Falk's assigned them to JB, its wholly- owned subsidiary. JB then demanded payment from the borrowers for the "deficiency" between the loan balance and the price obtained by the "sale" of the vehicle, i.e., the retransfer price. If the borrower failed to pay, JB filed a deficiency action in state court for the stated amount. On occasion, JB also claimed attorney fees of twenty-five percent, notwithstanding that it had filed suit without the assistance of counsel


Yep, had a girlfriend who worked for Charlie Falk in Portsmouth back in the 90's. Biggest dirtbag operation ever. They'd take anyone, and I mean ANYONE, have them sign a note with payments around 36% APR for a 4-6 year old beater that cleaned up nice, take the payments, then when it broke down in a year or two, repo it, sue the guy for the contract, fix it, clean it up again, then find the next sucker.
 
2012-04-24 08:37:43 PM  
Rape-A-nubian
 
2012-04-24 09:00:00 PM  
Worked at one of these places when I was younger.

Sucked.
Constantly calling up people to get payments from them.

And in the end, I didn't rent a thing.
 
2012-04-24 09:03:09 PM  
Expoiting desperate and poor people is good business. Usuary Payday Loan outfits are also doing very well as are businesses related to the foreclosure industry.

Got to love profits that are grown on the sweet sweet tears of your fellow Americans.
 
2012-04-24 09:18:31 PM  

Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.


I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.
 
2012-04-24 09:25:40 PM  

Geotpf: Mikey1969: The place is a ripoff, and just as much of a predatory shark as Payday loans. Don't EVER get something at any kind of Rent To Own place. Sure, they break into nice payments, but in the end you pay at least 4 times the retail price. Like that $150 BluRay player? Sure, you're only paying $33/month for it, but after 18 months, you've paid $600 for it.

Too bad for places like this that prices are coming down on electronics, good news for the people they prey on, but bad news for these companies, I bet they don't last 10 more years with this pricing scheme. There might still be people out there this desperate, but change is in the wind.

Nah, there are stupid poor people everywhere, and always will be. I mean, it is possible to Rent to Own farking rims. If you can't afford farking rims, or at least don't have a credit card to be able to charge them, you don't need them, idiot.

Places like these, which successfully prey on the poor and stupid, make it (slightly) harder for me to be in favor of a government safety net. That's the conservative argument-people are poor because they are stupid and/or lazy. And, in quite a few cases, that's an accurate statement. Of course, in quite a few cases, it is not.


I really don't have any sympathy for the people that get involved with any of this. Businesses are not charitable organizations. The people that frequent these places have a welfare mentality and that is why they are poor.
If you can't afford something but feel the need to have it to look sharp or cool you deserve what you get.
 
2012-04-24 09:28:56 PM  
www.exposemittromney.com

"My friends, these businesses provide a valuable service to honest, hardworking Americans who want high-quality goods on easy terms. I remember one time when I wanted Heart Forever, a beautiful race horse who was the grandchild of War Admiral. I was a couple years out of college so I couldn't afford such a young future champion. Instead, I had one of my female horses inseminated with War Admiral's semen. That's what America is all about: living within your means and doing what you can with what you have."
 
2012-04-24 09:31:14 PM  

oh_please: cig-mkr: I found the guy, Charlie Falk, that I was talking about. This guy was the original dirtbag.

http://www.law.emory.edu/4circuit/sept96/952629.p.html

According to the complaint, TranSouth conspired with Charlie Falk's Auto Wholesale, Inc., and JB Collection Corporation, both of Norfolk, Virginia, to effect an automobile "churning" or revolving repossession scheme. Falk's sold used vehicles at inflated prices, offering to arrange financing at interest rates as high as thirty percent.

Under the terms of the financing contracts, Falk's retained a security interest in the vehicles pending full repayment of the loan by the borrower. Falk's then assigned the secured notes to TranSouth, agreeing to buy back the notes for a fixed price - - usually $1,000 to $1,500 - in the event of the borrower's default.
If a borrower missed a payment, TranSouth had the vehicle repossessed.1 It then mailed a"Notice of Private Sale," giving the borrower an opportunity to redeem the vehicle.2 Any vehicles that were not redeemed were retransferred, with the accompanying notes, to Falk's for the prearranged consideration.

Upon repurchasing the notes, Falk's assigned them to JB, its wholly- owned subsidiary. JB then demanded payment from the borrowers for the "deficiency" between the loan balance and the price obtained by the "sale" of the vehicle, i.e., the retransfer price. If the borrower failed to pay, JB filed a deficiency action in state court for the stated amount. On occasion, JB also claimed attorney fees of twenty-five percent, notwithstanding that it had filed suit without the assistance of counsel

Yep, had a girlfriend who worked for Charlie Falk in Portsmouth back in the 90's. Biggest dirtbag operation ever. They'd take anyone, and I mean ANYONE, have them sign a note with payments around 36% APR for a 4-6 year old beater that cleaned up nice, take the payments, then when it broke down in a year or two, repo it, sue the guy for the contract, fix it, clean it up again, th ...


Yep, Charlie had places all over. I remember the one in Virginia Beach well. He had the cars the young sailors wanted, fairly new, hot ride, fast. Saw one I would have given a left nut for. But, knowing that the Navy blacklisted him I wouldn't even walk on the lot. He screwed more E1's than the hookers in Ocean View, kept Navy legal people busy.
 
2012-04-24 09:31:52 PM  

Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.


So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?
 
2012-04-24 09:33:53 PM  

Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?


You can't teach financial literacy until you teach actual literacy. That's the problem; high schoolers are no longer reading at a high school level.
 
2012-04-24 09:48:56 PM  

gimmegimme: Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?

You can't teach financial literacy until you teach actual literacy. That's the problem; high schoolers are no longer reading at a high school level.


At the risk of showing my age, Back in the day, high school had classes called Home Economics. Taught the basics of finances, income, out going, interest on loans and things that kept you solvent.
 
2012-04-24 09:53:51 PM  

cig-mkr: gimmegimme: Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?

You can't teach financial literacy until you teach actual literacy. That's the problem; high schoolers are no longer reading at a high school level.

At the risk of showing my age, Back in the day, high school had classes called Home Economics. Taught the basics of finances, income, out going, interest on loans and things that kept you solvent.


Are those concepts on the test?
 
2012-04-24 10:05:18 PM  
For the amount of crap - OK, sometimes passably useful stuff - found at thrift stores, yard sales, catalog overstocks, etc., I have to wonder why we have such a thing as national rent-to-own chains.
Would it not be economically sounder to go to a thrift store and buy a $15 nightstand with a couple of chips in the particle board it's made from???
(Unless, of course, you actually need to rent furniture because you've got a job that has you traveling to and staying at a hellhole for a few months.)

/found cool books at a Habitat for Humanity surplus store
 
2012-04-24 10:24:15 PM  

Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?


Yes, suck them dry. How many of us here were taught in school about the evils of payday loan places or rent-to-own businesses? I know I wasn't, yet I know better than to go there.

It takes a level of stupidity I can't even comprehend to walk into one of these places, look at terms offered, and think it's a good idea.
 
2012-04-24 10:29:30 PM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


I worked at one of these places. Once it is repo'd, you are off the hook. The problem is we called people on the day the rental payment was due and we harrassed them relentlessly. We rarely sold new items. It was all repo'd stuff.
 
2012-04-24 10:30:55 PM  
If you are stupid enough to go there then you deserve to be ripped off.
 
2012-04-24 10:42:33 PM  

AliceBToklasLives: I prefer the "save-to-own" plan.

/blame equally shared - rent-to-own places are scams and their customers are idiots


There are two sides to every story. If you don't have the money or the credit renting a washer/dryer, oven, or refrigerator may be necessary. Buying electronics is stupid, however. The other problem with renting to own is cockroaches. From my experience, Nearly everything in a rent-to-own store is used. We use to leave repo'd appliances outside during the winter to kill the bugs. I'm not sure what they do during the summer.
 
2012-04-24 10:44:57 PM  
Stock's back up in the $30's... It was in the $10-$15 range in 2008

It's a good economic sign when people who are bad with their money have enough of it to go to rent-to-own shops once again. Right?
 
2012-04-24 10:58:36 PM  

Huck And Molly Ziegler: For the amount of crap - OK, sometimes passably useful stuff - found at thrift stores, yard sales, catalog overstocks, etc., I have to wonder why we have such a thing as national rent-to-own chains.
Would it not be economically sounder to go to a thrift store and buy a $15 nightstand with a couple of chips in the particle board it's made from???


Sure. If you even needed 'X' in the first place (speaking as someone who slept on a Goodwill sleeping bag on the floor of my shared apartment for, um, five years). A nightstand? You need that?

Sometimes they're planning to scam from the get-go. Sometimes it's just as simple as the fact that the RTOs deliver. A lot of drama-llama work-at-screwing-up-their-own-life poors (there are millions, sorry to say) have already burned out every 'helpful friend with a pickup' in their life. It's the easiest way to get a couch into their apartment.

There's some of the 'appearance' for the sake of the mating-dating drive. I didn't exactly date over those five years I lived neo-monk. There's 'appearance' for domestic harmony (spouse that expects what you can't provide). There's the 'deserve' feeling ("I'm working 45 hours a week, I shouldn't have to have used furniture"). And there's the strange-but-common 'appearance' trap with your own kids. Not that they cared about furniture or ever went RTO, but my wildly-in-card-debt parents (didn't know how bad until they were gone) bought me all kinds of unnecessary shiat. Never said "you know, we're farking broke". Guilt? Recreating their Boomer childhoods? I wasn't bothered by garage sale clothes or furniture, but if you had a slightly more brand-conscious kid who complained about getting used stuff?
 
2012-04-24 11:00:51 PM  

bgilmore5: There are two sides to every story. If you don't have the money or the credit renting a washer/dryer, oven, or refrigerator may be necessary.


You can get by without most of those until you have the money to buy a used one off craigslist. You can wash and dry your clothes at a laundromat. Most people would need just the range to get by on the oven and a single burner can be had for under $20. The fridge is more difficult. I suppose one could either eat out until they had the money (but that would be expensive in the short run), use dry ice to chill the unit if it was just malfunctioning, or just eat non perishable foods.
 
2012-04-24 11:19:24 PM  

OvenFreshJew: Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?

Yes, suck them dry. How many of us here were taught in school about the evils of payday loan places or rent-to-own businesses? I know I wasn't, yet I know better than to go there.

It takes a level of stupidity I can't even comprehend to walk into one of these places, look at terms offered, and think it's a good idea.


No, it takes desperation. Not everyone has family or community to help them in times of trouble. Some people are along and have no alternatives. Some will look down at, mock, and judge others because they lack empathy and basic human decency.

Should we protect the weak among us or exploit them? Should a people in bondage or being exterminated continue as such because they "were too weak/stupid" to help themselves? Schadenfreude is a German concept you seem to have embraced.
 
2012-04-24 11:44:53 PM  
There is a RTO place near my house that not only RTO's, but gives payday loans and buys gold as well. It's like a one stop wallet emptying shop.
 
2012-04-24 11:53:27 PM  
Someone should call Marshall Lucky.
 
2012-04-24 11:54:44 PM  

Kuroshin: This shiat's comedy gold:

Stories from Rent-to-Own. (Something Awful, Clicky-Pops)


Thanks for that.
 
2012-04-25 12:23:45 AM  

cig-mkr: At the risk of showing my age, Back in the day, high school had classes called Home Economics. Taught the basics of finances, income, out going, interest on loans and things that kept you solvent


Home Ec is now the class that the burn-outs and the pregnant girls take. It's just short of dropping out of school. Yes, they also teach the girls how to take care of their babies.
 
2012-04-25 12:42:00 AM  
Caveat Emptor ftw.
 
2012-04-25 12:52:09 AM  
Sounds familiar....

theother87.files.wordpress.com
 
2012-04-25 04:36:19 AM  
I've been looking for a way to rip them off & get a bunch of free stuff, just before moving, but frankly, I'm too f**king lazy.
 
2012-04-25 05:57:35 AM  

Geotpf: Mikey1969: The place is a ripoff, and just as much of a predatory shark as Payday loans. Don't EVER get something at any kind of Rent To Own place. Sure, they break into nice payments, but in the end you pay at least 4 times the retail price. Like that $150 BluRay player? Sure, you're only paying $33/month for it, but after 18 months, you've paid $600 for it.

Too bad for places like this that prices are coming down on electronics, good news for the people they prey on, but bad news for these companies, I bet they don't last 10 more years with this pricing scheme. There might still be people out there this desperate, but change is in the wind.

Nah, there are stupid poor people everywhere, and always will be. I mean, it is possible to Rent to Own farking rims. If you can't afford farking rims, or at least don't have a credit card to be able to charge them, you don't need them, idiot.

Places like these, which successfully prey on the poor and stupid, make it (slightly) harder for me to be in favor of a government safety net. That's the conservative argument-people are poor because they are stupid and/or lazy. And, in quite a few cases, that's an accurate statement. Of course, in quite a few cases, it is not.


In america, "poor people" have rims. Stupid rich people holding the poor man down with this horrible economic system we have.

Its not that the conservatives are necessarily saying you are stupid or lazy if you are poor, its just that maybe, just MAYBE they dont like being asked for more money when, well, "poor" people have rims on their cars.
 
2012-04-25 06:12:17 AM  

cig-mkr: gimmegimme: Corporate Self: Funbags: Corporate Self: Got to love profits that are grown on the sweet sweet tears of your fellow Americans.

I have always been a fan of personal responsibility.

Its one thing when people need a "payday loan" if their car breaks down and they need emergency funds for repairs so they can get to work/school. The predatory lenders who prey on these people suck.

Its a whole other thing when those pulling minimum wage just GOTS to have chrome spinners on their rusted out '78 Lincoln Continental, or a 80 inch Plasma TV, or some other trapping of faux wealth.

There's not interest rate too high, nor terms too draconian for such people. Every cent you can take from them is fair play.

So you were taught not to trust lender in school?

We don' teach about the evils of these businesses in schools. You think people of low intelligence should be scammed out of their money because they didn't understand the arcane details of a 30 page loan document?

You can't teach financial literacy until you teach actual literacy. That's the problem; high schoolers are no longer reading at a high school level.

At the risk of showing my age, Back in the day, high school had classes called Home Economics. Taught the basics of finances, income, out going, interest on loans and things that kept you solvent.


in my high school we were not necessarily taught the basics of personal finance (my parents showed me that, thankfully) but we did learn about loan payment calculations in a math class.

then again, I went to a really good public high school.

/I am so smart. s-m-r-t
 
2012-04-25 07:05:32 AM  
dumbobruni:
in my high school we were not necessarily taught the basics of personal finance (my parents showed me that, thankfully) but we did learn about loan payment calculations in a math class.

then again, I went to a really good public high school.


My high school wasn't so great, but every 10th grader took Life Management Skills that included health, nutrition, and personal finance. I was surprised even then how many of my "peers" couldn't balance a check book or understand the concept of compound interest. Last year my oldest entered 9th grade and I gave her a savings chart from Dave Ramsey's website showing how saving a fixed amount every month grows over 40 years; she taped it up on her wall next to all her Beatles posters. I think she's going to be just fine.

/Her younger sister can't spell 'cat' if you spot her the C and T.
//Gotta work on that one some more.
 
2012-04-25 07:55:38 AM  
 
2012-04-25 08:03:32 AM  
Rent-A-Center's most valuable customer base also happens to be Obama's main constituency.
 
2012-04-25 08:19:27 AM  

cig-mkr: Serious question. Let's say you sign the contract and a few months down the road you blow off a couple of payments. Do they repo the item, and are you still responsible for the payments? I ask because when I lived in Virginia Beach there was a car dealer, Charlie Falk, who would finance E1's and up. If you missed a payment they repossessed the car, re sold it, and you were still on the hook for the payments.


It's not the same.

Also, on a car, you can only force the person to pay the difference between the balance of the loan plus what it cost to repo and sell, and what you sell the car for.
 
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