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(LA Times)   Rent-to-own shops now offer tires ... at highly inflated prices   (latimes.com) divider line 12
    More: Obvious, High Price, repossessions, Rent-A-Center, Dodge Caravan, Chevy Silverado, credit check, University of Houston, tires  
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1345 clicks; posted to Business » on 11 Jun 2013 at 9:38 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-11 09:51:40 AM  
6 votes:
It's expensive to be poor.
2013-06-11 11:29:42 AM  
1 votes:
MSNBC article.

Rent-A-Wheel/Rent-A-Tire operates 88 stores in 11 states and expects to top 100 locations this year. Company president Matt Seaburn told Tire Business  that about a third of his customers buy tires and wheels upfront and another third use a 90-day payment option.

"Then the rest of the customers go on rent-to-own," he added, "and a majority of those customers do end up buying it at some point." Seaburn notes that some customers prefer to rent perpetually, to keep up with the newest automotive trends and styles.

"They are interested in the latest and greatest product," he said, "and so maybe every several months or so, they're asking about what's new that they can put on their car and they'll return the product that they have and just put on what's new."

So yeah, there are dumbasses.
2013-06-11 11:10:11 AM  
1 votes:
Buddy of mine manages a Rent-A-Center, and the affiliated rim and tire joint makes a killing. Does lots and lots of business. Doesn't sell a lot of steel rims or regular tires, curiously enough. It's all fancy alloys and low-profile tires. Huh. Who'da think it?
2013-06-11 11:08:24 AM  
1 votes:

Flying Lasagna Monster: It's expensive to be poor.


Indeed it is.  These rent to own places have never been good deals.  I'm fortunate.  I've saved up for cars before I bought them - never a lease or a lease or financing that required a monthly payment.  That's farked up.

it makes much more sense to me to earn even the measly interest that banks offer before I buy a new car than to pay interest after I do.

I also keep my cars until the wheels fall off.  My current car is 12 years old.  It runs fine.  It's not fancy or anyting.  The car before that I had for 11 years.

I even learned how to change the brakes on the damn thing - that was actually quite simple and much less expensive than getting some flunky mechanics to do it for me.
2013-06-11 11:08:16 AM  
1 votes:
Rent-to-own is amazing to me. It's as if people look at their credit cards and think they're not getting screwed hard enough.
2013-06-11 10:54:17 AM  
1 votes:
These people aren't unfortunate--they're just really dumb.

There are places all over that sell used tires if you have to get one in a pinch, or just get a new one per month for four months.

Never in the history of my life, one that started with the inflation-corrected income of $16,000 per year the first year we were married, have I ever even thought of using a rent-to-own store or title loan joint.  People who do pretty much deserve to be fleeced.
2013-06-11 10:40:35 AM  
1 votes:

TheManMythLegend: Somethings is fishy,  a Chevy Silverado is an odd size?  There are probaly 20 Silverado's in the parking lot I can see from the window at work.


One would have to suspect he wasn't running factory-stock steel rims.

devildog123: FTA:  I know you have to pay a lot more this way," said Florence Cherry, a 57-year-old nurse who drives the 15-year-old van when her husband, a Vietnam veteran, isn't using it to get to his job as a prison guard. "But we didn't really have a choice.

Both of those are fairly decent paying jobs.  What they have isn't poor, it's financial mismanagement.


It depends a bit on how much you read into those titles.  An LPN will call herself a nurse (at least in these parts) and make around $13.50/hr.  Half the prisons around here are privatized CCA joints.  No cushy government pension.  $12-14/hr.  (And they wonder why so many of the guards are on the take).  Although both jobs tend to have lots of overtime if you want it.
2013-06-11 10:32:58 AM  
1 votes:

BigBooper: pheelix: BigBooper: Cybernetic: In other news, some people don't know how to do a basic budget that includes items like car maintenance.

RumsfeldsReplacement: At some point, don't you have to just give up and say "stupid is as stupid does"?  These people have no hope.

A lot of people know that this is a really bad deal, but because of medical bills, or lost jobs, or a host of other reasons, people get behind and can't get caught up.

These types of places pray on the desperate as much as they do on the stupid.

I'll keep that in mind next time I see a guy pull out of one of those places with brand new 20" rims on his '88 Brougham and a big screen strapped to the roof.

In TFA, it said that the big chain that used to rent/sell primarily rims, now gets 2/3's of it's business from tires. Yes some of that is stupid people doing stupid things, but more and more, it's people who just need tires to get to work.


TFA also used a couple with decent jobs who could easily be making $100K/year between the two of them as an example.
2013-06-11 10:22:51 AM  
1 votes:
If you're willing to spend money on stupid shiat, somebody is willing to take it.
2013-06-11 10:11:34 AM  
1 votes:

Flying Lasagna Monster: It's expensive to be poor.


FTA:  I know you have to pay a lot more this way," said Florence Cherry, a 57-year-old nurse who drives the 15-year-old van when her husband, a Vietnam veteran, isn't using it to get to his job as a prison guard. "But we didn't really have a choice.

Both of those are fairly decent paying jobs.  What they have isn't poor, it's financial mismanagement.
2013-06-11 10:10:04 AM  
1 votes:
A nurse and a guard at a prison used as example from tfa. They just have horrible money skills, i don't feel bad for them.
2013-06-11 09:59:30 AM  
1 votes:

Cybernetic: In other news, some people don't know how to do a basic budget that includes items like car maintenance.


RumsfeldsReplacement: At some point, don't you have to just give up and say "stupid is as stupid does"?  These people have no hope.


A lot of people know that this is a really bad deal, but because of medical bills, or lost jobs, or a host of other reasons, people get behind and can't get caught up.

These types of places pray on the desperate as much as they do on the stupid.
 
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