Ok how about instead of charging $1063 for an Xbox One that's really worth about $300 tops they charge $550 for it. Still made a profit. Still ripped the poor person off but its nowhere near as ridiculous.
Rent a center should be illegal
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the cac mamba
Veteran
or how about...the poor person doesnt buy it
i know thats a radical conceptwhat does your proposed law say exactly, and how do you target rent a center without making credit card companies illegal for doing the same thing but with money?
or how about...the poor person doesnt buy it
what does your proposed law say exactly, and how do you target rent a center without making credit card companies illegal for doing the same thing but with money?
The reality is rent a center and similar rent to own businesses target households who earn less than 50k a year and through their pricing model, repossessions, use of law enforcement and other aggressive and predatory tactics create an overall less healthy situation for an already marginalized class.
As a society there should be protections in place to help regulate or altogether ban this practice.
the cac mamba
Veteran
Lease to buy businesses are a different class of business than credit card companies. The laws wouldn't overlap. You're attempting to create a conflict where there isn't one. Very corporate shill of you.
The reality is capping markup over msrp, requiring clear customer education of what they're receiving, paying, as well as the potential harm that comes along with the rent to own service, and lastly offering protection under CFPB would go a long way.
the cac mamba
Veteran
so when their website says "you pay 34.99 a month for this tv, which is 1800 in total" isn't clear educationLease to buy businesses are a different class of business than credit card companies. The laws wouldn't overlap. You're attempting to create a conflict where there isn't one. Very corporate shill of you.
The reality is capping markup over msrp, requiring clear customer education of what they're receiving, paying, as well as the potential harm that comes along with the rent to own service, and lastly offering protection under CFPB would go a long way.
ive had enough of this government shill ramble. enjoy petitioning your congressman about this
what you quoted was RAC's PR spin way of saying "poor people with bad credit want to live like the joneses and we've figured out a way of making that happen for them while protecting our bottom line." if people who can't afford it didn't want samsung and LG tvs or xboxes and playstations these stores wouldn't exist. when i previously said they offered nothing that i would consider a necessity you mentioned appliances, but what they're offering isn't, the brand is the necessity. i've sold my old dishwasher, range, water heater, washing machine and dryer on craigslist for $100 bucks each (fridge was $400) and they were perfectly fine. i was just changing them because i wanted a different color and i could afford it. and there are many deals like that to be had on craigslist. but i guess some would argue that just because they are poor doesn't mean they don't deserve a brand new top of the line appliance.
orlando for sale "refrigerator" - craigslist
you're telling me that $50 fridge on the first page is beneath them? if your fridge died or your new place doesn't have one, that will tie you over until you save up your own money and buy the brand new one you want.
when it comes to financing, the greater the risk of default, the higher the interest rates. no one is arguing that rent to own is an honorable business. i hate them because as someone who likes a good deal it offends me. but not putting any blame on the consumer who is walking through that door to buy shyt they have no business buying doesn't solve anything because they'll find something else to be stupid about. it'll be like wack-a-mole. we do have a say in how we behave financially, we're not helpless. if you want to rent to own a playstation for little johnny instead of getting him a library card then do you.
Hold up? Who the hell would pay that for beats?
You do understand what predatory lending is right? Rent-A-Center is a predator preying on low income people. You know it and they know it. Nobody that has better options steps for in a Rent-A-Center. People with bad credit should have to pay more. I don't disagree but these places take people with limited options and even less understanding and screw them over.or how about...the poor person doesnt buy it
what does your proposed law say exactly, and how do you target rent a center without making credit card companies illegal for doing the same thing but with money?
Credit card companies are already limited on the interest they can charge. Also you can pay a credit card company back at any time and limit the interest to a reasonable amount.
Some states limit what Rent-A-Center can charge for a product so they dance around that by making up bs fees. Turns out in the states with limits Rent-A-Center has fees that drive the cost up to the same price as the states without such limits.
These are con artist trying to slip between the cracks of the law and prey on the most vulnerable of us.
the cac mamba
Veteran
rent a center is incredibly straightforward with what they charge you. we don't need legislation protecting the stupidity of people who in 2018, don't know how to surf the internet, buy used off craigslist, or "need" to go to rent a center for items like TVs that are not necessities. this thread is fukkin embarrassing
Rent-to-own customers face high costs, harassment, few protections
If you can read that article and tell me what these companies are doing is ok you're emotionless.
Mofos use lobbying to keep their con game legal. They dance around laws financial institutions have to answer to.
We do need that legislation. People shouldn't be exploited simply because they're poor and have few options. I'm not arguing that poor people shouldn't make better decisions I'm arguing that our government shouldn't turn a blind eye to companies who's whole existence is simply to exploit poor people just because someone greases their plams.rent a center is incredibly straightforward with what they charge you. we don't need legislation protecting the stupidity of people who in 2018, don't know how to surf the internet, buy used off craigslist, or "need" to go to rent a center for items like TVs that are not necessities. this thread is fukkin embarrassing
the cac mamba
Veteran
but this is not shyt that anyone NEEDS to buy
how the fukk are you gonna pass a law that says "you can't buy a consumer item and rent/sell it to someone else at whatever rate you want to"? there is NO COERCION going on when a person decides they want to pay rent a center the price they set for a television
the cac mamba
Veteran
it would be a con game if they had a monopoly. THEN, what you guys are saying would have merit and be worth acting on
but what they do is about the furthest fukkin thing for a monopoly i can think of
it's the internet agepost one thing rent a center provides that can't be bought at least 3 other places, and with a credit card or a personal loan
In some states the law you're saying they can't pass already exist. The problem is when that law was passed they said ok we'll just invent fees to drive the price back up to where we want it. From there they lobby to keep the government off their ass.but this is not shyt that anyone NEEDS to buy
how the fukk are you gonna pass a law that says "you can't buy a consumer item and rent/sell it to someone else at whatever rate you want to"? there is NO COERCION going on when a person decides they want to pay rent a center the price they set for a television
The fact that you're right in that these people don't have to go this route doesn't make me wrong in saying that the government shouldn't allow businesses who's whole objective it to exploit poor people to go unchecked.
Rent-A-Center doesn't exist to make poor people's lives better or easier. Rent-A-Center doesn't even want you to pay that item off. They wanna repo it and re-lease it to many more people repeating the cycle. You've likely already paid what the item cost them anyway at the point of them repossessing it. That's why the harassment happens. You're a few days late on a payment, ya know because you're poor and shyt happens, and they start blowing up your phone, calling your family / friends, and waiting outside your house with a truck. All stuff that if they were in the financial industry proper they couldn't get away with like they do.
