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Rent-to-own: stupid or no?

Everyone already said this, but yes, for any material item, rent to own is a total waste of money. Fridge, car, whatever. By the time you are done paying, you have not only paid double, but usually the thing is now a total piece of crap and needs to be replaced. The only time that rent to own makes some sense is with realestate. That way you are paying down on a mortgage that you have taken over and money isn't just getting thrown away on rent. Plus you didn't have to put the type of money down that you would have to secure the original mortgage.

But I guess that's a little off-topic.

So no. Do not rent to own appliances.
 
SimplerDays said:
The only time that rent to own makes some sense is with realestate. That way you are paying down on a mortgage that you have taken over and money isn't just getting thrown away on rent. Plus you didn't have to put the type of money down that you would have to secure the original mortgage.
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The way people keep moving around for work every 4-5 years makes me think buying a house isn't a good idea anymore. Add to that I think housing is still over inflated in many parts of the country I don't see buying as a long term win.

I don't think rent to own is stupid for people who need an item but have bad credit and/or could not afford to purchase an item outright. Nobody gives people crap about car loans even if you could get a better deal paying cash.
 
That's what they'd like you to think.

I could buy a car that lasts three months every two months for the payment most people I know make.

The total investment I've had in the cars I've driven every day for the last 15 years would get me through less than a year of payments on a new car that wouldn't last me 15 years.
 
krebizfan said:
Right now, many car loans are done at 0% interest. The manufacturer is subsidizing the purchase of the car.
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The interest charges are factored into the price of the car since GM (for example) used GMAC (Ally financial now) to give you those loans. Compare that to what an other finance company would charge you for a car loan and you will see how profitable it is. And if you buy a car with a "0%" 5 year loan and trade it in after the 5 years are up for a new one the car company makes even more money off of you.
 
Hehehehehehe... anybody who thinks the BANKS aren't raking it in, hand over fist, in every aspect of our everyday lives, so-called 0% loans included, is mentally defective and should never even be allowed to turn a computer on in the first place!!! Sorry, krebizfan, it's time to surrender your Big Red Switch(es). :) :) :)
 
The lender's advantage of the 0% loan is that they figured out how to legally make it disadvantageous for the borrower to pay the loan off early.
 
Moondog said:
My fridge started to frost up in the freezer section, and the fridge part wasn't getting enough cold air. Turned out to be a defective heater unit (keeps it frost-free) and I had a clogged drain, so water draining down into the pan was dripping out of the door.

I also had to replace the coupler bushing in my Whirlpool washer. I bought it used off an an engineer who worked at Whirlpool, and learned it was an engineering test fixture in a previous life. Under the top console was an hour meter, similar to those you find on the dashboard of a tractor or commercial lawn tractor. There was no model or serial number, which made ordering parts difficult. I had to bring the old bushing into a local repair shop to identify it.
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My fridge had the same thing happen - heater coil that melts the frost died. $40 later and I was back in business. On a frost-free free freezer/fridge, the major things are, are the coils clean, is the compressor running like it should be and properly charged, is timer that controls the defrost cycle running properly, and does the defrost heater work. They are not super complicated. The compressor and refrigerant loop are a sealed system so any fault is more than likely dirty coils, or a relay, timer, or heater module.
 
By fishing a bare copper sold wire through the drain tube, you can prevent it from freezing and clogging.
 
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