Tires at Rent To Own

[D2Cat]

I was in a store getting some help with my phone. When I came back to my truck I had a notice on the windshield from the next store. So I went in to apologize if I was in their reserved parking. I asked them about the sign I'd seen on a their back door that just said "TIRES", but I didn't know what tires had to do with that store and I never saw any activity related to tires.

Turns out the have customers go to a local automotive repair shop that also sell tires. The customer gets tires there and pays Rent To Own for them. I don't know how it works if the tires are not paid for in a timely fashion, or the owner moves to Tucomcary unannounced. I guess I'm just baffled folks buy tires that way.

Lugbolt's thread about repossessing cars made me thing about it.

 

[The Evil Twin]

I can't imagine what the interest rate is. Lol!!

 

[Mark_BX25D]

'Rent to own' is one of the ways that poor people stay poor.

 

[The Evil Twin]

^^truth!

 

[Biker1mike]

'Rent to own' is one of the ways that poor people stay poor.

Yikes, I found a price for this. Sample pricing is for Ironman Imove Gen2 AS, (225/50R17): $19.99 a week for 65 weeks, Total of All Payments: $1,299.35, Retail Value/Cash Price: $780.00;
Works out to about 60 some percent interest.

 

[mcfarmall]

I can see a market for that program. When the majority of cars on the road are AWD, you trash one tire and you're buy a whole new set at $1500 for the cheap ones.

 

[Fordtech86]

I don't know how it works if the tires are not paid for in a timely fashion,

they get repoed too. Have had them places come in to the shop while vehicles were getting worked in and take them.

(they were wheel and tire packages though, not sure about just tires though)

 

[Daren Todd]

I was in a store getting some help with my phone. When I came back to my truck I had a notice on the windshield from the next store. So I went in to apologize if I was in their reserved parking. I asked them about the sign I'd seen on a their back door that just said "TIRES", but I didn't know what tires had to do with that store and I never saw any activity related to tires.

Turns out the have customers go to a local automotive repair shop that also sell tires. The customer gets tires there and pays Rent To Own for them. I don't know how it works if the tires are not paid for in a timely fashion, or the owner moves to Tucomcary unannounced. I guess I'm just baffled folks buy tires that way.

Lugbolt's thread about repossessing cars made me thing about it.

There's a place locally that does rent to own rims and tires.

Coworker decided his wifes ride needed updating and used one of those places.

One key thing he neglected to take into consideration. "What happens if you quit making payments??"

He found out that very thing when he got up one morning and found his wife's buggy on blocks and the rims and tires gone. Buggy had a notice clipped under the windshield wiper letting him know that they were repossessed and not stolen

 

[NCL4701]

'Rent to own' is one of the ways that poor people stay poor.

Yep. It’s basically a work around to avoid usury statutes.

Several years ago I was talking to my brother-in-law about his needing to borrow a couple of tools he didn’t have in his set to fix his beater truck. He pointed out he would like to buy a new truck but he’d have to borrow near 100% at an exorbitant interest rate because of his past and current financial problems. He then correctly said I could probably get the same loan at a much better rate because I could also pay cash for it if I preferred. His point being once you get down financially the system makes it very hard to get back up. He did it, but it took many years of struggling financially.

I kind of doubt there are many people with a decent cash reserve or good credit who utilize rent to own as a method of purchase.

 

[Crash277]

we have a system of doing loans if your military, you can do whats called a canex plan (canex is the canadian version of a PX). you can go to an OK tire and there is just a processing fee that i think is around $30 and then you can pick your payment plan 1,2 or 3 years depending on the amount. it comes right off your pay with no interest. when i was a young private i did that for a set of tires for my truck. with teh military discount they gave it worked out to be less than full price.

 

[Orangeglow]

Lots of stupid people out there, that are terrible with math.
I guess the poor get taken advantage of big time, and get to a point were they have no other choice.
I often wonder how all these people managed to get themselves in such terrible positions, and how many poor choices they made along the way.

 

[NCL4701]

Lots of stupid people out there, that are terrible with math.
I guess the poor get taken advantage of big time, and get to a point were they have no other choice.
I often wonder how all these people managed to get themselves in such terrible positions, and how many poor choices they made along the way.

In my brother-in-law’s case: 3 ex-wives (all crazies he was told by many to avoid) and 4 kids with 3 different women had him living in a run down trailer with his mom. He didn’t really start to pull out of it until his kids started reaching age of majority and the child support stopped. He’s with his fourth wife now, no more kids, and looks like this one might stick. So, yeah. Poor life decisions in his case.

 

[GeoHorn]

In my brother-in-law’s case: 3 ex-wives (all crazies he was told by many to avoid) and 4 kids with 3 different women had him living in a run down trailer with his mom. He didn’t really start to pull out of it until his kids started reaching age of majority and the child support stopped. He’s with his fourth wife now, no more kids, and looks like this one might stick. So, yeah. Poor life decisions in his case.

Does that include marrying your sister..?? (or did You marry into That…?)

(just joking…. my sis and I have an always-broke, dim-witted brother that causes us to think Daddy must have pulled out early…)

 

[NCL4701]

Does that include marrying your sister..?? (or did You marry into That…?)

(just joking…. my sis and I have an always-broke, dim-witted brother that causes us to think Daddy must have pulled out early…)

Nah. He’s my wife’s brother. He was a great example for my son. Along the lines of, “Don’t do dumb stuff or you’ll end up like your uncle.” Scary stuff for a kid.

 

[GreensvilleJay]

It's NOT about the actual 'bottom line' cost, it's about the 'minimum monthly payment' to afford to get the 'toys' to 'keep up with the Jonses'......

Think about it... if you live and enjoy the 'toys' then die a million in the hole, do YOU really care ?

 

[Daren Todd]

It's NOT about the actual 'bottom line' cost, it's about the 'minimum monthly payment' to afford to get the 'toys' to 'keep up with the Jonses'......

Think about it... if you live and enjoy the 'toys' then die a million in the hole, do YOU really care ?

I worked with a guy like that. It was always about the minimum payment.

I did tell him one day that those minimum payments will eventually catch up to him.

 

[GeoHorn]

People that always do the “minimum required”….regardless of if it’s payment, effort, labor, …or commitment…are to be avoided.

 

[RCW]

Someone mentioned the Buy-here-Pay-here car dealerships.

I looked at inventory a local one had years ago. Cars were old with tons of miles. Tough in salted roads territory.

Down payment was about value of the car, then everything paid after that was gravy for the dealer. Real racket.

 

[Mark_BX25D]

Think about it... if you live and enjoy the 'toys' then die a million in the hole, do YOU really care ?

If you are a decent person, yes, you very much DO care.

 

[DustyRusty]

Rent to own is the definition of marriage. You pay from day 1 until one of three things happens. You die, she dies, or you get divorced. No matter which of the 3 happens, someone still has to keep paying the bills.