• At Rent to Own Company X, they advertise that you can take a television home for $26.99 a week for 104 weeks (2 years).
• Sounds great right? Take this TV home, no down payment and just pay $26.99 a week and eventually I will own it. • What you are really paying for with Rent to Own: You are paying $26.99 X 104 weeks = Total of $2,806.96! • That’s an interest charge of about 122% APR!
• Add a Down payment of $100• New Amount to Finance $948 • Financed with Del Sol Credit for the same term as the Rent to Own contract of 104 weeks (2 years).• Del Sol's Monthly payment comes out to $54.98 per Month!
• So, For 24 monthly payments (2 Years) of $54.98 You are only paying = Total of $1319.52 • Plus your initial down payment of $100 • The Total cost to own the same television ends up being: $1419.52 • With Del Sol Credit the same product would only cost you $1,419.52!, That’s $1,387.44 cheaper than Rent to Own! Almost 50% less than Rent to Own!
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