Kai Rivers
Rent-A-Center offers flexible payment options for those looking to rent or purchase brand-name furniture, appliances, computers, and electronics. With no credit history required, customers can choose from a variety of payment schedules, including weekly, bi-weekly, semi-monthly, or monthly plans. The initial payment, which is the first payment towards the lease, is required before receiving the merchandise and is deducted from the total lease amount. Customers can also take advantage of early purchase options or return their merchandise at any time without further obligation.
| Characteristics | Values |
|---|---|
| Initial Payment | Required before receiving merchandise |
| First Renewal Payment | Due date based on pay dates entered in the application |
| Payment Frequency | Weekly, bi-weekly, semi-monthly, or monthly |
| Payment Methods | ACH, credit card, debit card, prepaid card, cash |
| Payment Locations | Mobile app, online account, phone, retail stores (CVS®, Dollar General®, Family Dollar®, 7-Eleven®) |
| Sales Tax | Applied to all payments in most states |
| Lease Renewal Payments | Approximately double the original invoice price |
| Early Purchase | Available after 6 months, with a discount on the remaining total |
| Returning Merchandise | Allowed at any time without penalty |
| Credit History | Not required |
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What You'll Learn
The initial payment is deducted from the total lease amount
Rent-A-Center offers a range of products for lease, including furniture, appliances, electronics, and more. The leasing process at Rent-A-Center involves making an initial payment, which is the first step towards acquiring the leased merchandise. This initial payment is not an additional cost but is instead deducted from the overall lease amount.
The initial payment is an important aspect of the Rent-A-Center leasing process. It serves as the first instalment towards the total lease amount and needs to be made before the merchandise is received. This upfront payment demonstrates the lessee's commitment to the lease agreement and helps facilitate the acquisition of the desired product.
The total lease amount at Rent-A-Center is calculated based on two main factors: the Acima Cash Price of the merchandise and the cost of the lease services. The Acima Cash Price refers to the value of the product, while the cost of lease services includes any additional fees associated with the leasing arrangement. By making the initial payment, lessees are essentially paying for the first portion of these combined costs.
It's important to note that sales tax may also apply to the lease payments, depending on the state. This sales tax is an additional cost that is typically applied to each payment, including the initial one. However, the initial payment itself remains a part of the total lease amount and helps reduce the overall cost for the lessee.
The leasing options at Rent-A-Center provide flexibility to customers. While the initial payment is required, lessees have the option to make lease renewal payments over time. Additionally, Rent-A-Center offers various payment methods, including ACH transfers, credit and debit cards, and cash payments at select retailers. These options ensure that lessees can choose the most convenient and suitable payment methods for their needs.
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You can pay weekly, bi-weekly, semi-monthly or monthly
Rent-A-Center offers a range of payment options to suit your needs and preferences. You can choose to pay weekly, bi-weekly, semi-monthly, or monthly, depending on what works best for your budget and schedule. This flexibility ensures that you can rent and purchase merchandise without the stress of large upfront sums or a rigid payment structure.
The initial payment, which is your first payment towards your lease, is required before you receive the merchandise. This initial payment is deducted from your total lease amount. After this first payment, you have the freedom to choose a payment frequency that suits you. You can pay in-person at your local Rent-A-Center store, or at any of the 60,000+ stores in their retailer network. This option is ideal for those who prefer face-to-face interactions and the convenience of paying for merchandise at a physical location.
Additionally, Rent-A-Center offers multiple ways to make payments remotely. You can pay over the phone by calling their customer service line, or by downloading the Rent-A-Center mobile app for Android or iOS. The app allows you to log in or create an account, and then follow the prompts to pay your bill using a debit or credit card. You can also set up automatic payments through the app, ensuring that your payments are made on time and providing you with a special offer through their AutoPay program.
The flexibility of payment options at Rent-A-Center gives you the power to shop worry-free and choose a payment schedule that aligns with your financial situation and preferences. Whether you prefer in-person interactions or the convenience of mobile payments, Rent-A-Center has you covered with their range of payment choices.
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You can own the product after making all lease renewal payments
At Rent-A-Center, you can own the product after making all the lease renewal payments. The period to ownership varies based on the item(s) chosen. If you make all the lease renewal payments, you will own the merchandise in 12, 18, or 24 months, depending on the lease agreement. You can also own the product sooner by purchasing it early as per the agreement and saving over the total cost of the lease.
The total lease amount is calculated based on the Acima Cash Price of the merchandise and the cost of the lease services. If you make all the lease renewal payments, you will pay approximately double the original invoice price of the property. Most states require sales tax to be paid on rental payments, meaning sales tax will be applied to all payments.
You can make lease renewal payments to Acima while using the merchandise, and you have the option to own it or terminate the lease at any time without penalty. There is no interest charged, but you make lease payments based on the value of the merchandise and the cost of lease services. Acquiring ownership by leasing costs more than the retailer's cash price.
You can also take advantage of early purchase options. If you are past 6 months, you can exercise an early purchase option to receive a discount off the total remaining payments required to acquire ownership. You can also return your merchandise (with no penalty) and then come back later and use your Lifetime Reinstatement.
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You can return the product at any time without further obligation
Rent-A-Center offers a flexible payment option for its customers. You can choose to pay weekly, bi-weekly, semi-monthly, or monthly. You can also choose to pay online, by phone, or in-store.
If you need to pause your payments, you can return the product at any time without further obligation. Your payments will be paused at no penalty, and you can pick up where you left off when you're ready. You can contact your store to schedule a return or return the merchandise in person. You will not lose the money you have already paid, and you can reinstate your agreement to get the same or a comparable item.
Note that Rent-A-Center only stores your payment history for 2 years, so you will need to bring your last payment receipt as proof for reinstatement.
If you prefer predictable payments and the flexibility of the lease, you can own the product after making all lease renewal payments. If you're ready sooner, you can purchase early as described in the agreement and save over the total cost of the lease. If you wish to stop making renewal payments before obtaining ownership, you can return your merchandise at any time.
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You can pay via E-Check, debit/credit card or cash
Rent-A-Center offers a range of convenient payment methods, including E-Check, debit/credit card, and cash.
If you choose to pay via E-Check, you will need to provide your bank routing number and checking/savings account number. This can be done online through the Rent-A-Center website or mobile app, or even through third-party payment platforms like Cash App. Online payments are quick, convenient, and secure, and you can also store multiple payment methods in your account.
For debit/credit card payments, you will need your card number, the associated CVV, and the card's expiration date. Rent-A-Center accepts Mastercard, Visa, and Discover cards. You can set up automatic payments using your debit/credit card, or you can make payments over the phone by calling customer service. Please note that a convenience fee may apply for certain card types.
If you prefer paying in cash, you can make your payments in person at the Rent-A-Center store or at various retailers in their network. You will receive a paper or digital bill with a barcode at the start of your lease-purchase agreement. This option provides flexibility, especially if you are not tech-savvy or do not have a reliable internet connection.
Regardless of the payment method, it is important to keep in mind that your initial payment is due before you receive the merchandise, and most states require sales tax to be paid on rental payments.
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Frequently asked questions
Yes, the initial payment is your first payment towards your lease and is required to be made before you receive the merchandise.
Most lease renewal payments are made automatically by ACH, directly from your bank account. You can also use a credit, debit card or most prepaid cards to make payments. Alternatively, you can make payments in the mobile app, logging into your online account, or over the phone by calling customer service.
Yes, you can return your merchandise at any time without further obligation.
Yes, you have the option to purchase your merchandise early at any time. You can exercise an early purchase option to receive a discount off the total remaining payments required to acquire ownership.
