Rental Plus Program
If you are after a reputable company to do business with for your appliance rental or product rental needs then you have come to right place with Essential Appliance Rentals and our Rental Plus Program
Rent then Offer to Buy: Understanding the consumer lease agreement
In a consumer lease agreement what happens with your rental goods at the end of the contract, depends on what type of contract you signed. Many consumer leases operate under a Rent then offer to Buy model. Rental companies give their appliance rental programs a specific name such as ‘Rental Plus’, ‘Rent, Try, Buy’, ‘Rent To Buy’ but ultimately they are usually very similar with generally four different defining characteristics.
What to look out for when signing your lease agreement
At the end of the rental contract these are the 4 standard options available from rental companies who supply a consumer lease agreement.
- Make an offer for the rental appliance, which may involve paying an additional amount of money to purchase the item (be mindful that the lease provider by law has the right to refuse this offer so you want a provider you can trust. One with a good track record of supporting their clients and who doesn't look to rip them off with really high buy out figures).
- You can keep the rental appliance and continue to pay the agreed rental rate on the rental item
- Return the item in good condition to finalise the consumer lease.
- Upgrade to a new rental goods model after returning the old, and sign up for a new leasing agreement at an agreed upon rental rate.
Did you notice at the end of these lease agreements not one of the options says you automatically own the product? That's because a consumer lease is not a ‘Rent to Own’ agreement which is actually a sale of goods by instalment or a type of hire purchase in older language. With a consumer lease or rental there is often a misconception that you have bought the item at the end of the lease agreement. However this is not the case, you will need to make a choice which will probably be one of the above usual options in order to complete the rental contract.
The reputable and fair rental companies like Essential Appliance Rentals will often accept an extremely low offer on the rental goods in order to sell you the rental appliance and finalise the contract because they want to help you and have a happy long term client. Essential guides you through this process by sending you a letter 90 days out from the end of your contract with your options to complete the rental contract.
Essential Appliance Rentals can’t stress enough that you read your lease agreement. Not all companies are as morally and ethically minded as Essential Appliance Rentals. We have heard horror stories from customers who have been taken advantage of in the past with high payout figures and some have even had to return their items after the lease agreement because they didn’t read their lease agreements and their leasing company wouldn't even consider any offers!
How ridiculous is that, paying all that money and having to return it at the end of the lease without even being allowed to try to make an offer for the product? That will never happen to you at Essential Appliance Rentals - we live by our motto that if “you do the right thing by us we’ll always do the right thing by you, guaranteed.”