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was Lotus Radio, which started running as a radio rental service in 1933. Within  More Details  United States, the practice of retail-based rent-to-own businesses started to establish in the 1950s and 1960s. Individuals cited as crucial figures in the history of the rent-to-own transaction and application as a service model consist of Charles Loudermilk, Sr., who in 1955 started renting out Army surplus chairs and later founded Aaron Rents, and J.

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T's Rental in Wichita, Kansas in 1963, and later assisted establish Rent-A-Center. In response to a growing desire to share information, establish uniform practices and treatments, and cultivate a favorable public image within the growing rent to own market in the United States, lease to own dealerships established a trade association, The Association of Progressive Rental Organizations (APRO) in 1980.

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Today the association has around 350 member business representing around 10,400 shops in all 50 states, Mexico and Canada. Rent to own serves 4. 8 million customers at any offered time in the year. Deal structure [edit] Rent-to-own contracts are based upon a weekly or regular monthly rental term. In the structure of this kind of deal, the consumer (lessee) - at the end of every week or month - can choose either to restore the lease on a weekly or month-to-month basis by making renewal payments, or to terminate the arrangement without any further responsibility by returning the tangible property.

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An alternative purchase alternative is commonly provisioned for, enabling the customer to pay off the remaining balance on the agreement at any point in time in order to acquire long-term ownership. According to a Federal Trade Commission survey on the rent-to-own market in the United States performed in 2000, customers reported that they chose to participate in rent-to-own deals for a variety of factors, including: "the absence of a credit check," "the capability to acquire merchandise they otherwise might not," and, "the convenience and versatility of the transaction." The most typical factor pointed out for frustration within the study was high costs.