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was Lotus Radio, which began operating as a radio rental business in 1933. Within the United States, the practice of retail-based rent-to-own companies started to develop in the 1950s and 1960s. Individuals pointed out as essential figures in the history of the rent-to-own transaction and application as a business design include Charles Loudermilk, Sr., who in 1955 began leasing out Army surplus chairs and later on established Aaron Rents, and J.

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T's Rental in Wichita, Kansas in 1963, and later helped develop Rent-A-Center. In response to a growing desire to share details, develop uniform practices and treatments, and cultivate a positive public image within the growing rent to own industry in the United States, lease to own dealers developed a trade association, The Association of Progressive Rental Organizations (APRO) in 1980.

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Today the association has approximately 350 member companies representing roughly 10,400 stores 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 agreements are based on a weekly or monthly rental term. In the structure of this type of transaction, the customer (lessee) - at the end of each week or month - can choose either to renew the lease on a weekly or monthly basis by making renewal payments, or to end the arrangement with no additional responsibility by returning the tangible property.

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An alternative purchase alternative is frequently provisioned for, enabling the consumer to pay off the remaining balance on the contract at any moment in order to acquire permanent ownership. According to  This Site  on the rent-to-own market in the United States conducted in 2000, consumers reported that they selected to participate in rent-to-own deals for a range of factors, consisting of: "the absence of a credit check," "the capability to acquire merchandise they otherwise could not," and, "the convenience and versatility of the deal." The most typical reason mentioned for frustration within the survey was high prices.