Hot off a minor PR flub in which it left a man hanging with a faulty dishwasher for 14 months, Sears announced this week it is entering the highly profitable rent-to-own business. The service is ideal for consumers who can’t get the financing for a new appliance, but would still like to own one… eventually. Whether an appliance or a mattress, a rent-to-own product must cost at least $280 to qualify for Sears' program, which is a collaboration with existing rental service WhyNotLeaseIt. "Over the last three to four years, it has become difficult for our customers to have access to credit and to get new credit," Jai Holtz, vice president of financial services at Sears Holding, told the Associated Press. "The program gives a much-needed financial solution to those unable to purchase on credit, secure credit, or because of immediate need, can't use layaway." It also taps into a highly profitable marketplace, which is probably the main reason Sears is interested in such a program.
According to Consumer Reports, some rent-to-own deals end up costing the buyer up to three times the original retail value of a given product—hardly the “financial solution” Holtz is alluding to. While staggered no-interest payments on a new fridge may seem enticing at first, consumers should be wary of the inherent dangers, most of which rely on consumer ignorance. Here’s an example from CR: “We recently examined offers at several rent-to-own merchants and found that you easily end up paying two to three times the amount it would cost to buy an item outright from a traditional retailer, with equivalent interest rates of as much as 311 percent.” That means that you’re better off financing a new appliance on a high-interest, predatory credit card than working through a rent-to-own program. While we certainly hope Sears will not stoop to swindling bloated revenue out of its lease-to-own shoppers—many of whom are low-income consumers—it’s not hard to see past their consumerist guise to the profit-minded interests underneath.
The most important thing is for consumers to be informed about their financing options before jumping head-first into a purchase. Our editors review and recommend products to help you buy the stuff you need. If you make a purchase by clicking one of our links, we may earn a small share of the revenue. Our picks and opinions are independent from any business incentives. Be in the know! news and reviews straight to your inbox. Thanks for signing up! Be the first to know about News, Reviews & Deals Yes I want to be in the know! No, I don't need to know Look for the latest news & reviews in your inbox soon. INNERSPRING RATINGS FROM CONSUMER REPORTS Click the link below to read the 2016 Consumer Reports Mattress Ratings: Click here to see the ratingsWe can contact stores for you:Price not availableWe can contact stores for you:Price not availableWe can contact stores for you:Price not availableWe can contact stores for you:Cool WindsPrice not availableWe can contact stores for you:We can contact stores for you:Price not availableWe can contact stores for you:Price not availableWe can contact stores for you
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for Galileo Super Pillow Top » for Renzelle Euro Top » for Arno Firm » for Wellness Euro Top » for Infinity 11 Euro Top » Comfort: Just rightSupport: ExcellentDurability: Completely wornPressure relief: NeverTemperature: ExcellentPros:Cons:Purchased Do you have something to say about your Sears-O-Pedic mattress? 258 ratings + 3 reviews). Note: The product line specifications above were derived from the active Sears-O-Pedic models listed on GoodBed. As a result, these details may not be comprehensive and may not apply to all Sears-O-Pedic models. If you are seeking specifications for a particular Sears-O-Pedic mattress, please search for that mattress by name on GoodBed, or check with your local Sears-O-Pedic dealer. Sears-O-Pedic is a mattress manufacturer that is based in Hoffman Estates, IL the United States. Have an update or correction to our information about Sears-O-Pedic? If so, please take a moment to If this is your business, claim your profile to update this information directly.
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