Archive for the ‘Benefits of Rent To Own’ Category

2010 Consumer Trends

July 9th, 2010 by admin

It seems like everything you read these days on the state of the economy is different. One report says we’re on the road to recovery, and another report says there’s a long way to go before we see the light at the end of the tunnel. With so many conflicting perspectives out there, it’s hard to know if you should start spending or continue to keep your wallet out of reach.

The good news is that renting is a smart way to get the things you need no matter how the economy is doing. In fact, according to Trendhunter.tv, Rental Culture is #17 in the Top 20 Consumer Trends for 2010.

Renting has really taken off in the recession, but it is far from a new concept. Just look at ColorTyme – we’ve been in business for 30 years! While back then you might have rented a color TV set, today you can rent virtually anything: fine art, clothing, purses, jewelry, homes, and even cars. For name-brand appliances, furniture, electronics and other home furnishings, ColorTyme is the place to be! The rent-to-own option we offer gives you the affordability and flexibility to own the things you need without a credit check.

Let’s take a look at some other consumer trends from this year that made the list:

Listed as #18 is a trend known as “Peacocking”. Basically, consumers are accessorizing with bright clothing and cosmetics to create a vibrant look. This brings attention to their wardrobe without having to pay big bucks for a designer label.

“Prodependancy” comes in at #15. Couples today are more likely to move in together than in past generations because of the credit crunch. In addition, there’s been an increase in products like matching tattoos, co-ed fashion and shared home furnishings.

“Nostalgia Marketing” is #12 on the list. The poor economy has consumers looking to escape financial hardships and seek refuge in the fantasies of their childhood giving vintage toys and clothing a big comeback.

#6 on the list is “Greenpliances”. This refers to appliances that help protect the environment including smaller laundry machines and soap-less dishwashers.

“DIY Décor” is listed as #2. Do It Yourself projects like building furniture from scrap material or creating a work of art from garage items is affordable and more socially acceptable than ever.
And, the #1 consumer trend this year is “Next Besting”. This means that people have become more functional in their purchases and attribute success to practical spending rather than having lavish items. Instead of purchasing top-of-the-line merchandise and pricey brands, people are trying new products in the pursuit of the “next best” alternative.

To see the complete list of trends, go to http://www.trendhunter.com/tv/trends-in-2010-forecast.

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Cost of laundromats vs rent to own washers and dryers

January 14th, 2010 by admin

Laundromats are no match for rent-to-own washers and dryers, mathematically or otherwise

If the cash outlay or credit involved in purchasing a washer and dryer for your home has been holding you back (or holding you hostage at the Laundromat), then it is time to look at an option other than outright purchase. Rent-to-own washers and dryers make sense on many levels, both mathematically and from a lifestyle prospective.

First, let’s look at the cold hard math. If you rent-to-own a washer and dryer from ColorTyme, on average, it will run you $18.99 per week. Delivery and set up is always included in the cost. Next, there are the energy and water costs. The chart below comes from Michael Bluejay, Mr. Electricity’s Web site. According to his site, most of the energy cost in doing a load of laundry is in the heating of the water. So, as a helpful side note, if use cold for colors and warm wash with a cold rinse for your whites, you can save a ton of money (and your clothes will be just as clean).

Total cost per load (electricity + water + water heating)
Wash / Rinse setting Electric water heater Gas water heater
Hot / Warm 69¢ 52¢
Hot / Cold 50¢ 39¢
Warm / Warm 50¢ 39¢
Warm / Cold 32¢ 27¢
Cold / Cold 14¢ 14¢

If you use warm water with a cold rinse for half your loads and cold water for the other half, your average cost per load will be 23 cents. But, wait, you still need to dry the clothes. The average cost per load in an electric dryer is 30 to 45 cents per load. However, a gas clothes dryer is much less costly, averaging 10 to 16 cents per load. Let’s assume you like the math, have read this article, and will rent-to-own the gas dryer, with an average cost of $.13 per load. This brings your average water and energy cost per load to 36 cents per load.

There are varying sizes of washers and dryers at a Laundromat. However, the regular size Laundromat washer costs about $2 per load and the average dryer 75 cents per load. With the hard costs established, you can now do the math. For a family of four, averaging two loads per day, a Laundromat will cost $165 per month (60 loads per month at $2.75 per load). With a ColorTyme rent-to-own washer and dryer conveniently located in your home, the monthly cost for the machines, $87.99 ($18.99 plus $1.33 tax x 4.33 weeks per month), plus the energy and water costs, $21.60 (60 loads times 36 cents per load), would only come to about $110 per month.

We probably don’t need to go into the upgrade in lifestyle issues when comparing doing laundry in the comfort and safety of your own home versus schlepping heavy bags of laundry to and from a public Laundromat. Anyone who has done laundry in a Laundromat knows that many Laundromats are unclean and can be unsafe, not to mention boring. However, in addition to the hassle of lugging laundry back and forth, there are a few more items to consider that add to the costs and make Laundromats an even heavier load. Travel costs (gasoline or metro to and from), your time, and heaven forbid if you turn your head for minute — the cost of stolen clothes — can add up big time.

Now you have all the smart reasons to upgrade your life in 2010 from the Laundromat to spending time with your family, reading a good book on the couch or any number of wonderful tasks while you do laundry at home sweet home.

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Rent-to-Own Versus Layaway

December 15th, 2009 by admin

If you are strapped for cash this holiday season or anytime, you may consider rent-to-own or layaway. These are two very different animals for which you should know the differences before making a decision.

For larger ticket items like washers, dryers, flat screen TVs and home entertainment equipment, rent-to-own and layaway are both options that don’t require a large cash outlay up front. But, that is where the similarities stop. There are key differences between the two. First, with rent-to-own, you can take the item home the same day without any credit. With layaway, you may or may not need credit, but will definitely not be able to take the item home that day. With the holidays around the corner, this takes some of the fun out of putting money down on a gift.

Also, most layaway programs aren’t as flexible as rent-to-own. For instance, with most layaway programs there is typically a $5 non-refundable service fee on all contracts and a cancellation fee of around $10. Both the service fee and cancellation fee are usually collected up front and are not refunded if the merchandise is returned to stock due to missed payments. With most retailers, layaway merchandise will be returned to stock seven days after a missed payment.

Conversely, rent-to-own is much more flexible. Let’s take your local Hometown ColorTyme for example. If you’re looking for furniture, electronics, computers and/or appliances, ColorTyme will have it in stock and you can take it home the same day in most cases. With ColorTyme no credit is needed, and there are flexible low payment options, early purchase options and, of course, you can make an outright purchase the same day. ColorTyme also offers home delivery (same day option is available) and service repairs, if needed, at no extra cost. A full service loaner program is also included with every agreement to all customers. With layaway plans through retailers, once you finally get your product home, if it breaks you have to deal with the warranty plan, connected either to the brand name or the retailer. Many of these warranty plans must be purchased separately.

With ColorTyme, there are short and longer term rent-to-own plans available and professionals install, demonstrate and deliver everything at no additional cost. There are no penalties for returning merchandise and your investment doesn’t go away after you return the product. When you are ready, ColorTyme will set you up again with your product or a comparable product to the one you returned.

Although a layaway plan might seem like a good idea, it doesn’t compare to the flexibility or speed of delivery that ColorTyme rent-to-own plans offer. If you’re looking to bring home and enjoy a product right away, there is no comparison.

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Video – Why ColorTyme Rent to Own?

August 10th, 2009 by admin

The below video was originally created by some folks at ColorTyme for marketing purposes, but it does a great job of explaining why so many people choose to rent to own great merchandise for their home. It also explains why ColorTyme is different from other rent to own or lease ownership stores.

If you are looking for a way to get the things you want without ever having to worry about debt, watching this video is an excellent place to start. The video stars Bruce Emory, a ColorTyme franchisee in Atlanta (not a spokesperson). He generously volunteered to speak on behalf of all ColorTyme store owners.

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Price vs. Value of ColorTyme Rent to Own

June 14th, 2009 by admin

Some would say that rent-to-own prices are too costly to the customer.  This conclusion is reached by those making a direct comparison to standard retailers without considering the added value our rent to own home furnishings model provides customers.

ColorTyme offers brand new, brand name appliances and electronics to our customers, just like standard retail stores, but that’s where the similarities end.

ColorTyme’s rent to own agreements surpass standard retailers’ terms and conditions by providing unparalleled customer service and flexible rent to own payment options, with absolutely no obligations to buy the sofa, television, or washer dryer set they’ve been renting.

Our home furnishings rental agreement policies add value for our customers that they simply can’t find anywhere else in the retail marketplace.

Zero Obligation

ColorTyme rent to own customers are never obliged to make the next payment scheduled in their rental agreement. There is no other industry in the world that provides customers this level of flexibility. Each month, our customers have the option of continuing payments or returning the product, without financial penalty or damage to their credit history.

Flexible Payments

ColorTyme customers have incredible flexibility in making their payments, something our competitors in the retail industry simply do not offer. Whether you want to make weekly, bi-weekly, or monthly payments, the choice is always yours. We also offer an early-purchase option on every rent to own contract, which significantly reduces the price our rent to own customers pay.

Your Investment Does Not Go Away After Returns

We understand that life happens.  It happens to all of us.  That’s why if for any reason a customer needs to return a product during the rent to own payment cycle, their investment in that product will be held at ColorTyme until they get back on their feet.   When they are ready,  a ColorTyme customer can rent the same or similar product from the same ColorTyme store and just pick up right where they left off with their payments.  The original investment never goes away.  Renting to own is that easy with no risks involved.

Unparalleled Customer Service

If a customer purchases products from a traditional retailer, and those products break after the warranty has expired, the customer is responsible for all repairs – even if the customer is still making credit card payments on the damaged merchandise.

On the other hand, ColorTyme rent to own customers are protected. Regardless of the manufacturer’s warranty on a product, we provide repair service and loaners while your product is being repaired at no extra cost on every product covered by an active rental agreement. ColorTyme customers can enjoy a stress-free shopping and ownership experience knowing they will never be stuck with broken or unusable merchandise while making payments.

When you consider the benefits rent-to-own retailers like ColorTyme offer, it’s easy to see why comparing our prices to standard retailers only tells part of the story. The price customers pay for rent to own merchandise may be higher than traditional retailers, but the value of flexible payments, unparalleled service, and zero obligation to keep the merchandise makes up for the difference.

To learn more about ColorTyme’s rent to own products and policies, visit ColorTyme.com and explore the best value for customers in the retail industry.

Source:  www.rtohq.org

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