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This seems ludicrous- very high interest! If you bought a macmini for 750 with toys and applicable tax and put it on a credit card, and paid 40 a month for it- just 25% more per period- you'd have it paid off in two years.
Better yet, if you saved up half, you'd pay it off in less than a year.
This is also a way to hitch people into making a payment. Once this is accomplished, said payments are open to all kinds of terms- the rate could be raised if a payment- one a week possibly- is missed, and exorbinant fees could be levied. Imagine how you would feel if you made a late, eight dollar payment, and was given a 20 dollar fine!!!
Further, how are you going to feel in 2012 still paying for a computer which is probably going to be nearing brick status (although I still have an iMac from 2002 on my network) and, although you can upgrade after 2 years, you could be doing that anyway with the 700 bucks you're going to save in interest!!!
This is very expensive financing and there are definitely cheaper ways to tickle that (sometimes destructive!) instant gratification fix and get a MacMini.
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waulok
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Do you really need a mac? A $449 (or lower) Dell Laptop won't look as nice or even run Photoshop as well, but it'll work. Dell also leases (lease to own) laptops so if you don't have the upfront cash, they might have an option for you.
Don't get me wrong, Dell isn't the only brand out there. There prices are just very easy to find. There are plenty of discount laptop brands out there.
To directly answer your question: Rental services rip you off in the end. They take back what you've already paid for.
Even old well cared for laptops can be sold for a couple of hundred dollars. If nothing else, many charitable organizations will give you a tax receipt and in turn put some cash back in your pocket.
Renting equipment like this also looks very bad on your credit record. If you're looking to gain any sort of credit score so that you can buy a car, get an apartment, mortgage, whatever... the ongoing expense of the rental laptop won't look good.
Still, if you have absolutely no other options and you need a laptop to make money... well renting will be the best way to go. But this is really the only reason to rent.
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I used to work for a business that was all about computer hardware: custom built; networking; repair. So many times we'd be asked to fix outdated computers that were still in a lease agreement. And for the price of the repair, they could have had something newer than what they'd brought in! Maybe not the biggest and baddest, but a whole lot moreso than the sad thing they had.
Save some money; buy the least you need now, and save up to buy something better later.
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"It seems like a way to get the "Instant Gratification" crowd to spend more than the base price on an item and fill the rental company's pockets."
Both the above answere are very good.
I would add the following:
It is a way to charge prices for products that no sensible person would pay. They make credit cards look cheap.
It is a way for the seller to take unfair advantage of people who are unable ( for any reason) to acquire normal financing.
For the seller there are several advantages.
Title to the property does not transfer. The property belongs to the store.
It is not a sale so it is not subject to usury rates on sales contracts or consumer loans.
Since the item still belongs to the store, they do not have to go through your states repossession procedures, they can just come get it.
In most cases payments are due weekly. They know weeks sooner than a lender that you are going to default and will be after you much quicker if you do.
Source(s):
personal experience.
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Answered Question
M$1
February 25, 2009 02:29 AM
Are the offerings from places such as RentSmart really worth it, since you are paying double?
I'd like to get a Macintosh and I see on the NextByte computer store website I can use RentSmart to purchase a Mac mini for only $8/wk. It sounds nice, but if you work out the price it becomes $8 * 52 * 4 = $1,664 for the 4 years I rent it over. I know I can upgrade after 2/3rds of the contract has completed which becomes $1,109. But is it really worth it?
It seems like a way to get the "Instant Gratification" crowd to spend more than the base price on an item and fill the rental company's pockets.
It seems like a way to get the "Instant Gratification" crowd to spend more than the base price on an item and fill the rental company's pockets.
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| February 25, 2009 02:43 AM |
Better yet, if you saved up half, you'd pay it off in less than a year.
This is also a way to hitch people into making a payment. Once this is accomplished, said payments are open to all kinds of terms- the rate could be raised if a payment- one a week possibly- is missed, and exorbinant fees could be levied. Imagine how you would feel if you made a late, eight dollar payment, and was given a 20 dollar fine!!!
Further, how are you going to feel in 2012 still paying for a computer which is probably going to be nearing brick status (although I still have an iMac from 2002 on my network) and, although you can upgrade after 2 years, you could be doing that anyway with the 700 bucks you're going to save in interest!!!
This is very expensive financing and there are definitely cheaper ways to tickle that (sometimes destructive!) instant gratification fix and get a MacMini.
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waulok
February 25, 2009 03:26 AM
Unfortunately, I cannot buy a Mac Mini in Australia for $750 unless I get it on eBay :)
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Other Answers (5)
February 25, 2009 02:40 AM
I think it all depends on if that is your only option with your credit rating. You will definitely pay much more than its worth. I remember being out on my own and didn't have the cash so this might be your way to get what you need. But if you have other alternatives I would advise you to use those. On a more positive note you can always let them take it back so if you are short on cash month to month then that might be the way to go. Just remember to back up on-line because if you take it back then you have nothing. Do you really need the Mac? Dell is rather liberate with credit and you can apply online and get an immediate response. I would go the Dell route first that way you can build credit first. Hope this helps
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February 25, 2009 03:27 AM
I want to program iPhone applications and can only do so on a Mac.
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February 25, 2009 04:08 AM
I would do it then so you can get what you want but remember its a loan and not your computer so get an external hard drive and back up then if you have to return it your data is saved.
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February 25, 2009 02:51 AM
"I'd like to get" is the way that most bad purchase decisions start. Do you really need a mac? A $449 (or lower) Dell Laptop won't look as nice or even run Photoshop as well, but it'll work. Dell also leases (lease to own) laptops so if you don't have the upfront cash, they might have an option for you.
Don't get me wrong, Dell isn't the only brand out there. There prices are just very easy to find. There are plenty of discount laptop brands out there.
To directly answer your question: Rental services rip you off in the end. They take back what you've already paid for.
Even old well cared for laptops can be sold for a couple of hundred dollars. If nothing else, many charitable organizations will give you a tax receipt and in turn put some cash back in your pocket.
Renting equipment like this also looks very bad on your credit record. If you're looking to gain any sort of credit score so that you can buy a car, get an apartment, mortgage, whatever... the ongoing expense of the rental laptop won't look good.
Still, if you have absolutely no other options and you need a laptop to make money... well renting will be the best way to go. But this is really the only reason to rent.
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February 25, 2009 03:25 AM
"I'd like to get" is because I am getting into programming iPhone applications and I can't do that on any other platform other than an Intel Mac OSX computer.
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February 25, 2009 10:18 AM
That makes perfect sense. I wasn't ragging on you, just highlighting a fact is all.
I know an iPhone dev's who uses his PC. I don't know exactly what software he uses but its possible he's emulating a Mac like this: http://pcwizcomputer.com/index.php?option=com_content&task=view&id=36&Itemid=32
If you already have a PC and could make your first app or two with it until you get some cash in the door, it might save you the whole rental thing.
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I know an iPhone dev's who uses his PC. I don't know exactly what software he uses but its possible he's emulating a Mac like this: http://pcwizcomputer.com/index.php?option=com_content&task=view&id=36&Itemid=32
If you already have a PC and could make your first app or two with it until you get some cash in the door, it might save you the whole rental thing.
February 25, 2009 03:30 AM
I don't think it's worth it, unless you have a pressing, money-producing reason for needing the hottest, or nearly the hottest, thing. You can get last year's hottest thing for a sizeable discount, or 18 month ago's hottest thing for even less. I used to work for a business that was all about computer hardware: custom built; networking; repair. So many times we'd be asked to fix outdated computers that were still in a lease agreement. And for the price of the repair, they could have had something newer than what they'd brought in! Maybe not the biggest and baddest, but a whole lot moreso than the sad thing they had.
Save some money; buy the least you need now, and save up to buy something better later.
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Reply
February 25, 2009 03:33 AM
You already know the answer. "It seems like a way to get the "Instant Gratification" crowd to spend more than the base price on an item and fill the rental company's pockets."
Both the above answere are very good.
I would add the following:
It is a way to charge prices for products that no sensible person would pay. They make credit cards look cheap.
It is a way for the seller to take unfair advantage of people who are unable ( for any reason) to acquire normal financing.
For the seller there are several advantages.
Title to the property does not transfer. The property belongs to the store.
It is not a sale so it is not subject to usury rates on sales contracts or consumer loans.
Since the item still belongs to the store, they do not have to go through your states repossession procedures, they can just come get it.
In most cases payments are due weekly. They know weeks sooner than a lender that you are going to default and will be after you much quicker if you do.
Source(s):
personal experience.
Permalink | Report
Reply
February 25, 2009 05:21 PM
I had a friend who was a manager for one of these rent to own stores. Based on his experience with that venture I would advise to not do it. You will be better off saving your money and buying new off the self in one payment. A lot of these rent to own places will rent items that are not brand new, meaning the store gets them new in a box but then can rent them several times. So then you stroll in and say, I want an imac, and they say, we have one right here for you and it very well may have been rented multiple number of times. Customer service is another issue as it can be very very bad, the store my friend was at had no tech support at all and very weak customer service. Then you miss one week of your 8 dollar payment and they send the repo man knocking on your door. It is appealing because it is a quick fix and the payments are small but in the long run you are better off saving your money and going to a big box store or order directly from apple.
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March 04, 2009 02:03 AM
rentsmart is not this kind of service - you get the goods new just like the person next to you paying cash but you are using rentsmart's money and so they own it and then let you rent it.
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