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| | | | | How the Rent-to-Own Industry Began
In the 1960s, Ernie Talley owned a retail company in Wichita, Kan. He saw many hardworking customers who either did not have the cash to purchase goods for their homes or who had been turned down for credit. Seeing them leave empty-handed gave him an idea to rent used merchandise with an option to own it.
The idea soon caught on with consumers. Talley opened the first rent-to-own store, Mr. T's TV Rental, in Tulsa, Okla., offering new and pre-leased products.
A concept, born out of the desire to serve the needs of customers who lacked the cash or financing to buy the products they wanted and needed, has today grown into a $6.7 billion dollar industry serving millions of customers.
Rent-to-own, rental purchase or rent with an ownership option —depending on which state you live in — is a unique transaction different from other retail transactions. At RAC, we offer quality merchandise, free service and delivery, 90 days same as cash, convenient payment options, loaners if needed, and lifetime reinstatement. All of this is provided with no down payment or credit report required.
Where else can you find a transaction that allows you to furnish your home with the merchandise you need and want with no financial obligation, down payment or the worry of repair bills? Today, more than one million customers rely on the brand-name products and services Rent-A-Center provides.
Rent-A-Center's History
Since our founding in 1986, Rent-A-Center (RAC) has grown from 16 stores to more than 3,500 in the United States, Puerto Rico and Canada through acquisitions and new store openings. Our largest acquisition was in 1998 when we bought 1,409 stores from Thorn Americas. In 2006, we acquired 782 stores from RentWay, our third largest competitor.
In 1995, our company, then known as Renters Choice, went public on the NASDAQ stock market under the symbol "RCII". Our Plano, Texas-based company is the nation's largest rent-to-own operator and employs more than 20,000 people.
In 2005, Mark E. Speese, our chairman and CEO, was named an Entrepreneur of the Year by Ernst & Young for the retail sector.
Visit our RAC Timeline for key dates in RAC's history.
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| Try It Before You Buy It™ |
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The advertised transaction is a rental-purchase agreement (or in NV, a lease agreement with an option to purchase; in IA, SC, and NE, a consumer rental-purchase agreement; in CT and NH, a rent-to-own agreement; in DC, DE, ID, KS, OR, SD, VA, and WA, a lease-purchase agreement; in MA and RI, a lease). Product availability may vary by store. You will not own the merchandise until the total amount necessary to acquire ownership is paid in full or you exercise your early purchase option. Ownership is optional. MA and RI consumers: At any time after the initial payment you may purchase the merchandise for 60% of the remaining Total Cost, plus sales tax, calculated at the time. See Store Manager for complete details. Consulta con el Gerente de la Tienda para los detalles completos. *NO PURCHASE NECESSARY. Open to legal residents of the fifty (50) United States, District of Columbia, Puerto Rico and Canada (excluding Quebec) who are eighteen (18) years of age or older or are the age of majority or older in their state/province of primary residence. Ends 8/23/08. For rules, including online method of entry, odds, and prize descriptions visit www.worryfreesummer.com. Void where prohibited. **RAC's "Worry-Free Guarantee" includes (1) Matching Any Local Rent-To-Own Business's Advertised Price (competing advertised price must be for similar payment, delivery and product service terms for in-stock new merchandise on the same brand and model), (2) Delivery, Set-Up and Service (delivery and set-up are included and RAC services and maintains the merchandise while on rent) and (3) Money Back Guarantee must be exercised within your first week of possession to receive either merchandise replacement or a refund. (4) Payment Protection (re-rent the same or comparable item you returned and pick up where you left off your payments). |
| © 2008 Rent-A-Center® All Rights Reserved. |
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