Manitoban couple pay high price for leased property with option to buy
Tom and Debbie McKercher have the latest electronics and a house full of new furniture, but it all comes at a steep price.
The Manitoban couple have spent more than $ 20,000 on option-to-buy rental stores over the past four years as they both had bad credit scores that didn’t allow them to shop at traditional retail.
They turned to easy home mainly because the store seemed to want their business.
“They weren’t prejudiced against us for not having credit,” said Debbie McKercher. “It was easy to sign up.”
And they did. First a refrigerator, then a laptop, washer-dryer and recliner. Eventually, they added sofas, a home theater set, and a camera.
They were paying over $ 600 a month at one point, and the amount of goods they could get seemed endless.
“They would allow you up to $ 1,500” in monthly rental payments, said Tom McKercher.
“I don’t think that even if we both worked, we would have enough to pay up to $ 1,500.”
Tom lost his job last year and now they live with Debbie payslip, which is $ 1,600 per month.
Because they couldn’t get out of the financial hole they found themselves in, a parent helped pay all of the easy home debts.
“We would overload them”, admits the ex-manager
Brad Scott, who ran an Aaron’s store in Alberta for six years, said from his experience that customers are often overwhelmed.
“We would overload them with products,” he said. “They would add more products than they could afford.”
“These people were in a situation where they wouldn’t necessarily have other options,” he said. “Anyone can be approved. “
Debbie McKercher said she didn’t realize how big the small bi-weekly payments were.
“It didn’t seem like much when you only pay bi-weekly payments.” she said.
The company declined an interview, but in an email, easy home said the total cost to a customer over the life of its agreements is more than retail, but its pricing includes many services.
These include no credit checks, no down payments, delivery, installation setup, full warranty, optional upgrades, hassle-free returns, merchandise loan and end-of-lease pickup.
“Of course that should be regulated,” Debbie said. McKercher. “Because like us, you don’t realize what you’re getting yourself into.”