• Report: #211461

Complaint Review: RAC-Rent A Center

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  • Submitted: Sun, September 17, 2006
  • Updated: Sun, December 02, 2012

  • Reported By:prattville Alabama
RAC-Rent A Center
864 W. Fairview Ave. Montgomery, Alabama U.S.A.

RAC - Rent A Center ripoff reselling the item back to you for more than you already payed Montgomery Alabama

*General Comment: The Truth Is....

*General Comment: Rental Merchandise, Market Value, Book Value

*UPDATE Employee: gosh

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Ive been dealing with RAC a couple of years now, but getting to the point I had about a 50inc. t.v at the value price of about $2800 dollars at the begining of the contract. I payed the tv down owing $800 dollars. Was late so I was harrassed and everthing else. The tv was taken back on a saturday so i asked them could I come back that monday and get the tv? and will I still have my credit payed into the tv since you know there motto is what you pay into an item you will get that same cedit back on that type of item.

Manager told me no we're going to have to go up on the payments! The tv was $23 dollars a week and told me to get it back Ill have to pay $29 plus tax a week. Why? because we did you a favor by renting it to you that low in the first place! So I go in on Wed. to pay my bill see my exact same tv and looked at the price the asking price is now about $3200 dollars!!! I said well thats not the original price how is it now you reselling tv for more? I asked well if I get the tv back now all my mony payed into it still applies so I still only owe about $800 dollars. The manager said no, it going to cost you the price on the tv which was about $3200!! So in order to get my exact same tv back I have to pay for you $3200 he said yes!!! How in the world can they resell an item for more than what its worth??? I thought there were laws against this? Over the years I have about $2-3,000 dollars spent into the store and when evr I get something they never give me my credits. Its always a gemic about the item being worth more so they'll have to deduct from money I've already payed into that item!!! So actually they sell the same items over and over again for more money each time!!! Is this legal? Can I file a lawsuit?

Latonya
prattville, Alabama
U.S.A.

This report was posted on Ripoff Report on 09/17/2006 07:27 PM and is a permanent record located here: http://www.ripoffreport.com/r/RAC-Rent-A-Center/Montgomery-Alabama-36108/RAC-Rent-A-Center-ripoff-reselling-the-item-back-to-you-for-more-than-you-already-payed-211461. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

The Truth Is....

AUTHOR: johnbgood - ()

... you sound like a RAC employee trying to justify his employer's greed and dishonesty. They mark a used 50" TV - most likely a low-end Toshiba or LG, given that it's RAC - up to $3200 and you call that "market value?" Unless the RACs in Montgomery are considerably more upscale than the ones in my neck of the woods, they don't have a TV in the store that's worth half that much new in the box, much less used. That may be RAC's selling price, but a quick trip to Best Buy (or any other "big box" electronics store) will quickly disabuse you of any notion that it's in any way "market value." 
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#2 General Comment

Rental Merchandise, Market Value, Book Value

AUTHOR: The Truth Is - (United States of America)

When you signed up two or three years ago, there was an agreement you signed. When signing was complete, the sale was on the books. Over the years, you paid toward that book cost of your product. If you were to continue renting the merchandise, additional money would be deducted from the left over cost of the product.

From what you are saying, you failed to meet the terms of your contract so there were additional fees to reinstate the agreement. You see, most rental contracts expire for non-payment. That is the case here, when your agreement expired, the owner has the right to repossess the property and rent it again.

Much like what happens with rental cars, you found out that this company has marked thr furniture fot sale at its market value rather than the book value that you had left. The same thing would take place for a home that is rented-to-own. The new agreement would be set up at the highest price that the market can bare. The new owner would start at the place you did and the cycle continues until there is no market value left.

This type of transaction will be the kind we can expect to increase as finance rules set up by regulatory institutions increase. There is much greater risk for a company to loan money to a customer for merchandise. The rental industry helps folks who cannot otherwise get things they want.
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#3 UPDATE Employee

gosh

AUTHOR: Sparklez - (U.S.A.)

I'd go to another store. They are not suppose to do that. Or call that main number 1800#
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