RAC Acceptance Rent-A-Center Liars, and carpet baggars ! Algonquin Illinois

This Person also said:

After all if he knows the total cost and apparently how many payments it would be fairly simple to figure out the breakdown.

My Response:

I guess you have not heard it is always best to get it from the horses mouth as well! That way you exactly know what you getting into. By them not telling me....that is an issue....RED FLAG

Why can't the company tell me over the phone? Why do I have to come in to get that information? Why do I got to wait until I make 4 payments for the buyout information be disclosed?

ENTRAPMENT ENTRAPMENT ENTRAPMENT

To the individual whom said I "called"....when I made the call I already had questions ready for the Representative....

TigerDirect (RAC  Acceptance)                                                                   

Hoffman Estates, IL

Date Called: 11/07/2013 @ 1155

 What documentation is required in order to be approved with your company?

• Identification
• 4 References
  • 2 Family – Not living with you
  • 2 Friends
• Most recent paystubs
• Lease if you are living in an apartment/home; documentation of proof of ownership of your home.
• All information will be verified.

 What will be the initial down payment?

• Depends on the due date (1^st or 15^th). The initial down payment will carry you over to the next months due date.

 What will be the down payment on the item of I’m interested in with a due date on the 15^th?

• $184.00

I read online that a minimum of four payments are required so that it can be reported to the credit bureaus…..Is that correct?

• Correct. This is a CREDIT BUILDING PROGRAM so a minimum of 4 payments is required. RAC is not like our parent company Rent-A-Center where there is a 90-day pay off option. All will be explained in the store once you come in to sign the contract (which explain the terms) and get the item.

Are there any finance/interest charges?

• No.

 Are the leasing fees a way around finance/interest charges in order to GAIN PROFIT off the transaction?

• Leasing fees are charged since you are leasing to own the item through the RAC Lease to Own Program. Included in the fees are Damage and Liability protection (including but not limited to theft, EQ, Flood, Wind Storm, employment loss protection)

 After the 4^th payment, I can pay off the item, correct?

• Correct. Since there are LEASING FEES, part of the MONTHLY PAYMENT will go towards the LEASING FEE and part will go to the PRINCIPAL.

Break down the payment schedule if I wanted to pay off the item in the following number of months (6 and 8 months)

• RAC will provide a schedule of payoff amounts after 4 payments have been made on the item.

So from there I made my own assumption based off of looking at their parent company (Rent-A-Center website) that final price of the merchandise that you get from RAC Acceptance will be THREE TIMES the amount that it is in the store. The "leasing fees" is where they make their money.

After looking online for RAC competitors, I found a company called Why Not Lease It (www.whynotleaseit.com). They provided an example of an item, monthly terms and etc. which for me validated you will be paying almost TRIPLE after all is said and done.

If a person a credit challenged and really need an item that bad....I say work OT, Get a second job, or Lay a way (a lot of stores jumped on board since WalMart only does lay a way from September to December) That way you won't have to deal with these companies.

I completely understand what you are dealing with. They were not honest with me as well. I thought I was purchasing furniture, not leasing or renting. I posted a report only to be attacked. I believe RAC employees watch for bad reports and try to tear consumers down. Their business practices are dishonest and predatory. Read my report to see how I was treated by this company. Good luck to you and don't let these negative comments get to you. The truth is no one ever has anything good to say about Rent A Center that's why they are dba RAC Acceptance to hide their identity.

 So where are all of the documents you were going to post?

First back on your report.  In your original report you stated you went in April to purchase the chair, then in your update it all of the sudden became June.  Was that just an honest mistake or did you all of the sudden change the month to account for missing payments?

Next, and this is also refering to the other post by the person who "called" them.  They brought up a very good point.  When you signed up for this you obviously got an agreement with the terms. So what did the terms say?  Did they do things that were not in the terms?

Also this other person seems to think it is a "bad" thing that most of your payment goes to the interest/fees rather than the principal.  Well bad or not it is standard when you are borrowing money, especially if you are a "high risk" debtor.  So obviously they have never looked at other credit cards because if you only pay the minimum payment on those they work exactly the same way. 

We then have that person trying to say that because they didn't give them the exact amount that was going to principal and interest there is some "red flag".  Well, if it was such a red flag that they had no idea what this principal/interest breakdown is.  Why just a few sentences later did they determine that they would be paying 3 times the original amount of the item?  After all if he knows the total cost and apparently how many payments it would be fairly simple to figure out the breakdown.

Now, the one thing that may be helped by posting.  Is it would show the terms you agreed to, it would show the original amount you financed, it would also show the dates you made the payments.  Perhaps you made a couple of those payments late.

So I did a little digging of mine own. Rent A Center is the Parent company of RAC Acceptance. They have different terms than Rent A Center. So here it goes (excuse my typing)

There are a minimum of 4 payments required no matter what because they do report this to the credit bureau since they are also a "credit building" program. There is NO 90 pay off option like Rent A Center. 

Are there finance/interest charges.....No but there are Leasing Fees associated with the item that you are getting from them. The fees include but are not limited to insurance for the item (theft, flood, EQ, wind storm, employment loss that pays 4 months and etc)

Initial down payment will depend on if you decide to make your monthly payment either on the 1st or the 15th.

Now the leasing fees from what I read on here....a majority of the payment goes towards that and a smaller amount goes toward the prinicpal. I inquired about an item and they would not tell me how much would go towards what. RED FLAG!! But they said they would provide a payoff schedule at the time of signing the contract.

In all your are being ripped off!! Based on the item I inquired about, after all was said and done...the final payment amount would be triple the original amount of the item.

RAC has is not a finance company so i have been told, the Chairs were purchased the last week of June and were not delievered until the 2nd week of July because they sold out due to the sale and we had to wait. I put down $160.00 for a sign up payment and delievey. In the month of July I made a payment, August payment,September payment. October was the only payment I missed. You can say what ever you want! I will be scanning my actul sign up payment, and each payment there after to this artical before Friday. So you can see. 

I might not be explaning it right but my paper work will!

I made every single payment but, one I did pay september, and from the other rip off reports I have read I will be paying octobers even though it will be two weeks late. When I asked if purchasing the chairs was just like puchasing for Ahsley and was told yes only to find it it was not ! I wanted to hurry up and pay them off. I have never missed a payment and that's why I want to know why the chairs are still costing me so much! Making a long story short! I'll be paying off the chairs on this friday the whole $398.00 not to mention the $40.00 they had on whole for ovber payment which some how ended up making the payment a good old only $398.57. Because I don't want to deal with RAC. However it won't stop me from calling the newspapers, and anyone else who will isten. 

First of all how much did you finance when you got chairs?  There is the price of the chairs($400), but there is also Tax, Delivery, any "extras" such as fabric protection.

This was back in April, you put $160 down and made 3 monthly payments that puts you into July.  So now, you go 2 weeks ago(October) and your balance is $398.  Do you see a problem yet?

Well just in case you don't.  You have one admited missing payment that would put you into August.  So what happened in September and October?  Seems like there is more to this story than you are saying.