What to Expect with a Rent to Own Repossession

Rent to Own options are an affordable way to get immediate use out of a structure when you aren’t able to buy it outright. You make payments over the course of your agreement, and at the end, you own it. Even though most people have every intention of completing a rental agreement and gaining ownership, some may encounter a hardship, such as loss of a job or displacement from their home, which prevent them from doing so. Whatever the unexpected circumstances, here’s what you CAN expect from the repossession process. 

Final Recommendation

Do not be afraid to contact your contract manager if you wish to cancel your agreement or inquire about alternative payment arrangements. Failure to do so may result in further charges and your account could potentially be turned over to a collections agency, which could adversely affect your credit.

The goal of Rent to Own is for you to take full ownership at the end of the agreement. Payments are structured so that a portion of each payment is applied toward the original purchase price, however, when cancelling a Rent to Own agreement early, you will not earn any equity in the structure. Any amount credited to the structure is forfeited.