Rent to Own

What is RTO?

Rent to own is the right to use, possess and purchase an item over time. Payments are made monthly. These payments are divided into purchase and rent. If all payments, plus any other costs including late fees or collections expenses are paid in full, the item becomes the property of the customer. The contract renews each month when a payment is received, if no payment is made the contract is considered to be in default and the property can be recovered by the seller unless payments are made to extend the contract.