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.
Notify Contract Manager
Immediately inform the contract management company that you would like to end the Rent to Own agreement. You will need to settle any rental fee dues from the date of your last payment to current date and pay a repossession fee. At that time, the unit will be scheduled for pickup.
Empty the Building
Remove any belongings from the unit you wish to keep. This may include decorations, shelving, or other personal items that you have secured to the structure, as neither the driver nor the contract management company will be responsible for removing or returning those to you.
Clear access
Clear any obstructions blocking the unit from being removed. If the unit is enclosed in a fenced area, there will need to be an opening for the driver to safely remove it. If it will not fit through an existing opening or gate, you may choose to disassemble the fence yourself in order to secure any hardware you will use for reassembly.
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.
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