News 12 @ 11 o'clock -- February 21, 2009
AUGUSTA, GA --- As Ceano Truesdale crunches the numbers at Household Rental and Sales in Augusta, he's noticing they're taking on a whole new kind of clientele.
"One of the biggest reasons it's picking up now, people are being credit challenged," said Ceano Truesdale.
Recent studies show people with higher incomes are turning to rent-to-own, incomes as high as $50,000 a year. The rent-to-own business has grown to serving 3-million households in the US. And Ceano says he may know why.
"People who don't have the credit but have the cash, they can come here and get the same nice things a lot of people can get out don't have the credit to do so. They're looking at debt to ratio. Still wanting to be able to get the things they can get on credit without it being a challenge. So if they have the money, this is a convenient way for them to still get nice things for the home," said Truesdale.
Household Rentals say because of the recent economy they've seen more people coming in looking for just as many appliances as they do furniture.
"You got a lot of people just starting out and they need furniture. Then you got a lot of people established, they're getting electronics and appliances," said Truesdale.
But name-brand furniture and appliances aren't the only things you can rent-to-own. There's even an option to rent a riding lawnmower. It's a small price to pay if you don't have the credit.
"There's no credit check but we do check references, three personal references. Residency and employment. You need at least six months at your residence and six months on your employment to qualify," said Truesdale.
And even though the economy is in a slump, Ceano says he's happy his business isn't sinking along with it.
"The economy itself as a whole has a down-side but those bringing in the business here because of the economy is a plus for us," said Truesdale.