What Are the Consequences of Not Returning Furniture to Aaron’s?:What Happens If You Don’t Return Furniture to Aaron’s? Find out the consequences of not returning furniture to Aaron’s in this informative blog post. Whether you’re considering leasing furniture or already have a rental agreement, it’s important to understand the implications and potential impact on your credit. We’ll explore the relationship between leasing furniture and credit building, financing options, and provide some best practices for rent-to-own customers. So, if you’ve ever wondered what happens when you don’t return furniture to Aaron’s, keep reading to find out!
Understanding the Implications of Not Returning Furniture to Aaron’s
When you enter into a rent-to-own agreement with Aaron’s for furniture, it’s essential to understand the terms and conditions of your contract. One common question that arises is: What happens if you don’t return the furniture to Aaron’s?
The Initial Return Policy at Aaron’s
Aaron’s provides a return window that is quite accommodating for its customers. With the ability to return your item within the first 15 days from the date of delivery or pickup, there’s a safety net in place for those who may have a change of heart or circumstance. However, it’s crucial that the product remains in its original condition and packaging for the return to be accepted. Failing to adhere to this policy can lead to complications.
Canceling Your Lease Agreement at Any Time
Life is unpredictable, and sometimes you may need to cancel your lease agreement. The good news is, Aaron’s allows you to cancel your rent-to-own agreement or lease at any time. This can be done by simply contacting the local store associated with your account. This level of flexibility is a relief for many who may find themselves in a financial pinch or facing unexpected life changes.
Payment Difficulties and Deferment Options
If you’re experiencing trouble making your lease payment, it’s not the end of the world. Aaron’s stores are known to work with customers to find solutions, such as deferring payments. Each store has a set cap for deferments, providing a buffer for those who need a bit more time to get their finances in order. It’s always better to communicate with the store proactively rather than avoiding the issue.
Consequences of Not Returning Furniture
While Aaron’s does not report to credit bureaus, and hence, not returning furniture will not directly impact your credit score, there are other repercussions to consider. If you fail to return the furniture and stop making payments, you may face legal action from Aaron’s to recover the property or the value of the item. This could include additional fees or charges that compound the amount you owe, and the stress and inconvenience of dealing with legal proceedings.
The Relationship Between Leasing Furniture and Credit Building
How Leasing Furniture Can Build Your Credit
For those looking to improve or establish credit, leasing furniture from companies that report to credit bureaus can be a strategic move. As you make timely payments on your lease-purchase furniture, these actions are reported to multiple credit bureaus, thus contributing positively to your credit history. This is an opportunity to demonstrate financial responsibility, which is a key factor in credit scoring.
Rent-A-Center’s Approach to Credit Reporting
Rent-A-Center, like Aaron’s, operates on a model that is different from traditional credit-based financing. They do not report your payment history to the credit bureaus, which means that while you can enjoy the benefit of returning products at any time without further obligation, your on-time payments won’t contribute to building your credit score.
Financing Furniture and Its Impact on Credit
Understanding the Credit Implications of Financing Furniture
Financing furniture does involve taking on debt, and as with any form of debt, there are potential impacts on your credit score. If payments are missed or if you default on your loan, this can negatively affect your credit. However, consistent, on-time payments should not cause any significant damage to your credit score. In fact, they could potentially have a positive impact by demonstrating your reliability as a borrower.
Strategies to Finance Furniture Without Hurting Your Credit
- Choose Affordable Items: Opt for furniture you can comfortably afford to make payments on without stretching your budget.
- Read the Fine Print: Understand the terms of your financing agreement, including interest rates and payment schedules.
- Maintain On-Time Payments: Set reminders or enroll in automatic payments to ensure you never miss a due date.
- Monitor Your Credit: Keep an eye on your credit report to track the impact of your financing and to quickly address any discrepancies.
Best Practices for Rent-to-Own Customers
Communicate Proactively with the Store
If you foresee issues with making payments or need to return an item, reaching out to the store early on can help you navigate the situation more smoothly. Aaron’s staff are often willing to work with customers to find mutually acceptable solutions.
Understand Your Contract Thoroughly
Before signing any rent-to-own agreement, make sure you understand all the terms, including the payment schedule, the total cost of ownership, and any fees associated with late payments or non-return of items.
Consider Alternative Credit-Building Strategies
If your goal is to build credit, consider other strategies that may be more effective than rent-to-own agreements with companies that do not report to credit bureaus. Secured credit cards, credit-builder loans, or even being added as an authorized user on a responsible person’s credit card can be more direct paths to improving your credit score.
Plan Your Finances
Create a budget that includes your rent-to-own payments and stick to it. This will help ensure that you can make your payments on time and avoid any negative consequences of non-payment.
Choosing to lease furniture from Aaron’s comes with flexibility and certain protections, but it’s important to fulfill your obligations under the rent-to-own agreement. While Aaron’s does not directly affect your credit score by reporting to credit bureaus, there can be other serious consequences for not returning furniture. On the flip side, if building credit is your goal, seeking out credit solutions that report to credit bureaus is a more effective strategy. Above all, understanding your agreement and managing your finances responsibly are key to a positive rent-to-own experience.
FAQ & Common Questions about Not Returning Furniture to Aaron’s
Q: What happens if I don’t return furniture to Aaron’s?
A: If you don’t return furniture to Aaron’s, they may take legal action to recover the item and you may be responsible for paying the remaining balance.
Q: What do furniture stores usually do with returns?
A: Furniture stores have different policies for handling returns. Some may resell the returned items, others may issue a refund and let you keep the furniture, while some may dispose of the unwanted items in a landfill.
Q: Does leasing furniture from Aaron’s help build credit?
A: Yes, leasing furniture from Aaron’s can help build credit. Aaron’s reports all lease payments to multiple credit bureaus, giving you an opportunity to improve or build your credit score as you make your lease payments.
Q: Does Aaron’s report payment history to credit bureaus?
A: Yes, Aaron’s reports your payment history to credit bureaus, which can positively impact your credit score if you make timely payments. However, Rent-A-Center does not report payment history to credit bureaus.
Q: What do companies usually do with returned furniture?
A: Companies often have different approaches to handling returned furniture. Some retailers may choose to throw returned items in the trash as it is the cheapest and fastest option. However, there are also companies that offer more sustainable solutions, such as reselling the returned items.
Q: Can returns end up in a landfill?
A: Yes, returns can end up in a landfill regardless of whether they are returned to a store or a warehouse. However, sending returns back right away can help prevent usable goods from being thrown away.