Page 164 - Drive First Gear Complete - Web

Arbitration - This is an agreement between the Lessor – This term means the company – Rent-A-
company and the customer that says if there is a legal Center. The store’s address and phone number will be
dispute, both parties agree to settle the dispute by printed here along with the company’s name. When
arbitration, a formal hearing to resolve issues between you cover this part of the rental-purchase agreement
Rent-A-Center and the customer, as opposed to going with customer, be sure to share our hours of operation
to court. and any other store specific criteria.

Assignment - Tell the customer that they cannot Liability Damage Waiver – The LDW is optional but
allow someone else to take over the rental-purchase the customer should completely understand that if
agreement. Although unlikely, the company retains the they do not accept the “risk of loss” we will not rent to
right to sell the rental-purchase agreement to another them. It is solely up to the customer to accept or reject
company. the LDW. If the customer chooses not to accept the
LDW, your SM will have to update the rental-purchase
Cash Price – Also referred to as the “90 days same as agreement deleting the LDW charge.
cash” option, this term discloses the amount that we
would charge the customer if they paid cash for the Maintenance - Explain that the company will service
merchandise that day or within the next 90 days. and repair the item at no additional charge while the
item is on rent. If we cannot repair the item, we will
Description of Property – This section of the rental- give the customer a “loaner” while their item is being
purchase agreement describes each piece of the serviced, again at no additional charge. You should
merchandise they are renting which includes the item remind the customer that if they attempt repairs and
number, the serial number, and the model number. damage the property, or willingly and intentionally
This section also discloses whether the merchandise is damage the property, the customer becomes
new or has been previously rented. responsible for the property’s value.
*We do not replace power cords or remotes unless
Early Purchase Option – Following the “90 days same there is a manufacturer defect.
as cash” option period, the “early purchase option”
applies to the rental-purchase agreement on the 91st Notice to Renter - Tell the customer not to sign the
day. Since early purchase options vary from state to rental-purchase agreement until they have read it, or if
state, look at your state’s “Job Aid” (described in the it contains blank spaces. This section tells the customer
“Other Charges” section above) or ask your store that they are entitled to have an exact copy of the
manager for the early purchase option formula that rental-purchase agreement.
applies in your state.
Other Charges – This term discloses any other charges
Forbidden Acts - Because the customer does not the customer may pay. “Other charges” includes
own the property until they PIF or exercise an early the optional liability damage waiver fee (LDW), the
purchase option, explain that the customer CANNOT club fee, the late charge/reinstatement fee, and the
pawn, sell or dispose of the property. Also, if the expedited payment fee. Rent-A-Center uses these
customer moves, they need to notify us so we can terms interchangeably. Rent-A-Center does not charge
update our information. This is a good place to tell the a separate reinstatement fee when a rental-purchase
customer that we will move the property for them if agreement is reinstated, even though that charge may
they move at no charge. All they have to do is call us. be permissible in your state. You will need to know
(The main point to get across is to let the customer what fees can be charged in your state and when they
know that it is their responsibility to call prior to can be charged. For example, your state may have a
moving the merchandise and obtain permission to grace period before a late fee can be charged. Go to
move the merchandise.)
RACiNET, Human Resources, Training, My Learning
Center, and select “Job Aides” from the menu and click
Initial Payment – This disclosure gives the customer on your state to learn the permissible fees and how
both a breakdown and a total amount of the they apply.
customer’s first payment. This payment is NOT a down
payment, but is a payment towards ownership.

Lessee or Renter – This term means the customer.
When you explain this part of the rental-purchase
agreement, you will ask the customer to review their
information and make sure it’s correct.

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