What is Rent-to-Own?
Rent-to-Own or RTO is a rental contract that allows you to pay rent for 36, 48, or 60 months, and acquire ownership of the storage building at the end of the contract. However, like any other rental contract, you acquire no equity in the building until the contract is completed successfully. If you voluntarily return the building, or terminate the contract in any way, there are no refunds given.
What is the interest rate on my payments?
There is no interest on a rental contract. You just pay your monthly rental payments until the contract is paid in full. If you exercise your early payoff option, at the time of payoff, on a 36 month contract, 60% of your monthly payments paid are applied toward the purchase of the building.
Can I pay extra money down on principal?
Since this is a true rental contract and not an installment sale, there is no principal to apply extra money to. Extra money received will be applied to future payments.
Can I payoff the building early?
As long as your account is current, you have the option to purchase the building rather than continuing to rent it. This is a one-time, lump sum purchase of the building. You can call our office to inquire about the cash purchase amount.
Can I send the purchase amount in several smaller payments?
No. The purchase option is a one-time, lump sum purchase of the building. If money is paid that is not the total purchase amount, it will be applied to future month's rent.
When is my first payment due?
If the building is delivered on or before the 10th of the month, your first payment is due on the 1st of the following month. If delivery is after the 10th, your first payment will be due the 1st of the second month following. (Example: Delivery June 1-10 your first payment is due July 1st. Delivery June 11-30 your first payment is due Aug. 1st.)
Is there a "grace period" before a late fee is charged?
All payments are due on the 1st. There is a grace period given until the 6th. The payment must be postmarked or paid electronically by th 6th of the month or a $15 late fee will be applied.
Can I change my due date?
All accounts are due on the 1st of every month. You cannot change this due date, but you can move the date forward by paying ahead on the account.
I was laid off from my job. Can I refinance and get a lower monthly payment?
The contract on the building cannot be re-written or the monthly payment amount lowered. Call our office to ask about possible alternatives.
Can I send a postdated check to be held until the money is in my account?
We do NOT accept postdated checks.
I have to move or can no longer afford the building, do I get a refund for returning the building?
This is a true rental contract. Therefore, you are not entitled to a refund if you return the building.
How can I voluntarily return the building?
Please notify our office, preferably in writing, that you are finished with the building so we can arrange for pickup.
Can I make improvements or alterations to the building?
Per the rental contract, no changes are allowed to be made to the building nor may it be attached to other structures. If you would like to make changes to the building, you must call our office for permission.
Can I move the building?
Please call our office and get permission prior to having the building moved.
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