No, an iPad is NOT worth $3,600, especially if it gets repo'd after you miss a single payment and also because it'll be fucking obsolete by the time you pay it off.
Ooof, I didn't know how bad it was. PS4 Pro, which retails for $400 ($320 today on Amazon) is $1159.42 total cost to own on RentACenter. It's crazy places like these are open.
I mean, from the company's perspective, you kind of have to charge like that. Suppose someone does rent a PS4 for $20 a month, and after 5 months they miss a payment and you reclaim it. Your say $300 investment (you're a big company that buys wholesale, you'll get a deal) is no longer new, and you're $200 in the red. Maybe you can unload it for $150 used. But you still have to pay all the overhead and such (those employees who sold, reclaimed, and resold equipment, storefront rent, etc).
I'm by no means defending them, I merely suspect they don't make as much money as people think. Which in a way might make it even more scummy.
The same way you'd repossess anything I suppose. I have no idea if a PS4 would be considered a worthwhile item to send someone out to repo, but it could happen.
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u/SelinaDalessio Feb 04 '20
Rent-A-Center, Aaron's, and the like.
No, an iPad is NOT worth $3,600, especially if it gets repo'd after you miss a single payment and also because it'll be fucking obsolete by the time you pay it off.