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Rent to Own FAQ's



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Q. What is RTO?

A. Rent-To-Own is a rental program that allows you to make monthly payments on any Shed, Gazebo, Playground, Chicken Coop, Dog Kennel, or Run In Horse Barn for the immediate use and enjoyment of the product you choose and with options to obtain ownership.  It’s just like renting any other item with the exception that once the payment terms are met, you own the item.  This is available to any qualified customer that lives within 150 miles of Philadelphia, New York.

Q. Why do RTO?

A. For many, finances are tight, than so to get what you need monthly payments work better than tying to save up a lump sum.  This allows you to have the new Shed, Gazebo, or Playground in your yard without having the inconvenience of traveling to an offsite storage building, public park, or city playground.  Just think of having that storage space in your yard or enjoying the outdoors in your Gazebo or Playground. 

 

Q. Will I pay more?

A. Yes, you will pay more than purchasing the item for cash, but just like any other rental, fees are involved to cover the risks for North Country Storage Barns to offer this service.

 

Q. How does it work?

A. Pick out any Shed, Gazebo, Playground, Chicken Coop, Dog Kennel, or Run In Horse Barn and our sales staff will calculate the monthly payment and figure out your initial payment which will cover set up, delivery, and taxes.  We require a security deposit in addition to your first month’s rental payment.  Your monthly payments will not start until 30 days after your item is delivered.

 

Q. Can I really have any Shed, Gazebo, Playground, Chicken Coop, Dog Kennel, or Run In Horse Barn on Rent-To-Own?

A. Yes, but our RTO program is not available on an item over $8,000. If it is you need to pay the difference up front.

 

Q. Can I modify it?

A. Yes, once the item is paid in full and you receive the certificate of ownership, you can do anything you want to the item.

 

Q. I might want to buy it early or put money toward ownership while I am renting.

A. You are welcome to pay off the rental early and there is no penalty for early pay off.  In fact, you will save money depending upon where you are in the rental term.  Since this is a rental transaction, it is not financing. We encourage our customers to make the monthly renewal payments and to exercise their early purchase option when they can afford to do so.  Extra money paid on your monthly payment will only push you ahead in payments.  In the end, it’s not a savings to you, the customer.  If you want to lower your monthly payments, you can put money in our optional reserve account.  Your rental payments will be lower and so will your total cost of ownership.  Ask any sales person for more information about reserve accounts.

 

Q. What is the interest rate on my loan?

A. Your Rental Agreement is not a loan. The difference is that a Rental Agreement allows you to cancel the agreement at any time for any reason, return the building, and owe nothing further. A loan is a commitment to pay the entire amount, while a Rental Agreement is simply a month by month agreement that can be ended at any time with no further obligation.

 

Q. Last month my payoff was $400. I sent a payment of $100, but my new payoff is still almost $350. What’s going on?

A. First, we are required to collect sales tax, so that must be deducted from your $100 payment. Secondly, for each month’s rent, there are rental charges, and after they are deducted, the balance is subtracted from the cash payoff. Also, if there were any late charges due, they further reduced the amount being applied to the payoff.

 

Q. Can I have a printout showing the interest I paid last year so I can deduct it from my taxes?

A. We can provide you with a printout showing your payment history. However, since you are renting this storage building, there is no tax-deductible interest included in your rental payments. Sorry, Uncle Sam set that policy, so don’t blame us.

 

Q. I love my new barn, but it’s too small. Can I trade it in for a larger one?

A. You have the right to end your Rental Agreement and return your current building. Whether you are eligible for a discount on a larger barn will be determined on a case by case basis. We must deduct our hauling and delivery costs, but if your history on the current account is good, we may offer you a discount on a larger building. Call us when you’re ready to upgrade, and we’ll review your account and make you an offer.

 

Q. My payment history with you has been very good. Will It help me improve my credit Score?

A. We appreciate your excellent payment history, but we do not report to any credit agencies. Our Rental Agreement is not legally defined as a credit transaction, so whether the payment history is good or bad, your transactions with North Country Storage Barn Rentals do not affect your credit score.

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