Renting to own a home is also called a lease-purchase. Although you are renting the home, the lease agreement includes a clause that typically specifies the current sales price of the home, the amount of your rent that is applied toward that sales price each month and the amount of time you can rent before buying the home.
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Although rent to own is very different from seller financing, there are some similarities. In either case, the buyer might make payments to the seller until the buyer gets a loan from somewhere else (typically the buyer will apply for a loan with a bank or mortgage lender).
Rent-to-own, also known as rental-purchase or Rent-To-Buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, real property, and engagement rings, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.
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Under your Lease, you can: (a) make 52 weekly payments or exercise an Early Purchase Option to acquire Ownership of the rented goods or (b) rent the goods for at least the initial term and then end the lease when you want by making all required payments and returning the goods.
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STORIS’ Finance Receivables offering now includes an integration to third-party Rent-to-Own and Installment providers. STORIS has certified Smart Sales & Lease and is in the process of certifying.
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Lease-to-own financing differs from a traditional line of credit or a personal loan in that you will make payments toward ownership of the item(s), while also paying a leasing fee. There may be an initial down payment and/or a processing fee, but lease-to-own financing is typically easier to get approved for if you have bad credit.
Provides details on how to purchase your leased Honda vehicle.. If you would prefer to finance your lease purchase through HFS, please contact your Honda.