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#0025 Never Rent to Own a Computer!
Loan Sharks
Renting to own a computer is a terrible idea, and I see it happen with my
customers periodically. While these rental programs are legal, the interest and fees you pay
can end up being several times more than the cost of buying the computer outright. There may
be rules in the fine print that lock you into a fixed term without the ability to get out of
the deal. If you can get out, there may be early termination fees. Rental places are
legalized loan sharks! You’d be better off just using a credit card with a high interest
rate. Unfortunately, it’s often the people who can least afford it who end up signing up for
these programs.
Asset Tracking
One of my clients once brought in a laptop that was part of a rent-to-own
program. They needed help with a virus and malware cleanup, and when I looked into it, I
found something rather shocking. The laptop had tracking software installed that could
access the webcam and all the data on the laptop. I did some research and discovered
that the rental company had put this software on the laptop to track where it was. They
could turn on the webcam to see where the laptop was and even look through files. (This is
why many of my clients put electrical tape over the webcam). When I informed the client
about it, they confronted the rental store, and the store admitted to it. It turned out this
practice was being used by a big, nationwide rental company. The company ended up facing a
class action lawsuit over privacy violations. On top of that, my client had paid three times
the value of the laptop over 36 months, just to "own" it.
Alternative Options
There are much better options out there. You could buy a used computer. Local
computer shops often sell used laptops for cheap. Many places have old stock
available. These are computers that are 1-3 years old but new in the box. You can
also find a ton of used computers on eBay, Facebook Marketplace, or Craigslist.
Check with your friends and family—someone might even give you one. Take your time
to look for a good deal. Don’t get ripped off at a Rent to Own store!
