Banks don't operate in this world - check cashing places and pawn shops do.
Rent A Wheel, which rents tires and rims, is a major new player in a financial world more Americans are finding themselves in. Arroyo explained you have to pay them every week, not monthly. Tires with low payments and no interest? Does that really exist? Yes! Because he didn't finance the tires, he rented them from Rent A Wheel. So he decided to go to Rent A Wheel because of the low monthly payments and no interest deals. Scott's Valley had the dream job and Arroyo was in Salinas with no money to buy tires and no credit to finance them. I had just barely gotten a job," Arroyo said. It is 40 miles each way, 80 miles a day, 400 miles a week. That's bad news because he lives in Salinas and his new job - a good paying job - was over the hills, up the coast, just above Santa Cruz in the small town of Scotts Valley. Noel Arroyo keeps his car nice, but his tires were worn. Now, this idea has left on the home and hit the streets. You don't buy on credit, instead you pay rent, and if you pay enough, or long enough, you own the items. Rent-to-own is best known for furniture, televisions and appliances.
That may sound perfect, especially if you're tight on cash, but why are so many consumer activists not so thrilled about this? 7 On Your Side has been looking into rent-to-own tires. You don't pay cash up front and your credit is never checked.
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