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A New Lease on Life

Aaron's Sales & Lease Ownership has a new look, new loan terms--and openings for new franchisees.

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This story appears in the May 2001 issue of Entrepreneur. Subscribe »

Once you've had a car with power windows, it's pretty hard to go without. The same goes for any number of the luxuries many of us take for granted. For instance, imagine life without a washing machine. For most of us, pounding our clothes on rocks in a stream is just not an option. At any socioeconomic level, it's human nature to want more. Aaron's Sales & Lease Ownership (franchised by Aaron Rents Inc.) capitalizes on this fact by making it easier for those with lower-than-average incomes to have more-now.

Aaron's has found its niche among consumers who, on average, have annual household incomes of less than $35,000 and less-than-ideal credit ratings. Typically, Aaron's customers also shun debt but are looking for good offers. Accordingly, they're jubilant to find that they can "rent" furniture, computers, consumer electronics and household appliances, and-after making monthly payments for 12 consecutive months-own the articles. That's a sharp contrast with rent-to-own industry norms, which typically require weekly payments for 18 to 24 months.

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