ColorTyme Lease-to-Own Store debuts in Norristown | Montgomery’s life

Not everyone can afford to shell out $ 800 for a new TV or a new sofa.

So for those folks, who might not have the best credit in the world, there’s ColorTyme.

As you walk into the newly opened Markley Street store and pick your TV, with no credit or cash checks, the affordable weekly payments ($ 19.99) may even cause you to decide it’s time to replace. this bulky refrigerator.

With 200 locations across the country and just four more in Pennsylvania, America’s oldest franchisor of independent rental stores is finally establishing its name in the region.

“We continue to grow and have opened a number of new stores over the past six months and plan to grow in the near future,” said Matthew Harris, corporate communications specialist, on the phone from the headquarters of the company in Plano, Texas. “We are looking for investors interested in open markets. “

ColorTyme, which was founded in 1979, has stores in Tannersville and Sharon Hill.

Electronics, furniture and appliances can be rented weekly or monthly and can also be purchased directly, Harris said.

“You rent from us, but you make payments for a possible purchase,” he explained. “If you have to stop the payments, you return the merchandise, then collect the payments where you are, without a credit check. We have a hassle-free return policy and you don’t have to go back to square one which is good. You can also try an item before you make up your mind. It’s a convenient way for people to easily have a new TV or refrigerator.

ColorTyme, Inc. – the name was coined by founder Willie Talley, who argued that no one needs to settle for a black and white TV when a set of colors can be enjoyed alternatively and affordably – is an independent wholly owned subsidiary of Rent. -A-Center.

Franchisees can take advantage of ColorTyme’s alliance with Citibank to provide customers with internal financing.

In an era when appliance and furniture stores often run out of customers, the $ 7 billion purchase option rental industry is experiencing relative boom, according to the Association of Progressive Rental Organizations, an advocate for the non-profit industry.

The concept of leasing with the option to buy first emerged in the 1970s in response to consumers seeking essential household items like televisions and refrigerators without taking on massive debt, APRO said, which noted that rental customers with option to buy come from all walks of life.

A lease purchase option is distinguished from a retail credit sale by the term “rent”. Customers pay no interest and no credit checks are involved.

The no-obligation, no-debt approach is a cornerstone of the lease-to-own industry, according to APRO.


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Joan Ferguson

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