RentSmart, which is known for extremely high interest rates, has teamed up with JB Hi Fi to lure consumers into consumer electronic contracts with the offer of a free 32″ Soniq LCD TV. The only problem is that consumers are paying for both the TV and up to double the value of a notebook.
The company, which has been known to charge up to 18% interest on goods and services, is offering the TV on any computer contract over $1500.
As part of the deal, consumers who take up a RentSmart contract will get a ‘loaner’ laptop if “yours stolen or breaks down”.
The offer is not available on 24-month contracts says RentSmart.
According to several consumers who have written comments on various forums, retailers are trying to “force” consumers in signing up for finance as opposed to paying cash because they get finance commission on the deal.
Lilly of Melbourne writing on Vogue.com.au said, “I wouldn’t recommend RentSmart. This guy was trying to sell it to me when i had already told him I wanted to pay for my laptop with cash. He said you don’t have to spend all that cash at once.”
She claimed that the notebook, which cost $2000, would have cost her $4000 if she had signed up for a RentSmart contract.
WendyJH of Brisbane wrote, “RentSmart is an absolute rip off. I had 2 contracts on the go when I was working for myself. When it came time to pay them out early, it almost took legal action to get the correct amounts out of them.”
RentSmart was not available to comment.
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