The “Image” and “Couple” commercial spots are released to APRO members. They are the third professionally produced commercial addressing the number one image source – television commercials.
The Consumer Rental-Purchase Agreement Act by Rep. Walter Jones is introduced in the House after J.C. Watts moves off Banking Committee. The bill ends up with 27 co-sponsors.
1997 Taxpayers Relief Act passes; includes provision defining RTO as a lease for tax purposes. The law also declares 3-Year MACRs depreciation method for rent-to-own products.
The first public perception of the industry by consumers survey is conducted, Into the Consumer’s Mind, Into the Future. The study by Trenholm Research Group is the first market study
Sale vs. lease issue resolved with the IRS, saving the industry more than $1 billion in taxes. The provision eliminates the $1 billion liability threat to RTO. The ruling reflects