Association of Professional Rental Organizations (APRO)
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Rent-to-Own 101

New to rent-to-own? Explore the basics to understand how it works and why it matters to millions of Americans.

VRTO / VLTO Definitions

Last Updated on April 28, 2026

VRTO (Virtual Rent-to-Own) and VLTO (Virtual Lease-to-Own) refer to rent-to-own (also known as Lease-to-Own) transactions that are initiated digitally, typically through online platforms or integrated retail checkout systems, rather than through a physical storefront.

What VRTO and VLTO Mean #

VRTO and VLTO are terms used to describe how a rent-to-own transaction is delivered, not a different type of transaction.

Both refer to the same concept: a rent-to-own transaction that takes place through a digital or embedded retail experience.

Relationship to Rent-to-Own #

VRTO and VLTO are not separate products. They are variations of the same rent-to-own model.

In all cases, the transaction remains:

The difference is in how the customer accesses the transaction, not in how the transaction works.

How Virtual Rent-to-Own Works #

In a Virtual Rent-to-Own environment:

  • A customer selects a product online or in a partner retail store
  • A rent-to-own option is presented at checkout
  • The application and agreement process occur digitally
  • The product is fulfilled through the dealer or vendor

This allows rent-to-own to be integrated into broader retail ecosystems.

VRTO vs VLTO: Are They Different? #

The terms VRTO and VLTO are generally used interchangeably.

  • VRTO emphasizes the term “rent-to-own”
  • VLTO emphasizes the term “Lease-to-Own”

Both describe the same type of transaction and are often used by different companies, platforms, or industry participants.

Why These Terms Are Used #

These terms have developed as the industry has expanded into digital and point-of-sale environments.

They help distinguish:

  • Traditional storefront rent-to-own
  • Digitally initiated or embedded rent-to-own transactions

As retail has evolved, these terms provide a way to describe how rent-to-own is delivered in modern settings.

Key Takeaway #

VRTO and VLTO do not change the definition of rent-to-own.

They describe where and how the transaction is initiated, not what the transaction is.

Frequently Asked Questions #

What does VRTO stand for? #

VRTO stands for Virtual Rent-to-Own, referring to rent-to-own transactions initiated through digital or online platforms.

What does VLTO stand for? #

VLTO stands for Virtual Lease-to-Own. It describes the same type of transaction as VRTO using alternate terminology.

Are VRTO and VLTO different from rent-to-own? #

No. They are forms of rent-to-own that differ only in how the transaction is accessed.

Are VRTO and VLTO loans? #

No. Like all rent-to-own transactions, they are not loans and do not create traditional debt.

Related Topics #

Table of contents

Mike Lewis

Central Properties dba Premier Rental-Purchase

Mike Lewis is a Premier Rental Purchase franchisee with multiple stores and currently serves as Vice President of Operations. With 33 years of experience in the rent-to-own industry, he has spent the past 20 years working closely with franchisee owners and previously spent 12 years in Corporate RTO, gaining a strong foundation in the business.

For the past five years, Mike has been sharing his knowledge by teaching managers and franchisees at the company’s Training Center.

Outside of work, he enjoys time with his family, kids, and grandkids, and appreciates the simple things in life – especially riding his Harley Davidson with the sun on his face. If you know, you know!

Lauren Talicska

Arona Corporation dba Arona Home Essentials

Lauren Talicska is an experienced multi-channel marketing specialist and the Vice President of Marketing & Communications at Arona Home Essentials. She has found her home in the RTO community, supporting stores in branding, growth, and increasing traffic.

You may recognize Lauren as a former RTO vendor, including her time as a partner for Nationwide RentDirect, or her previous participation in the APRO Vendor Advisory Committee. Lauren calls Columbus, Ohio, home and spends her workday crafting and executing marketing promotions from inception to realization, all while supporting the branding and social media needs of all the Arona stores in 12 states (plus Puerto Rico!).

Charles Smitherman

APRO

Charles Smitherman, JD, PhD, CAE, became CEO of APRO in 2023, bringing years of legal and executive experience in the rent-to-own industry. 

Prior to joining the association, Charles served as COO, General Counsel, and Vice President of PTS Financial Services, where he played an active role in the rent-to-own industry by representing his company through PTS’s club program offering with APRO member dealers. Charles is an attorney with two decades of experience across a wide variety of areas, including RTO, consumer financial services, antitrust, corporate law, mergers and acquisitions, litigation, franchise law, and privacy law. Following law school at the University of Georgia, Charles earned a Master of Legal Studies and PhD in Law from the University of Oxford in England.

Charles is credentialed as a Certified Association Executive (CAE) with the American Society of Association Executives, a Certified Franchise Executive (CFE) with the International Franchise Association, and a Certified Information Privacy Professional (CIPP/US) and Certified Information Privacy Manager (CIPM) through the International Association of Privacy Professionals. As APRO’s sixth CEO in its 45-year history, he brings a collaborative, member-focused approach to association leadership, emphasizing transparency, advocacy, and value creation. Outside of work, Charles is an active ultra runner and open water swimmer.

Mike Kays

Ashley Furniture Industries

As VP of Rental Sales for Ashley Furniture Industries, Mike thrives on building relationships with our RTO industry veterans, and helping businesses grow through new product, new marketing, and new supply chain options.

Mike works to leverage a wide breadth of relationships and influence, intimate knowledge of market trends, and unique knowledge of what RTO dealers need from a supplier to be successful.

The saying goes that a high tide raises all boats, and our goal is to leverage the world’s largest furniture manufacturer to drive the continued growth of the RTO industry and all the suppliers.

Mike Tissot

Countryside Rentals Inc., dba Rent-2-Own

Mike grew up in the rent-to-own industry under the guidance of his father, former APRO President and RTO legend Darrell Tissot. For nearly 25 years, Mike’s innovative leadership has helped expand the family business to more than 40 stores across Ohio and Kentucky while also shaping the industry as a whole.

He has served as President of the Ohio Rental Dealers Association, an APRO board member and Treasurer, and President and Treasurer of the TRIB Group. His contributions have earned him the APRO President’s Award of Excellence and the title of APRO Rental Dealer of the Year.

Outside of RTO, Mike enjoys time at the lake house or in Orange Beach, Alabama, with his girlfriend, Angela Strong McCool. A passionate Cincinnati Reds fan, he rarely misses a game, whether watching or listening alongside his parents. He also takes every opportunity to visit Arizona, where his daughter is currently attending Arizona State University.