The following outlines the key points in the history of rent-to-own industry and APRO over the past three decades.
APRO, in conjunction with TRIB Group and the Tennessee Rental Dealers Association (TRDA), awards $106,500 worth of scholarships to 50 students. The cumulative total is 155 students with more than $386,000 worth of scholarships since the Education Foundation’s beginning.
APRO awards $115,000 worth of scholarships to 33 students. The cumulative total is 105 students with more than $280,000 worth of scholarships since the Education Foundation’s beginning.
APRO Scholarship Foundation awards $74,000 worth of scholarships to 27 students. The cumulative total is 71 students with more than $167,000 worth of scholarships since the Education Foundation’s beginning.
The U.S. House Financial Institutions and Consumer Credit Subcommittee hold a hearing on H.R. 1588 – The Consumer Rental Purchase Agreement Act by Rep. Francisco “Quico” Canseco. Premier owner, Roy Soto and APRO Customer of the Year, Vivian Saunders testify on behalf of the RTO industry. University of Houston Professor, Jim Hawkins testifies on, Read More
In an effort to focus on the industry image, APRO conducts focus groups in San Antonio, Columbus, Tampa and Syracuse. These focus groups set the framework for a national marketing plan.
APRO commissions Trenholm Research for its third Potential Customer Survey. The survey studies the perception of the rent-to-own industry by those customers who fit the rent-to-own demographics but do not rent-to-own. The rent-to-own industry received a grade equivalent of a “D+” for its perception outside of rent-to-own customers. The industry perception outside its customer, Read More
President Obama signs the Financial Stability Act of 2009 creating the Consumer Financial Protection Bureau. The rent-to-own industry is not addressed in the legislation.
The APRO Educational Scholarship awards four scholarships to Cordilia Stewart, Kylie Pelow, Evan Carter Howell and Michael Kessler. This is the first time APRO has awarded multiple scholarships and establishes the permanent fund for future scholarships.
APRO donates $50,000 worth of product and money to the Congressional Black Caucus Foundation Silent Auction. This is the 12th year of APRO’s donation campaign to the CBCF Scholarship Foundation. APRO continues to be the primary sponsor of the CBCF Silent Auction.
The suffering economy continues to generate positive press for the industry. For the first time in APRO’s history, there are more positive stories than negative.
APRO commissions America’s Research Group for its fourth customer satisfaction study. Rent-to-own dealers receive an “A” for customer service. The rent-to-own industry, now settling down from consolidation, rebounds from its 2004 grade of a “C”. The rent-to-own customer satisfaction is 10 points higher than profitable, traditional retail.
Robin Walker wins APRO’s Educational Scholarship award. Walker is the second recipient but the permanent fund raising goal of $100,000 has not been met to officially launch the scholarship’s permanent fund. The fund is at $87,000.
Policy Matters Ohio release their report “Paying More, Renting Debt: Why Rent-to-Own is a bad deal for Ohio consumers.” The report generates some media activity and calls for the Ohio legislature to further regulate rent-to-own in Ohio.
APRO donates $50,000 worth of product and money to the Congressional Black Caucus Foundation Silent Auction. This is the 11th year of APRO’s donation campaign to the CBCF Scholarship Foundation. APRO becomes the primary sponsor of the CBCF Silent Auction.
The Consumer Rental-Purchase Agreement Act by Rep. William Lacy Clay is introduced in the House. The bill generates 126 house co-sponsors – the most House co-sponsors yet.
The Consumer Rental-Purchase Agreement Act by Sen. Mary Landrieu is introduced in the Senate. The Senate bill generates 19 Senate co-sponsors.
President George Bush announces the U.S. economy is in danger due to toxic mortgage loans and consumer credit crises. The economic circumstances create media opportunities that promote rent-to-own’s role in the economy and credit-constrained consumers. Several national media stories in the Wall Street Journal and USA Today spark dozens of local stories about rent-to-own, Read More
U.S. Senator Charles Schumer re-introduces the Rent to Own Reform Act – S. 1530 to “reign in these highway bandits.” The introduction sets off a series of news reports negatively portraying rent-to-own.
APRO donates $50,000 worth of product and money to the Congressional Black Caucus Foundation Silent Auction. This is the 10th year of APRO’s donation campaign to the CBCF Scholarship Foundation.
APRO awards its first $2,000 scholarship to Show Me Rent to Own employee. Penny Wyatt from Desloge, MO, attending Mineral Wells College. Wyatt is a special recipient of the scholarship donated from private RTO dealer to promote the scholarship’s first fund raising goal of $100,000 to establish a permanent fund to draw interest for, Read More
“Rent-to-own Agreements: Customer Characteristics and Contract Outcomes” by UMASS Finance Professor Dr. Michael H. Anderson and California Polytechnic State University Finance and Economics Professor, Dr. Sanjiv Jaggia is published in the Journal of Economics and Business. This is the fourth independent Financial Academic paper published regarding rent-to-own transactions continuing rent-to-own’s documented value in the, Read More
The continued economic downturn helps RAC and Aaron’s as CNBC’s featured stocks. The industry begins receiving first tier national coverage as the economy worsens due to high gas prices and tightening credit.
“Renting the Good Life” Law Review article published into William & Mary Law Journal. “Renting the Good Life” is an independent legal review of the rent-to-own transaction adding to the arsenal of rent-to-own continued market acceptance and improved image.
The University of Clemson releases a sociological report study that cites rent-to-own serving a need to the Asset Limited Income Constrained (ALIC) consumer in America. The independent study is the first independent sociological study on the value of rent-to-own in American society and another academic study adding to the arsenal of rent-to-own continued market, Read More
U.S. Senator Charles Schumer introduces the Rent-to-Own Reform Act of 2007. The bill is detrimental to the RTO industry and Schumer uses the bill for television press coverage throughout New York and beyond.
FICO, the nation’s largest and most popular credit scoring system, issues a press release stating they will use rent-to-own payments as a part of their new credit scoring system for home loans.
The Consumer Rental-Purchase Agreement Act by Rep. William Lacy Clay is introduced in the House. The bill generates 99 house co-sponsors – the most House co-sponsors yet. The bill sponsor changes due to the Democratic change of power in the House.
The Consumer Rental-Purchase Agreement Act by Sen. Mary Landrieu is introduced in the Senate. The Senate bill generates 21 Senate co-sponsors.
The Democrats take control of both the U.S. House and Senate with many of RTO’s congressional critics finding themselves with significant power. Not only does RTO lose much of the positive congressional momentum created in the past eight years but has created a potentially hostile congressional climate not seen since the 1993 investigative hearings, Read More
CREDCO, credit scoring system, issues a press release stating they will use rent-to-own payments as a part of their new credit scoring system for home loans.
U.S. Senator Charles Schumer officially introduces the Rent-to-Own Reform Act of 2006. The bill is detrimental to the RTO industry and Schumer uses the bill for television press coverage throughout New York and beyond. The bill is referred to the U.S. Banking Committee.
The Department of Defense releases a report criticizing predatory lending practices that includes rent-to-own. Dozens of media outlets pick the story up and the Senate Banking Committee holds a hearing on the report, but focuses on payday loans. The DOD report is the third national news medium negatively featuring rent-to-own in the past year.
The Buffalo News continues its press criticism of rent-to-own and other industries that culminate into two public hearings by the state legislature, public criticisms by statewide political candidates and the announcement of the Renters Right Act of 2006 by U.S. Senator Charles Schumer (D-NY).
The Brookings Institution releases a report entitled “From Poverty, Opportunity: Putting the Market to Work for Lower Income Families” which included negative reports and criticisms of the RTO industry that received dozens of media coverage in major cities throughout the U.S.
APRO’s Government Relations and Public Relations crises of 1993-1997 is featured as a college textbook case study in political, media and public relations crisis management in “Cases in Business Ethics.”
APRO launches permanent RTO [Relief To Our] Employees Disaster Relief Fund. The fund was formalized after last season’s destructive hurricanes and APRO’s successful response in assisting APRO employees’ recovery from the disasters.
APRO releases first published media analysis report after one years’ worth of media coverage documented through web searches. Business news dominates the industry and negative coverage outweighs positive coverage 2 to 1.
APRO conducts third RTO Customer Satisfaction Survey by Brit Beemer of America’s Research Group. RTO customer satisfaction received the equivalent of a grade of a “C+”, a significant departure from the previous two surveys. Industry experts attribute the lower customer satisfaction to the consolidation of the industry causing employee and store changes, disrupting the, Read More
APRO commissions Trenholm Research for its second Potential Customer Survey. The survey studies the perception of the rent-to-own industry by those customers who fit the rent-to-own demographics but do not rent-to-own. The rent-to-own industry received a grade equivalent of a “D” for its perception outside of rent-to-own customers. The rent-to-own industry image outside of, Read More