FREQUENTLY ASKED QUESTIONS
Q. HOW MUCH IS THE DOWN PAYMENT?
A. An initial rental payment equal to 2 months’ rent is required for delivery and setup of the structure.
Q. CAN I PAY EXTRA MONEY DOWN ON THE PRINCIPAL?
A. Since this is a true rent-to-own and not an installment sale, there is no principal to apply extra money to. However, if your account is up-to-date and you wish to pay at least $50 extra in any given month, we will hold it in a deposit account to be applied to the discounted early payoff of the rented structure at any time.
Q. WHEN IS MY FIRST PAYMENT DUE?
A. Your first rental payment will be due approximately 30 days after delivery of the building. Thereafter, you will receive a monthly invoice approximately 2 and 1/2 weeks before each payment is due.
Q. WHEN WILL I RECEIVE MY PAYMENT BOOK?
A. You won't receive a payment book from us. Instead, you'll receive a monthly invoice with updated payoff information included.
Q. HOW CAN I ACQUIRE OWNERSHIP OF THE BUILDING FOR THE LOWEST PRICE?
A. Always make your monthly payment on time and watch the "Discounted Early Payoff" amount on each invoice. When you're able to pay that amount in a single payment, call us. After processing successfully we will issue you a transfer of ownership document.
Q. CAN I ADD IMPROVEMENTS TO THE INSIDE OR OUTSIDE OF THE BUILDING?
A. Contact Midwest Shed Rentals before making any changes to our structure. Unauthorized changes may void the warranty and contract.
Q. I WOULD LIKE TO PAY OFF MY BUILDING, BUT I CAN’T AFFORD THE TOTAL PAYOFF. CAN I SEND IT IN 3 PAYMENTS?
A. No, the payoff must be paid in a single payment. Remember, if you pay at least $50 extra in a month, that amount will automatically be held in your deposit account and can then be applied toward the payoff of the structure. Please call our office with your payment if you wish to take advantage of this feature.
Q. WHAT IS THE INTEREST RATE ON MY PAYMENTS?
A. There is no interest rate with our rent-to-own agreement, only rental fees. You are simply renting on a month-to-month basis. On a 36-month rental contract, for example, 60% of the net payment is applied toward the early discounted payoff.
Q. I WAS JUST LAID OFF FROM MY JOB. CAN I REFINANCE AND GET LOWER PAYMENTS?
A. No, call our office for other alternatives.
Q. WHY DOESN’T MY PAYOFF GO DOWN?
A. If your account is delinquent, any back rent due will automatically be added to your payoff, temporarily making it look like your payoff is not decreasing.