Ren'T'Own® Auto
104 Bettys Ave., Route 202 & 309, Montgomeryville, PA 18936 (215) 361-6900
Ren'T'Own® Auto
Ren'T'Own® is a new method of financing an automobile that leads to ownership at the end of the lease. Sometimes called “LeaseToOwn”, the program is unique in that there is no residual value at the end of the lease. When you make your last payment it’s yours. There are no tricky penalty clauses that are typical with lease programs where you must pay a residual value to own the vehicle.
A lender buys the vehicles for us and charges us monthly like a mortgage. We charge you a bi-weekly amount that pays the lender, pays our bills, and allows us to make a profit. Our lease fees are strictly based on our costs to buy, clean up, and make necessary repairs to the vehicle.
Total cost of ownership is roughly the same as standard 3rd party financing or “Buy Here Pay Here”, but the cars are newer and have much lower mileage. Plus, they are covered with a “comprehensive major components warranty” for the duration of the lease.
Warranty
Our lender requires each vehicle to have a major components warranty starting after the lease begins. Our standard warranty covers head and manifold gaskets, major components in the cooling system, air conditioning system, suspension, drive axle, brake system, starting and charging system, and steering system. This warranty starts immediately. We also offer a basic warranty that only covers major engine and transmission failures. This can reduce your payment by $7.00 to $11.00. Please ask about our Warranty Comparison.
Our bi-weekly lease payments are based strictly on our cost. If we agree to do repairs not covered by the warranty, we may rewrite the lease, raising the payments to cover the costs of repair.
Insurance
Have your insurance agent fax us an insurance binder for $250 collision
and $250 comprehensive. It should name us as "loss payee" plus
our lender as "additional insured". No 'Excluded' Drivers
Loss Payee:
Ren'T'Own® Auto/RTO
P.O. Box 750
Montgomeryville, PA 18936
Additional Insured:
Ren'T'Own® Auto/RTO
850 East Cliff Rd.
Burnsville, MN 55337
GPS Tracker
Lenders that finance lease and rental fleets require that vehicles be equipped with GPS trackers. This makes it easier to recover a vehicle if it is stolen, or payments have not been made. We also require you to inform us if you are planning a trip over 200 miles from Pennsylvania. Vehicles may not be taken to another country.
Bill Stewart - Inventory Manager
Having Trouble Making Your Payments?
With Ren'T'Own® we are required to make monthly payments to our floorplan lenders. They won't forgive us and we have to take a hard line when customers get behind.
If you are behind, or your insurance lapses we require you to return the vehicle with the keys. If you do so voluntarily, we have a reinstatement procedure, and we don't report a repossession to the state DMV or the credit reporting agencies.
When you get back on your feet, we will reinstate your lease or put you into another vehicle. We all have tough times once in a while.