Hire purchase

Are we being treated like human beings by our Corporate Captains? Have they heard of the word 'compassion' or is greed the guiding light for them?

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Dreamweaver
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Hire purchase

Post by Dreamweaver » 08 Oct 2015, 22:16

Firstly, under consumer leases the customer ends up paying far more than the actual value of the good over time. In the most extreme case ASIC found a lease being offered resulted in the consumer paying 884 per cent interest on a clothes dryer. The dryer was worth $345, but the person taking out the lease would have eventually paid a full $3,042 over the course of the contract.

According to the Financial Rights Legal Centre, many of their clients end up paying five to 10 times the original value of the appliance by the time their agreement ends. They say misrepresentation about whether they will own it at the end of the agreement is common.

That’s bad enough. But worse is the fact that under many of these arrangements the poor actually pay more.

“The same lessors charge significantly different amounts for the same goods, in particular Centrelink recipients were charged more than the advertised costs,” ASIC’s report said.
- See more at: https://newmatilda.com/2015/10/06/forge ... EaiZs.dpuf

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