First, the most important fact: a rent-to-own agreement is a lease, not a loan. Because it is structured as a rental with a purchase option, companies like Acima, Progressive Leasing, Aaron's, Rent-A-Center, and Snap Finance are not required by federal law to disclose an APR. The total cost over the full lease term — all weekly or monthly payments until ownership — routinely runs 2 to 3 times the retail price of the item. A $600 laptop can end up costing $1,400–$1,800. Knowing this changes how you approach the exit.
The two exits to consider first
There are only two ways to close a rent-to-own account that stop future payments entirely:
Option 1 — Use the early purchase option (EPO)
Every rent-to-own lease must disclose an early purchase option amount in the contract. This is the lump sum that makes you the owner and ends the lease. The EPO is typically:
- Within the first 90 days (Acima's "same-as-cash" window): roughly the retail cash price plus a small origination fee — the cheapest exit by far. If you are still inside this window, prioritize paying it off now.
- After 90 days: a formula that reduces with each payment you make but still includes a substantial markup over the remaining retail value. Call customer service or log in to get the current EPO amount in writing before you pay.
For Progressive Leasing, log in and select "Early Purchase Option" or call the number on your agreement to receive the exact figure. For Aaron's and Rent-A-Center, visit a store or call — both will provide it. Always ask for written confirmation before submitting payment so the account closure is documented.
Option 2 — Return the merchandise and end the lease
Under rent-to-own law in all 50 states, you have the right to return the item at any time to terminate the agreement. Once the company accepts the return:
- No further payments are owed.
- You keep whatever you have already paid — the company does not owe you a refund for past payments.
- The account is closed with no remaining balance to collect.
This is the right move when the EPO amount far exceeds the item's real-world value and you have already paid heavily into the lease. Get a signed receipt from the store or a written email confirmation from the company. If the company later contacts you claiming money is owed, that receipt is your evidence that the account was properly closed.
Do not simply stop paying without returning the item. Keeping the merchandise while ceasing payments exposes you to collections, credit reporting, and in some states potential theft charges under property statutes specific to leased goods.
Know your state rent-to-own rights
All 50 states have enacted rent-to-own disclosure laws, sometimes called the Rental-Purchase Agreement Act. The company is legally required to give you in writing — before you sign — all of the following:
- The cash price of the item
- The total of payments if you complete the full lease term
- The weekly or monthly payment amount
- The early purchase option terms and amounts at multiple points in the lease
If your contract is missing any of these disclosures, you may have grounds to dispute the agreement itself. State enforcement varies: some states (North Carolina, Vermont, Wisconsin, Minnesota, New Jersey) have stricter rules on fees and renewals than the minimum federal floor. Check your state attorney general's consumer protection division for the rules that apply to you.
Disputing charges or contract terms
If the company has charged you incorrectly — unauthorized fees, payments that do not match the contract, or reported a return as a default — here is the escalation path:
- Written dispute to the company — Send a certified letter citing the specific charge, the relevant contract clause, and the remedy you are requesting. Keep a copy.
- CFPB complaint — File at consumerfinance.gov/complaint. The CFPB routes complaints to the company and tracks responses. Acima and Progressive Leasing both have CFPB complaint histories you can review before filing.
- State attorney general — Your state AG can investigate violations of the state rent-to-own statute and has authority to pursue the company, not just log the complaint.
- FTC Report Fraud — File at reportfraud.ftc.gov, especially for systematic billing practices that affect multiple consumers.
If the account has been sold or referred to a third-party debt collector, federal law (FDCPA) gives you the right to request written debt validation within 30 days of the collector's first contact. They must stop collection activity until they verify the debt.
If the rent-to-own situation is part of a larger debt problem
Rent-to-own leases themselves do not qualify for debt settlement — they are not unsecured loans. But many people in this situation also carry credit card balances, personal loans, or medical debt alongside it. If you have $7,500 or more in qualifying unsecured debt and are struggling to keep up with payments, a debt settlement program may help with the other balances. Be aware of the real trade-offs:
- Enrollment typically requires stopping payments to creditors, which will hurt your credit score and can lead to lawsuits from creditors during the process.
- Forgiven debt may be reported to the IRS on Form 1099-C as taxable income — consult a tax professional before enrolling.
- Outcomes are not guaranteed; results depend on the creditor, your account status, and the amounts involved.
- Settlement works on unsecured debt only — credit cards, personal loans, and medical bills, not secured debt or rent-to-own lease balances.
If you are not sure whether your situation qualifies, a free, no-obligation call to a nonprofit credit counselor (find one at nfcc.org) or a debt settlement provider can give you the picture without commitment.