ColorTyme

Last updated
ColorTyme
Industry
Headquarters Plano, Texas
Key people
Cathy Skula, President and CEO [1]
Parent Rent-A-Center
Website colortyme.com

ColorTyme is an American rent-to-own business, currently a wholly owned subsidiary of Rent-A-Center.

Litigation

In 1994, the Minnesota Supreme Court ruled in Miller v. ColorTyme that the lease agreements offered by ColorTyme were covered under the state's Consumer Credit Sales Act, and that the lease agreements were therefore not leases but sales on credit. The court further held that the company was charging usurious rates of interest to its customers. [2] A similar lawsuit, filed by the office of Wisconsin Attorney General James E. Doyle in 1993, resulted in the company being fined $25,000 and required to disclose interest rates and other credit terms to consumers. [3] ColorTyme later settled a class action lawsuit brought by the Legal Aid Society of Milwaukee by agreeing to pay $2.9 million, [4] including $675,000 in interest-free loans to low-income individuals and families. [5]

Related Research Articles

This aims to be a complete list of the articles on real estate.

Car dealerships in the United States

In the United States, a car dealer is a business that sells cars. A car dealership can either be a franchised dealership, which is a retailer that sells new and used cars, or a used car dealership which only sells used cars. In most cases franchised dealerships include certified pre-owned vehicles, employ trained automotive technicians, and offer financing. In the United States, direct manufacturer auto sales are prohibited in almost every state by franchise laws requiring that new cars be sold only by dealers.

Payday loan Small, short-term unsecured loan

A payday loan is a small, short-term unsecured loan with high interest rates.

GE Capital is the financial services division of General Electric. Through its two divisions, GE Capital Aviation Services and GE Energy Financial Services, it provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units.

UW–Milwaukee Panther Arena Arena in Wisconsin, United States

The UW–Milwaukee Panther Arena is an indoor arena located in Milwaukee, Wisconsin. The arena, which seats as many as 12,700 people and offers 41,700 square feet (3,874 m2) of floor space, is part of a larger downtown campus, that includes the Milwaukee Theatre and Wisconsin Center.

Annual percentage rate Interest rate for a whole year

The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. Those terms have formal, legal definitions in some countries or legal jurisdictions, but in the United States:

Pabst Brewing Company Brewery named after Frederick Pabst

The Pabst Brewing Company is an American company that dates its origins to a brewing company founded in 1844 by Jacob Best and was, by 1889, named after Frederick Pabst. It is currently a holding company which contracts the brewing of over two dozen brands of beer and malt liquor: these include its own flagship Pabst Blue Ribbon, as well as brands from now defunct breweries including P. Ballantine and Sons Brewing Company, G. Heileman Brewing Company, Lone Star Brewing Company, Pearl Brewing Company, Piels Bros., Valentin Blatz Brewing Company, National Brewing Company, Olympia Brewing Company, Falstaff Brewing Corporation, Primo Brewing & Malting Company, Rainier Brewing Company, F & M Schaefer Brewing Company, Joseph Schlitz Brewing Company, Jacob Schmidt Brewing Company and Stroh Brewery Company. About half of the beer produced under Pabst's ownership is Pabst Blue Ribbon brand, with the other half their other owned brands.

Publishers Clearing House (PCH) is a direct marketing company that markets merchandise and magazine subscriptions with sweepstakes and prize-based games.

AutoNation American automotive retailer

AutoNation is an American automotive retailer, which provides new and pre-owned vehicles and associated services in the United States. The company was founded by Wayne Huizenga in 1996, and has more than 360 retail outlets. Based in Fort Lauderdale Florida, the company's current chief executive officer is Cheryl Miller, the previous chief financial officer of the company, who replaced Carl Liebert III on July 23, 2019.

Rent-to-own

Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, real property, and engagement rings, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.

Debt settlement is also called debt reduction, debt negotiation or debt resolution. Settlements are negotiated with the debtor's unsecured creditors. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely. When settlements are finalized, the terms are put in writing. It is common that the debtor makes one lump-sum payment in exchange for the creditor agreeing that the debt is now cancelled and the matter closed. Some settlements are paid out over a number of months. In either case, as long as the debtor does what is agreed in the negotiation, no outstanding debt will appear on the former debtor's credit report.

Rent-A-Center is an American public furniture and electronics rent-to-own company based in Plano, Texas. The company was incorporated in 1986 and as of 2014 operates approximately 2,972 company-owned stores in the United States, Canada, Puerto Rico and Mexico, accounting for approximately 35% of the rent-to-own market in the United States based on store count.

A debt buyer is a company, sometimes a collection agency, a private debt collection law firm, or a private investor that purchases delinquent or charged-off debts from a creditor or lender for a percentage of the face value of the debt based on the potential collectibility of the accounts. The debt buyer can then collect on its own, utilize the services of a third-party collection agency, repackage and resell portions of the purchased portfolio or any combination of these options.

Lori Swanson

Lori Swanson is an American lawyer who served as the Attorney General of Minnesota from 2007 to 2019. She was the first female Attorney General elected in Minnesota. In 2018, she ran for Governor of Minnesota with running mate U.S. Representative Rick Nolan finishing in third place in the Democratic-Farmer-Labor primary.

Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases.

Legal financing is the mechanism or process through which litigants can finance their litigation or other legal costs through a third party funding company.

A merchant cash advance(MCA) was originally structured as a lump sum payment to a business in exchange for an agreed-upon percentage of future credit card and/or debit card sales. The term is now commonly used to describe a variety of small business financing options characterized by short payment terms and small regular payments as opposed to the larger monthly payments and longer payment terms associated with traditional bank loans. The term "merchant cash advance" may be used to describe purchases of future credit card sales receivables or short-term business loans.

Flexirent Capital Pty Ltd. or more commonly Flexirent, is an Australian consumer leasing service of business and consumer electronics and is the primary product of FlexiGroup.

Payday loans in the United States Overview of payday loans

A payday loan is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the United States, between different states.

Credit agreements in South Africa are agreements or contracts in South Africa in terms of which payment or repayment by one party to another is deferred. This entry discusses the core elements of credit agreements as defined in the National Credit Act, and the consequences of concluding a credit agreement in South Africa.

References

  1. "ColorTyme Executive Bios". Archived from the original on May 15, 2013. Retrieved June 11, 2013.
  2. "Miller v. Colortyme, 518 N.W.2d 544 (1994)" . Retrieved June 11, 2013.
  3. "ColorTyme violations draw $25,000 penalty". Milwaukee Journal Sentinel . May 26, 1994. p. 8B. Retrieved June 11, 2013.
  4. "$2.9 million ColorTyme settlement approved". Milwaukee Journal Sentinel. January 26, 1998. p. 3B. Retrieved June 11, 2013.
  5. Pabst, Georgia (July 18, 1999). "ColorTyme settlement makes $675,000 in loans available". Milwaukee Journal Sentinel. Retrieved June 11, 2013.