Buyer Beware!
HVAC rental scams and liens have been a significant issue in Canada, particularly in Ontario
Watch Out for HVAC Rental Scams & Outrageous Liens
To make matters worse, there are large, well-known Hot Water Rental / HVAC Rental companies that engage in these practices! Their high level of visibility, catchy commercials and familiarity provide a misleading sense of trust. In fact, you may already have a hot water tank rental or HVAC rental agreement from a rental company not realizing the future end-of-term costs, on top of the years of monthly payments you’ve already made.
Companies employing these tactics aim to persuade homeowners to rent hot water and/or HVAC equipment at a low affordable monthly price, often without a clear understanding of the end-of-term buy-out costs and potential equipment removal fees if they decide to go elsewhere. The goal, of course, is to sign another long-term agreement when the equipment fails or is at or near the end of the rental term agreement.
These companies may also place an excessive lien on the property (surpassing the equipment’s actual value), without the homeowner’s knowledge. This can result in homeowners facing exorbitant expenses to remove liens when selling or refinancing their properties. See – OntarioHVACscam.com
Understand terms, conditions, and costs.
Consider RUUD Comfort Owl Leasing.
Despite these challenges, rentals are a financially viable option so long as you have a clear understanding of the terms and end-of-term costs and conditions. Key considerations include ensuring that rental terms do not exceed product warranties (usually 10 years) and include a low-cost purchase option at the end of the term. For example, RUUD Comfort Owl Leasing offers a 120-month Lease-to-Own (or Financing options), aligning with the RUUD® product warranty period. This means at the end of the lease term; you own the equipment!
Certainly, purchasing your equipment outright typically proves to be the most economical option, as it involves no interest payments. Nevertheless, transparent rental programs can present distinct peace of mind advantages, enabling you to access superior or higher-quality equipment that might be beyond your initial consideration. Additionally, if a low buy-out option is available at the conclusion, you can enjoy both budget-friendly payments and eventual ownership.
