RimTyme and RimFinancing allow buyers to pay for their rims over time, but their programs don't operate like rent-to-own programs for houses. Despite this, RimTyme uses the term "rent-to-own" when marketing its rim loan program.
Lease-to-own typically means renting a property while paying extra for a down payment. Once the lease ends, the renter has the option to go forward with buying the house or leaving it. Those who leave often forfeit the money spent toward a down payment. These programs are popular for people who want to purchase a home but aren't qualified to do so. When it comes to rims and other items, this term is used to describe the process of repaying a loan on the rims, with some companies providing their own loans and others connecting buyers to lenders.