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FAQ'S

Find Answers to Your Questions About Shed Geek Finance

We understand that you may have questions about how Shed Geek Finance works, whether you’re a business looking to offer financing to your customers or a customer exploring payment options. Our FAQ section is designed to provide clear and straightforward answers to the most common questions. From how our financing plans work to how you can apply, we’ve covered all the essentials here.

  • What is Rent-to-Own?
    Rent-to-Own or RTO is a rental contract that allows you to pay rent for 24, 36, 48, or 60 months, and acquire ownership of the storage building at the end of the contract. However, like any other rental contract, you acquire no equity in the building until the contract is completed successfully. If you voluntarily return the building, or terminate the contract in any way, there are no refunds given.
  • What is the interest rate on my payments?
    There is no interest on a rental contract. You just pay your monthly rental payments until the contract is paid in full. If you exercise your early payoff option, at the time of payoff, on a 36 month contract, 60% of your monthly payments paid are applied toward the purchase of the building.
  • Can I pay extra money down on principal?
    Since this is a true rental contract and not an installment sale, there is no principal to apply extra money to. Extra money received will be applied to future payments.
  • Can I payoff the building early?
    As long as your account is current, you have the option to purchase the building rather than continuing to rent it. This is a one-time, lump sum purchase of the building. You can call our office to inquire about the cash purchase amount.
  • Can I send the purchase amount in several smaller payments?
    No. The purchase option is a one-time, lump sum purchase of the building. If money is paid that is not the total purchase amount, it will be applied to future month's rent.
  • When is my first payment due?
    You have the option to select either the 1st or the 15th of each month as your preferred payment due date.
  • Is there a "grace period" before a late fee is charged?
    You have a 10-day grace period after your payment due date. If your payment is not received within those 10 days, a 10% Late Fee ($7.50 Minimum) late fee will be charged.
  • Can I change my due date?
    All accounts are due on the 1st or 15th of every month. You cannot change this due date, but you can move the date forward by paying ahead on the account.
  • I was laid off from my job. Can I refinance and get a lower monthly payment?
    The contract on the building cannot be re-written or the monthly payment amount lowered. Call our office to ask about possible alternatives.
  • Can I send a postdated check to be held until the money is in my account?
    We do NOT accept postdated checks.
  • I have to move or can no longer afford the building, do I get a refund for returning the building?
    This is a true rental contract. Therefore, you are not entitled to a refund if you return the building.
  • Can I send a postdated check to be held until the money is in my account?
    We do NOT accept postdated checks.
  • How can I voluntarily return the building?
    Please notify our office, preferably in writing, that you are finished with the building so we can arrange for pickup.
  • Can I make improvements or alterations to the building?
    Per the rental contract, no changes are allowed to be made to the building nor may it be attached to other structures. If you would like to make changes to the building, you must call our office for permission.
  • Can I move the building?
    Please call our office and get permission prior to having the building moved.
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