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Rent to Own

RENT-TO-OWN (A PILOT PROGRAM)

How Rent-to-Own Works

At Torshel we understand that not everyone has the financial resources to pay for a storm shelter or sometimes it is hard to get a loan to buy one. In order to help you, we have created our own Torshel’s Rent-to-Own program. This is an affordable solution that allows you to get a Safe Room Storm Shelter after completing a 6 or 12-month lease. In order to apply you must be at least 21 years old. 

Initially, this program is available to any qualified customer that lives within 200 miles of Jackson, MS

Limited To Five (5) Above Ground Units

This program is intended to help our prospective clients with financial needs. At the moment, this program is limited to certain units that can be returned and/or removed. No in-ground storms shelters.

Requirements

You must comply with at least 4 of the following requirements in order to be prequalified:

  1. Present a copy of your credit report. This document can be obtained at www.annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228 (If you have bad credit, but you are a trustworthy person you could still get your shelter if you bring the additional requirements).
  2. Proof of income OR your two most recent banks statements.
  3. Two (2) letters of recommendation or “character letters” from neighbors or friends, attesting to your dependability, and being specific about you being a trustworthy person who will pay the storm shelter.
  4. One letter from a current or former employer, mentioning that you are a reliable person who will do your best to pay the storm shelter.
  5. A co-signer, in other words, somebody who will pay the monthly note in case you fail to comply with the payments. This person can be your spouse, parents, siblings (daughter / son), father, mother, or a long time friend. Ask a neighbor; they can have access to the storm shelter in exchange of being guarantor.

Down Payment and interest

A down payment of $1,500 to $2,000 is required, depending on the size of safe room unit that you want. Interest is a fixed 18 % per year for 6 to 12 months. You can always pay it in advance and save. 

For example: Small safe room.

Cost $4,299; tax 7%: $300.93. Total $4,599.93

Down payment: $1,500. Balance to be financed $3,099.00

6 monthly payments of $572 or 12 monthly payments of  $284.12

How Rent-To-Own Works

  • Bring or send via e-mail the application, and required documentation listed above.
  • Choose the size of the above ground unit that’s right for you (4×4, 3×7, 4×6, or 4×8).
  • Pay an initial down payment. After this, Torshel will schedule the installation of your storm shelter.
  • Make your monthly payments as scheduled, which will be determined once the unit size is chosen. Your first payment is due within 30 days of delivery and installation.
  • Pay off your shelter early. We encourage customers to pay off their shelter early if it’s financially possible. In fact, there are no early payoff penalties.

What About If I Don’t Pay?

If you and the guarantor do not pay for two (2) consecutive months, Torshel will posses the safe room. There is no money back on the down payment or monthly payments that you have made so far.

What about if I want to return the unit?

If you and the guarantor do not pay for two (2) consecutive months, Torshel will posses the safe room. There is no money back on the down payment or monthly payments that you have made so far.

Let us know within 30 days. Torshel will schedule a time to pick up the unit and you will be able to get 30% of what you have paid in total. We incur in installation fees for installing and removing the unit. The safe room must be in excellent conditions.

Outdoor Units

If you want an outdoor unit, you can install a concrete slab at your own cost or Torshel can install it for you for an extra fee to be discussed with a Torshel’s sales rep. The cost of the concrete slab must be paid up front.

Torshel does not discriminate on the basis on sex, religion, color or national origin.

Everyone can get a storm shelter as long as you provide the financial evidence and requirements that we ask for.

Here are the application and the contract. Please read them carefully before signing. Contact us for further information.