William Lipovsky
Aaron’s will contact customers and work with them to avoid repossession if possible. If it can’t get in touch with you within 30 days after a missed payment’s due date, it may initiate a repossession.[1][2]
See below for more details of the Aaron’s repossession policy, including how to avoid repossession, voluntary surrenders, and how the repo process works.
Aaron’s Repossession Policy
The grace periods, late payment policy, and repossession times at Aaron’s vary by customer and the individual store that holds the lease.[1][2]
However, it may begin the process to repossess leased items 30 days after a missed payment.[1][2]
If you get in contact with the Aaron’s store that holds your lease, you may be able to avoid repossession by arranging to make up your payments or defer a payment. You can also voluntarily surrender the item(s).[2]
I contacted corporate customer service representatives and in-store associates in Kentucky, Montana, and New Mexico for more information on your options.
Avoiding Repossession
Making Up Payments
You can stop a repossession at any time before it’s complete (including when employees arrive at your home) by catching up on missed payments, including any associated late fees.[1][2]
Aaron’s doesn’t usually offer a grace period for late payments. Instead, most of its stores charge a late payment fee of around $8 the day after your payment due date.[1][2]
Note that some locations are franchised and may offer a grace period of around three days or charge a different amount in late fees.[2] It’s best to check with the store that holds your lease for the exact policy details.
See more on the Aaron’s late payment policy.
Deferred Payments
You can request a deferred payment when experiencing financial hardships.[1][2]
To do this, contact the Aaron’s where you hold a lease to discuss your options and see if you qualify.[1][2]
There’s no set limit to how many times you can defer a payment. Aaron’s will consider each customer’s circumstances, contract, and payment history to make decisions on a case-by-case basis.[1][2]
Keep in mind that if this extends your payment contract, you will still accrue interest and any other associated fees.[1][2]
Voluntary Surrender
If you know that you can no longer afford to make payments, you can voluntarily return leased items to Aaron’s at any time.[3][2]
Aaron’s offers a lifetime reinstatement guarantee, which will allow you to lease the item(s) again in the future and resume your payment plan if your financial situation improves.[3][2]
Note that lawn equipment, seasonal items, and special orders are exempt from the lifetime reinstatement benefit.[3]
Involuntary Repossession Process
As noted above, repossession times vary by customer and store location, but Aaron’s will contact you before initiating an involuntary repossession.[1][2]
If it can’t get in contact with you, it will typically repossess leased items when payments are around 30 days late.[2]
While an Aaron’s employee can’t enter your home without your permission and must obey state laws regarding disruption of peace, the company can send agents to your home to attempt to recover the item(s).[2]
If you don’t answer the door, Aaron’s will continue attempting to contact you and the references you provided when you started your lease until you return the item(s).[2]
If you refuse to return the items or don’t get in contact with the store within about 60 days after it initiates the repossession process, Aaron’s will typically send your account to a collections agency.[2]
Additional legal consequences will vary depending on state law. See more on whether you can go to jail for not paying Aaron’s.
Tip: Aaron’s doesn’t report to the credit bureaus when your lease is active. However, if your account is sent to collections, this can lead to a negative impact on your credit.[2][1][4] It’s best to get in contact with the store before it sends your account to collections to avoid credit damage.
FAQ
Generally, online payments post immediately. However, it can occasionally take a couple of hours.[1][2] It’s a good idea to keep a record of when you initiated the payment (such as by printing the payment confirmation or saving it as a PDF).
A late payment won’t exempt your leased item from lifetime reinstatement as long as you catch up on payments.[1]
In Summary
If Aaron’s can’t reach you regarding a missed payment, it typically repossesses items 30 days after the payment’s due date.[1][2]
Once initiated, the only way to stop repossession is to catch up on missed payments and any fees. Late payment fees vary by store but are typically around $8.[1][2]
You can also contact the Aaron’s location that holds your lease to request a deferred payment or voluntarily surrender an item if you can no longer make payments.[1][2]
Be sure to share any comments or questions you have regarding Aaron’s repossession policy below.
