Rent-A-Center Announces National Rent-to-Own Program Launch, RAC Exchange™

RAC Exchange Redefines Consumer Flexibility and Choice with Exchanges on Rent-to-Own Products

PLANO, Texas, March 12, 2024 /PRNewswire/ -- Rent-A-Center, a leading rent-to-own company for furniture, appliances, and electronics, and a business of Upbound Group, Inc. (NASDAQ: UPBD), today announced the launch of a new, customer-centric national program called RAC Exchange, a flexible new way for consumers to shop and engage with household goods and other items that improve their quality of life. RAC Exchange allows eligible Rent-A-Center customers to exchange their current product on rent for another qualifying product within the first six months following the initial agreement or any subsequent agreement entered into pursuant to an exchange.

This innovative concept, RAC Exchange, applies the rent paid on the previous agreement toward the total rent-to-own cost of the swapped item and a designated percentage of any same as cash purchase option exercised for the swapped item, making accessing customers' desired home goods easier than ever. Customers can apply with Rent-A-Center for an exchange of their rented item and always track the value of their current agreement in MyAccount when they sign up on rentacenter.com or on the mobile app. By simply logging in and finding their current exchange value, customers will see what rent is eligible to be applied towards their next agreement for an item they need and how much longer they are eligible for an exchange.

"RAC Exchange exemplifies Rent-A-Center's continued innovation in the rent-to-own industry and in the customer experience field," said Ann Davids, Chief Customer Officer and Chief Marketing Officer of Upbound Group, Inc. "By offering even greater flexibility and value, we aim to redefine the way consumers engage with products and experience the joy of taking their time to ensure they've found the right item for their home or personal needs."

From living room décor to the latest computer technology, the Rent-A-Center catalog offers thousands of items, with many at the same weekly rate. The offerings provide a wide range of possibilities and price points for customers of a wide range of credit backgrounds to explore while having the flexibility of a rent-to-own transaction.

For more information about RAC Exchange, including program terms and conditions, please visit rentacenter.com/rac-exchange.

About Upbound Group, Inc.

Upbound Group, Inc., (NASDAQ: UPBD) is an omni-channel platform company committed to elevating financial opportunity for all through innovative, inclusive and technology-driven financial solutions that address the evolving needs and aspirations of consumers. The company's customer-facing operating units include industry-leading brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,400 company-branded retail units across the United States, Mexico, and Puerto Rico. Upbound Group, Inc., is headquartered in Plano, Texas. For additional information about the Company, please visit our website at Upbound.com.

SOURCE Rent-A-Center