6 am: 48°FMostly Sunny

8 am: 51°FSunny

10 am: 62°FSunny

12 pm: 70°FSunny

More Weather

Sears launches new lease-to-own program

May. 09, 2013 @ 11:55 PM

NEW YORK (AP) -- Sears Holdings Corp. is launching a program at its namesake department stores that will allow financially strapped shoppers unable to quality for credit to lease electronics, home appliances, furniture and mattresses.

The program, which was tested last September in 10 stores, is being rolled out to all 900 stores starting this week. Sears is launching the program with leasing service WhyNotLeaseIt.

To qualify for the program, a candidate must be 18 years old, earn a minimum of $1,000 a month and have a Social Security or tax identification number when applying. Customers make the first lease payment at the stores.

The program comes as the Hoffman Estates, Ill.-based retailer, which also operates Kmart, is trying to turn itself around after years of weak sales.

()