Need a car? New program at Wal-Mart lets you rent-to-own

Reported by: Nicole Beyer
Email: nbeyer@abc15.com
Last Update: 11/01 2:14 pm

Need a car? New program at Walmart lets you rent-to-own

(Eric English)

CHANDLER, AZ -- Live X Auto Exchange launched as a pilot program inside two Valley Wal-Mart stores last year, but now it's evolved into a rent-to-own business.

"It sounds like a wonderful opportunity for those who have bad credit," said Jennifer McFeters, who recently bought a car thinking she was approved and later had to bring it back.

"It was a preapproval to take it home," she said. "I grew attached to the vehicle and we had to take it back."

It's potential customers like McFeters, Live X Auto Exchange is trying to help after the credit crunch.

"We've teamed up with dealers from all over town, kind of like a Costco buying service, but way more interactive," said Patrick Dial, President and CEO of Live X Auto Exchange.

The cars start at $69 a week, and with the click of a mouse you can not only look at all of the vehicles on-line, but you can also apply for the vehicle at www.livexautoexchange.com.

"Our average car is something around $1,250 down and then close to $380 a month," said Dial. "It's usually a 36-month term so at the end of that 36 months the person has bought the car."

Live X Auto Exchange will check your credit, but what the company is really looking for is if you're employed and responsible.

And if you lose your job, Dial said you can bring back the car without tarnishing your credit.

"The customers with this program have more options than they've ever had before," said Dial.

The two Wal-Mart locations participating in the rent-to-own program are located at the Loop 202 and Arizona Avenue in Chandler and the U.S. 60 and Greenfield Road in Mesa.