Home & Garden

Hot water tank rental

  • Last Updated:
  • Jul 31st, 2020 10:01 am
[OP]
Jr. Member
Sep 29, 2018
186 posts
130 upvotes

Hot water tank rental

Hi currently I am paying $50 a month for reliance(1year old house). I have an outstanding payment of $550 which is due from last September. So I called just now and asked for buy out. They said it’s 1950 plus tax plus the outstding due 550.
Talked to the manager, he said if I pay today he can adjust the amount to 2130 all in. Is this a good deal? Is it worth to buyout now? TIA
14 replies
Deal Expert
User avatar
Feb 11, 2007
19456 posts
22578 upvotes
GTA
rooney8646 wrote: Hi currently I am paying $50 a month for reliance(1year old house). I have an outstanding payment of $550 which is due from last September. So I called just now and asked for buy out. They said it’s 1950 plus tax plus the outstding due 550.
Talked to the manager, he said if I pay today he can adjust the amount to 2130 all in. Is this a good deal? Is it worth to buyout now? TIA
That sounds like a good deal to me. Most new buyouts are many thousands of dollars. To install your own tank would be $1000-2000, so this isn't bad.
If the women don't find you handsome, they should at least find you handy.
Deal Addict
Jun 26, 2019
2003 posts
1733 upvotes
GTA
rooney8646 wrote: Hi currently I am paying $50 a month for reliance(1year old house). I have an outstanding payment of $550 which is due from last September. So I called just now and asked for buy out. They said it’s 1950 plus tax plus the outstding due 550.
Talked to the manager, he said if I pay today he can adjust the amount to 2130 all in. Is this a good deal? Is it worth to buyout now? TIA
I'm assuming its a tank and not a tankless.

A good tank probably costs like $1750 installed, so I'm frankly a bit surprised that the buyout of $2130 is that low.

So I'd probably take it and run. Seeing as the tank is only 1 year old, and your break even point is ~3.5 years, you're for sure in way better shape then renting, and you probably dont have many other choices.
Deal Addict
Mar 22, 2017
2426 posts
3197 upvotes
West GTA
That's a great deal. Buy it out for sure.
Deal Addict
Oct 24, 2010
2565 posts
2517 upvotes
Ottawa
engineered wrote: That sounds like a good deal to me. Most new buyouts are many thousands of dollars. To install your own tank would be $1000-2000, so this isn't bad.
Don't they then uninstall and walk away with the tank and require you to install your own, though?

I've heard of that happening with these hot water rental tank goons.
Deal Addict
Jun 26, 2019
2003 posts
1733 upvotes
GTA
Dynatos wrote: Don't they then uninstall and walk away with the tank and require you to install your own, though?

I've heard of that happening with these hot water rental tank goons.
Usually buying it out means you own all the equipment once you've paid the final bill.

Termination fees would be when you want to break the contract and go with your own.

The terminology may be different/more confusing from company to company.
Deal Expert
User avatar
Feb 11, 2007
19456 posts
22578 upvotes
GTA
Dynatos wrote: Don't they then uninstall and walk away with the tank and require you to install your own, though?

I've heard of that happening with these hot water rental tank goons.
As Sub said, it depends on the buyout. You can buyout the tank/contract and keep it. Or terminate the contract and return the tank at your expense. OP should be clear which one it is. Either way it seems like a deal for the OP, though less so if returning.
If the women don't find you handsome, they should at least find you handy.
Deal Addict
Oct 24, 2010
2565 posts
2517 upvotes
Ottawa
It's all just foreign to me. When I moved to Ottawa last year and started shopping for a house was the first I'd heard of this ridiculous water tank rental scheme.

In Calgary, $1000 including installation would get you a tank that lasts at least 10 years with no maintenance, and here people are paying as much as $50 a month to effectively insure against a problem with a tank.

Replace it every 2 years and you'd come out ahead.

I just don't get it.
Deal Addict
Jan 19, 2011
3012 posts
1290 upvotes
Dynatos wrote: It's all just foreign to me. When I moved to Ottawa last year and started shopping for a house was the first I'd heard of this ridiculous water tank rental scheme.

In Calgary, $1000 including installation would get you a tank that lasts at least 10 years with no maintenance, and here people are paying as much as $50 a month to effectively insure against a problem with a tank.

Replace it every 2 years and you'd come out ahead.

I just don't get it.
Welcome to Ontario
"The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is."
Just a guy who dabbles in lots of stuff learning along the way. I do have opinions, and readily share them!
[OP]
Jr. Member
Sep 29, 2018
186 posts
130 upvotes
Thanks for the replies. Will buyout tomorrow
Deal Addict
Nov 16, 2011
1510 posts
1225 upvotes
HAMILTON
when you ask Reliance how they come up with a value for their rental hot water heaters, you get this type of answer :

"The price at which you may buy the equipment will be equal to the greater of the
depreciated fair market value of the equipment as at the date you buy the equipment
(as determined by us on a straight-line basis in accordance with the then Canadian
generally accepted accounting principles and assuming, for the purpose of such
determination, that the equipment is valued on an installed basis without regard to
the cost of removal and has been maintained as required by this agreement. "

and when ask for clarification pointing out that other companies have charts showing declining values you get :

" Unfortunately I do not have a better break down. The equipment will have a total
value once installed and this value will fluctuate based off the fair market value
of the equipment at that time, minus any depreciation due to age. This buyout is
then valid for 30 days. After 16 years the equipment will reach a minimum value of
$100 + HST "

Now this is valued and comprehensive information from Reliance ????
Newbie
Mar 2, 2020
75 posts
41 upvotes
Toronto
Can you share details of your supplier ? My stuff is not genuine Smiling Face With Open Mouth
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Sr. Member
Oct 25, 2017
981 posts
1009 upvotes
They quoted me $1200 to buy out my 6 year old tank saying it was fair market value; wild considering I had someone quote me $2000 for a brand new install including return to reliance of their scam equipment Face With Tears Of Joy so I’d say if that tank is new you’re getting a pretty good deal

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