Cancel your rental contract. Here's why:
The average water heater rental contract is paid for a length of 15 years and increases 3.5% per year.
The main reason to own your water heater:
Parts and labour warranties offer the same coverage as rental contracts. If you have rental equipment installed before 2015 you should consider this immediately. Understand that paying any fees, or penalties, plus the purchase of a new unit has lower costs than renting.
Use this information to help guide you. It clearly explains on how to proceed with contract cancellation.
This will save you money and prevent you from falling victim to unfair practices. We always suggest you consider legal advice before agreeing to a long-term contract.
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Are you sure your existing water heater is even yours?
A rental water heater contract is common for most homeowners in the Greater Toronto Area. Unfortunately, many consumers are unaware of the legal terms and enter in to lease agreements. Also, many companies are not informing their clients that the rental contracts allow security interests and liens to be applied against their property. A security interest or lien against your property hinders your ability to sell, or refinance until the debt is paid.
New owners often take over rental equipment as normal practice. Builders have been benefiting from these contracts as part of new home construction for decades. The new homeowner will pay the most in these situations.
Read a CBC News Story about new owners getting locked in to over priced contracts HERE.
Bosch Greentherm Tankless includes 10 yeas parts and labor warranty.
John Wood Commercial Grade Water Heater Tanks
Did you inherit your rental water heater from the purchase agreement of your home?
Maybe you purchased a home and the previous owners included the rental contract in the purchase agreement. Most realtors label it as standard practice and its easily overlooked. We suggest requesting a buyout from the previous owners prior to completing the sale.
Are you paying for protection plans?
We call this method the “foot in the door up sell” for protection plans. Many companies offering rental contracts will also try to lock you into other types of “protection plans”.
Our research has shown these plans often do not cover major parts and end up wasting your money. Read the contract about whats covered.
We don’t offer protection plan contracts, since like rental contracts, they include terms that are unfavorable to the end consumer.
How is owning better than renting?
City Home Comfort provides comprehensive warranties and low interest financing options. These are provided for all types of water heaters.
A large “reliable” HVAC contractor in Ontario may offer a rental contract claiming to be 84 months. However, with closer inspection to the terms and conditions of the contract, it is a minimum of 84 months. Actually, its for 15 years (the average life span of the equipment). This is common especially for tankless models.
Thankfully Consumer Protection Ontario has enforced some mandatory regulations for Leasing and Financing HVAC equipment. Consumer Protection Ontario allows you a 20 day Cooling Off Period and shows the exact Total Payable amount of the agreement. It also shows the equipment’s actual market value. For an example see the image below:
City Home Comfort provides expert advice to all our clients. We will explain the exact process and possible cost for you to cancel your contract and schedule a pick-up. Follow the steps in this guide to help cancel your rental contract:
First step: Who is your current Provider
Determine which company you are currently renting your water heater from.
The information will be on the bill you are paying. Many homes pay for their rental charges in the “Other Companies Section” of their Enbridge Gas Utility bill.
Take a picture of your Water Heater data plate to have that information on hand for your call. For an example see the image —>
Second step: Contacting Your Current Provider
Reach out to your existing rental water heater provider. The object of this call is to schedule a pickup of your rental equipment. These calls can take up to an hour, so have some time for this. You should contact the billing department of your existing supplier. Call the billing department, and ask to schedule a curbside pickup of your rental water heater.
After you’ve connected to a Contract Specialist inform them that you are purchasing a new water heater. Then tell them you are requesting a pick-up of their rental equipment. Consequently, this pick-up cost is usually in the $75 to $200 range depending on how many years you have had your rental.
After installing your new equipment, we will leave the old equipment in an easily accessible area.
Phone Call Tip:
If the phone call representative states you cannot return the equipment. Immediately demand a copy of your agreement to verify your terms. If they cannot provide this it may be a tactic to keep you locked in. Most of the employees have titles labeled “Customer Retention Specialist”.
Some more useful tips:
Its always good to know that you can get out of your rental contract and purchase a new water heater. Even if its a few years old, we can help you learn about the terms of your contract.
Locate a copy of your current rental contract or lease agreement.
Read the terms and conditions to find out exactly what your Termination rights are. City Home Comfort offers models with 10 years parts and 10 years labour warranties. Pay it off easy with 0% interest equal payments when promotions are available
What year was your current unit installed?
Find the date of installation on a gas tag, sticker, or your rental agreement. if there’s no tag, find the serial number. Then use Google to search “serial number decoder” for your brand water heater.
By reaching out to City Home Comfort you are ensuring a fair discussion with the goal of creating a long-term relationship. We offer industry leading warranties, highest rated equipment, best installation procedures and quick contact. We will always consult you on the most cost effective and efficient solution for your home.