Understanding Early Payoff Options for Premier Portable Buildings Rent-to-Own Contracts
- Tori
- Feb 5
- 4 min read
When you decide to get a Premier portable building or shed, you want to know exactly how payment and ownership work. One common question is whether you can pay off your rent-to-own (RTO) contract early, what that means, and how ownership transfers. This article explains everything clearly, so you can make informed decisions about your purchase or RTO agreement.
Premier portable building ready for delivery and installation
How Premier Portable Buildings Sells Units
Premier Portable Buildings offers two main ways to buy their units:
Purchase in full upfront
You pay the entire price at once. This means you own the building immediately.
Rent-to-own (RTO)
You make monthly payments over time. This option spreads out the cost but involves a contract managed by a third party.
Understanding these two options is key to knowing how ownership and payments work.
What Happens When You Purchase in Full Upfront
If you pay for your Premier portable building or shed in full upfront, ownership transfers to you right away. Premier Portable Buildings completes the sale, and you become the legal owner immediately. There is no need to manage payments through a third party or worry about ongoing contracts.
Because you own the unit outright, you don’t have to deal with any payment processing companies or account management services. You simply enjoy your building without further financial obligations to Premier.
How Rent-to-Own Contracts Work with Summit Management Group
When you choose the rent-to-own option, your contract is managed by Summit Management Group. Once your RTO contract starts, Summit takes over:
Summit owns the contract.
Summit processes your monthly payments.
Summit sets payment due dates.
Summit tracks your remaining balance and payoff amounts.
Premier Portable Buildings does not manage your RTO payments or contract details. Instead, Summit handles all account management and payment processing.
Why Elevate Sheds Cannot Access Your RTO Account Information
Elevate Sheds is a third party that does not own the inventory or the contracts. Once your RTO contract is with Summit Management Group, Elevate Sheds cannot see your payment history, payoff amounts, or account details.
If you have questions about your payments, payoff balance, or want to make changes, you must contact Summit directly. Elevate Sheds cannot assist with these account-specific issues.
What Does Paying Off Early Mean in a Summit RTO Contract?
Paying off early means you make extra payments or pay the full remaining balance before your contract term ends. This reduces the total amount you owe and can save you money on fees.
Here’s how it works:
You contact Summit to get your current payoff amount.
You make an early or additional payment directly to Summit.
Summit applies your payment to reduce your balance.
When you pay off the full amount, Summit issues a final payoff statement.
Ownership transfers to you once the contract is fully paid.
Paying off early gives you control over your contract and can help you own your building sooner.
Understanding Early Payoff Option (EPO) Splits with Summit
Summit Management Group uses something called an Early Payoff Option (EPO) split on all Rent-To-Own contracts. This is not interest and not principal. Instead, every payment is divided between:
• Rent (the cost of using the building)
• Ownership (the portion that builds equity toward owning the building)
The percentage split depends on your contract length:
• 36-Month Contract: 55% ownership / 45% rent
• 48-Month Contract: 47% ownership / 53% rent
• 60-Month Contract: 45% ownership / 55% rent
This means shorter contracts apply more of each payment toward ownership, while longer contracts apply more toward rent in the early stages.
When you make extra payments or request an early payoff, Summit applies the same split based on your contract term. The ownership portion reduces your remaining payoff balance, while the rent portion does not convert into equity.
For your exact payoff amount or ownership balance, you must contact Summit directly, as Elevate Sheds does not have access to RTO accounts once they are transferred.
Steps to Pay Off Your RTO Early
If you want to pay off your rent-to-own contract early, follow these practical steps:
Contact Summit Management Group
Call Summit at 731-686-0065 or visit their contact page to start the process.
Verify Your Current Payoff Amount
Ask for the exact payoff balance, including any fees or interest.
Confirm Payment Methods
Find out how to submit your payment. Summit offers a secure payment portal for your convenience.
Request a Payoff Statement
Get a written statement confirming your payoff amount and payment instructions.
Make Your Payment
Submit your early or full payment through the agreed method.
Request Confirmation of Ownership Transfer
After full payment, ask Summit for documentation showing that ownership has transferred to you.
Following these steps ensures a smooth payoff process and clear ownership transfer.
Frequently Asked Questions
Can I pay off my Premier portable building if I bought it outright?
No, if you purchased your building in full upfront, you already own it. There is no contract to pay off.
Who do I contact if I want to pay off my rent-to-own contract early?
You must contact Summit Management Group directly at 731-686-0065 or through their contact page.
Does Elevate Sheds handle my rent-to-own payments?
No, Elevate Sheds does not manage RTO contracts or payments. Summit Management Group handles all account details.
What happens after I pay off my rent-to-own contract?
Summit will issue a final payoff statement and confirm that ownership transfers to you.
Can I make extra payments anytime?
Yes, you can make additional or early payments to reduce your balance and shorten your contract term.
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