
<PAGE>   1
                                                                     EXHIBIT 4.6



                      



No. [   ]                                     Principal Amount $[             ]
     ---                                                         -------------
    
                                                          CUSIP NO.
                                                                   -----------

                     11% Senior Subordinated Note due 2008


                 Rent-A-Center, Inc., a Delaware corporation, promises to pay
to Cede & Co., or registered assigns, the principal sum of [                ]
Dollars on August 15, 2008.                                 ----------------

                 Interest Payment Dates:  February 15 and August 15.

                    Record Dates:  February 1 and August 1.

                 Additional provisions of this Note are set forth on the other
side of this Note.


Dated:  August 18, 1998                    RENT-A-CENTER, INC.


                                                   By:                          
                                                      --------------------------
                                                       (Title)


                                                   By:                          
                                                      --------------------------
                                                       (Title)


TRUSTEE'S CERTIFICATE OF
  AUTHENTICATION

IBJ SCHRODER BANK & TRUST COMPANY,
as Trustee, certifies
that this is one of the
Notes referred to
in the Indenture.


By                             
    ---------------------------
    Authorized Signatory
         August 18, 1998

<PAGE>   2
 



               [FORM OF REVERSE SIDE OF SENIOR SUBORDINATED NOTE]

                     11% Senior Subordinated Note due 2008


1.       Interest

                 Rent-A-Center Choice, Inc., a Delaware corporation (formerly
known as Renters Choice, Inc.)(such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the "Company"),
promises to pay interest on the principal amount of this Note at the rate per
annum shown above.

                 The Company will pay interest semiannually in cash and in
arrears to Holders of record at the close of business on the February 1 and
August 1 immediately preceding the interest payment date on February 15 and
August 15 of each year, commencing February 15, 1999.  Interest on the Notes
will accrue from the most recent date to which interest has been paid on the
Notes or, if no interest has been paid, from August 18, 1998.  The Company
shall pay interest on overdue principal or premium, if any (plus interest on
such interest to the extent lawful), at the rate borne by the Notes to the
extent lawful.  Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

2.       Method of Payment

                 By at least 10:00 a.m. (New York City time) on the date on
which any principal of or interest on the Notes is due and payable, the Company
shall irrevocably deposit with the Trustee or the Paying Agent money sufficient
to pay such principal, premium, if any, and/or interest.  The Company will pay
interest (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the February 1 or August 1 next preceding
the interest payment date even if the Notes are cancelled, repurchased or
redeemed after the record date and on or before the interest payment date.
Holders must surrender Notes to a Paying Agent to collect principal payments.
The Company will pay principal and interest in money of the United States that
at the time of payment is legal tender for payment of public and private debts.
However, the Company may pay interest by check payable in such money.  It may
mail an interest check to a Holder's registered address.

3.       Trustee, Paying Agent and Registrar

                 Initially, IBJ Schroder Bank & Trust Company, a New York
banking corporation (the "Trustee"), will act as Trustee, Paying Agent and
Registrar.  The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice to any Noteholder.  The Company or any of its
domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent,
Registrar or co-registrar.

4.       Indenture

                 The Company issued the Notes under an Indenture dated as of
August 18, 1998 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the "Indenture"), among the Company, the
Subsidiary Guarantors and the Trustee.  The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in
effect on the date of the Indenture (the "Act").  Capitalized terms used herein
and not defined herein have the meanings ascribed thereto in the Indenture.
The Notes are subject to all such terms, and Noteholders are referred to the
Indenture and the Act for a statement of those terms.

                 The Notes are general unsecured senior subordinated
obligations of the Company limited to $175 million aggregate principal amount
(subject to Section 310 of the Indenture).  This Note is one of the Exchange
Notes referred to in the Indenture.  The Notes include the Initial Notes and
any Exchange Notes issued in exchange for the Initial Notes pursuant to the
Indenture and the Registration Rights Agreement.  The Initial Notes and the
Exchange Notes are treated as a single class of securities

<PAGE>   3



under the Indenture.  The Indenture imposes certain limitations on the
Incurrence of Indebtedness by the Company and its Restricted Subsidiaries, the
payment of dividends on, and the purchase or redemption of, Capital Stock of
the Company and its Restricted Subsidiaries, certain purchases or redemptions
of Subordinated Indebtedness, the sale or transfer of assets and Capital Stock
of Restricted Subsidiaries, investments of the Company and its Restricted
Subsidiaries and transactions with Affiliates.  In addition, the Indenture
limits the ability of the Company and its Subsidiaries to restrict
distributions and dividends from Restricted Subsidiaries.

5.       Optional Redemption

                 The Senior Subordinated Notes will be redeemable, at the
Company's option, in whole or in part, at any time and from time to time on and
after August 15, 2003 and prior to maturity, upon not less than 30 nor more
than 90 days' prior notice mailed by first-class mail to each Holder's
registered address, at the following redemption prices (expressed as a
percentage of principal amount), plus accrued interest, if any, to the
redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), if
redeemed during the 12-month period commencing on August 15 of the years set
forth below:

<TABLE>
<CAPTION>
         Year                              Redemption Price
         ----                              ----------------
         <S>                                       <C>
         2003 . . . . . . . . . . . .              105.500%
         2004 . . . . . . . . . . . .              103.667%
         2005 . . . . . . . . . . . .              101.833%
         2006 and thereafter. . . . .              100.000%
</TABLE>

                 In addition, at any time and from time to time prior to August
15, 2001, the Company may redeem in the aggregate up to 33.33% of the original
aggregate principal amount of the Notes with the proceeds of one or more Equity
Offerings by the Company at a redemption price (expressed as a percentage of
principal amount thereof) of 111% plus accrued interest, if any, to the
redemption date (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date);
provided, however, that at least 66.67% of the original aggregate principal
amount of the Notes must remain outstanding after each such redemption and that
any such redemption occurs within 90 days following the closing of any such
Equity Offering.

6.       Notice of Redemption

                 Notice of redemption will be mailed at least 30 days but not
more than 90 days before the redemption date to each Holder of Notes to be
redeemed at his registered address.  Notes in denominations of principal amount
larger than $1,000 may be redeemed in part but only in whole multiples of
$1,000.  If money sufficient to pay the redemption price of and accrued and
unpaid interest on all Notes (or portions thereof) to be redeemed on the
redemption date is deposited with the Paying Agent on or before the redemption
date and certain other conditions are satisfied, on and after such date
interest ceases to accrue on such Notes (or such portions thereof) called for
redemption.

7.       Put Provisions

                 Upon a Change of Control, any Holder of Notes will have the
right to cause the Company to repurchase all or any part of the Notes of such
Holder at a repurchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest to the date of repurchase as provided in, and
subject to the terms of, the Indenture.

8.       Subordination and Ranking

                 The Notes are subordinated to Senior Indebtedness, as defined
in the Indenture.  To the extent provided in the Indenture, Senior Indebtedness
must be paid before the Notes may be paid.  The Company agrees, and each
Noteholder by accepting a Note agrees, to the subordination provisions

<PAGE>   4



contained in the Indenture and authorizes the Trustee to give them effect and
appoints the Trustee as attorney-in-fact for such purpose.  The Notes will in
all respects rank pari passu with all other Senior Subordinated Indebtedness of
the Company.

9.       Denominations; Transfer; Exchange

                 The Notes are in registered form without coupons in
denominations of principal amount of $1,000 and whole multiples of $1,000.  A
Holder may transfer or exchange Notes in accordance with the Indenture.  The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.  The Registrar need not register the
transfer of or exchange of (i) any Note selected for redemption (except, in the
case of a Note to be redeemed in part, the portion of the Note not to be
redeemed) for a period beginning 15 days before a selection of Notes to be
redeemed and ending on the date of such selection or (ii) any Notes for a
period beginning 15 days before an interest payment date and ending on such
interest payment date.

10.      Persons Deemed Owners

                 The registered holder of this Note may be treated as the owner
of it for all purposes.

11.      Unclaimed Money

                 If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent shall pay the money back
to the Company at its request unless an abandoned property law designates
another Person.  After any such payment, Holders entitled to the money must
look only to the Company and not to the Trustee for payment.

12.      Defeasance

                 Subject to certain conditions set forth in the Indenture, the
Company at any time may terminate some or all of its obligations under the
Notes and the Indenture if the Company deposits with the Trustee money or U.S.
Government Obligations for the payment of principal and interest on the Notes
to redemption or maturity, as the case may be.

13.      Amendment, Waiver

                 Subject to certain exceptions set forth in the Indenture, (i)
the Indenture or the Notes may be amended with the written consent of the
Holders of at least a majority in principal amount of the outstanding Notes and
(ii) any default or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the
outstanding Notes.  Subject to certain exceptions set forth in the Indenture,
without the consent of any Noteholder, the Company and the Trustee may amend
the Indenture or the Notes to cure any ambiguity, omission, defect or
inconsistency, or to comply with Article 5 of the Indenture, or to provide for
uncertificated Notes in addition to or in place of certificated Notes, or to
add guarantees with respect to the Notes or to secure the Notes, or to add
additional covenants or surrender rights and powers conferred on the Company,
or to comply with any request of the SEC in connection with qualifying the
Indenture under the Act, or to make any change that does not adversely affect
the rights of any Noteholder, or to provide for the issuance of Exchange Notes.
However, no amendment may be made to the subordination provisions of the
Indenture that adversely affects the rights of any holder of Senior
Indebtedness then outstanding unless the holders of such Senior Indebtedness
(or any group or representative thereof authorized to give a consent) consent
to such change.

14.      Defaults and Remedies

                 Under the Indenture, Events of Default include (i) a default
in any payment of interest on any Note when due (whether or not such payment is
prohibited by Article 13 of the Indenture), continued for 30 days, (ii) a
default in the payment of principal of any Note when due at its Stated
Maturity, upon
<PAGE>   5



optional redemption, upon required repurchase, upon declaration or otherwise,
whether or not such payment is prohibited by Article 13 of the Indenture, (iii)
the failure by the Company to comply with its obligations under Section 801 of
the Indenture, (iv) the failure by the Company to comply for 30 days after
written notice with any of its obligations under Section 1016 of the Indenture
or Sections 1003, 1009, 1010, 1011, 1012, 1013, 1014, 1015, 1017, 1019 or 1020
of the Indenture (in each case, other than a failure to purchase Notes when
required under Sections 1016 or 1017 of the Indenture), (v) the failure by the
Company to comply for 60 days after notice with its other agreements contained
in the Notes or the Indenture, (vi) the failure by the Company or any
Significant Subsidiary to pay any Indebtedness within any applicable grace
period after final maturity or the acceleration of any such Indebtedness by the
holders thereof because of a default if the total amount of such Indebtedness
unpaid or accelerated exceeds $25.0 million, (vii) certain events of
bankruptcy, insolvency or reorganization of the Company or a Significant
Subsidiary, (viii) the rendering of any judgment or decree for the payment of
money in an amount (net of any insurance or indemnity payments actually
received in respect thereof prior to or within 90 days from the entry thereof,
or to be received in respect thereof in the event any appeal thereof shall be
unsuccessful) in excess of $25.0 million against the Company or a Significant
Subsidiary that is not discharged, bonded or insured by a third Person if (A)
an enforcement proceeding thereon is commenced or (B) such judgment or decree
remains outstanding for a period of 90 days following such judgment or decree
and is not discharged, waived or stayed or (ix) the failure of any Subsidiary
Guarantee of the Notes by a Subsidiary Guarantor made pursuant to Section 1020
of the Indenture to be in full force and effect (except as contemplated by the
terms thereof or of the Indenture) or the denial or disaffirmation in writing
by any such Subsidiary Guarantor of its obligations under the Indenture or its
Subsidiary Guarantee if such Default continues for 10 days.  If an Event of
Default occurs and is continuing, the Trustee or the Holders of at least a
majority in principal amount of the outstanding applicable Notes may declare
all such Notes to be due and payable immediately.  Certain events of bankruptcy
or insolvency are Events of Default which will result in the Notes being due
and payable immediately upon the occurrence of such Events of Default.

                 Noteholders may not enforce the Indenture or the Notes except
as provided in the Indenture.  The Trustee may refuse to enforce the Indenture
or the Notes unless it receives indemnity or security reasonably satisfactory
to it.  Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from Noteholders notice of any continuing
Default or Event of Default (except a Default or Event of Default in payment of
principal or interest) if it determines that withholding notice is in their
interest.

15.      Trustee Dealings with the Company

                 Subject to certain limitations set forth in the Indenture, the
Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Company, the Subsidiary Guarantors or their
affiliates and may otherwise deal with the Company, the Subsidiary Guarantors
or their affiliates with the same rights it would have if it were not Trustee.

16.      No Recourse Against Others

                 A director, officer, employee or stockholder, as such, of the
Company or the Subsidiary Guarantors shall not have any liability for any
obligations of the Company or the Subsidiary Guarantors under the Notes, the
Subsidiary Guarantees or the Indenture or for any claim based on, in respect of
or by reason of such obligations or their creation.  By accepting a Note, each
Noteholder waives and releases all such liability.  The waiver and release are
part of the consideration for the issue of the Notes.

17.      Authentication

                 This Note shall not be valid until an authorized signatory of
the Trustee (or an authenticating agent acting on its behalf) manually signs
the certificate of authentication on the other side of this Note.

<PAGE>   6

 

18.      Abbreviations

                 Customary abbreviations may be used in the name of a
Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to
Minors Act).

19.      CUSIP Numbers

                 Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Notes and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Noteholders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

20.      Governing Law

                 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK EXCLUDING (TO THE GREATEST EXTENT
PERMISSIBLE BY LAW) ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE
LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

                 The Company will furnish to any Noteholder upon written
request and without charge to the Noteholder a copy of the Indenture.  Requests
may be made to:

                                  Rent-A-Center, Inc.
                                  5700 Tennyson Parkway
                                  Third Floor
                                  Plano, Texas  75024

                                  Attention of Robert D. Davis

<PAGE>   7



                              SUBSIDIARY GUARANTEE

1.       Guarantee

                 The Subsidiary Guarantor, jointly and severally with each
other Subsidiary Guarantor, as a primary obligor and not merely as a surety,
irrevocably and unconditionally Guarantees on an unsecured senior subordinated
basis the performance and punctual payment when due, whether at Stated
Maturity, by acceleration or otherwise, all obligations of the Company under
the Indenture and the Notes, whether for payment of principal of or interest on
the Notes, expenses, indemnification or otherwise all in accordance with the
terms set forth in Article XIV of the Indenture. The Subsidiary Guarantor also
agrees to pay any and all costs and expenses (including reasonably attorney's
fees and expenses) incurred by the Trustee or any Holders in enforcing any
rights under this Subsidiary Guarantee, indemnification or otherwise.

                 This Subsidiary Guarantee shall not be valid or obligatory for
any purpose until the certificate of authentication on the Note upon which this
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                 The obligations of the Subsidiary Guarantor shall be limited
to the extent set forth in Article XIV of the Indenture.

                 This Subsidiary Guarantee shall be governed by and construed
in accordance with the laws of the State of New York without regard to the
principles of conflicts of law to the extent that the application of the law of
another jurisdiction would be required thereby.

                 This Subsidiary Guarantee is subject to release upon the terms
set forth in the Indenture.


                                  COLORTYME, INC.


                                  By:                                  
                                      ---------------------------------
                                      Name:
                                      Title:
<PAGE>   8



                              SUBSIDIARY GUARANTEE


1.       Guarantee

                 The Subsidiary Guarantor, jointly and severally with each
other Subsidiary Guarantor, as a primary obligor and not merely as a surety,
irrevocably and unconditionally Guarantees on an unsecured senior subordinated
basis the performance and punctual payment when due, whether at Stated
Maturity, by acceleration or otherwise, all obligations of the Company under
the Indenture and the Notes, whether for payment of principal of or interest on
the Notes, expenses, indemnification or otherwise all in accordance with the
terms set forth in Article XIV of the Indenture. The Subsidiary Guarantor also
agrees to pay any and all costs and expenses (including reasonably attorney's
fees and expenses) incurred by the Trustee or any Holders in enforcing any
rights under this Subsidiary Guarantee, indemnification or otherwise.

                 This Subsidiary Guarantee shall not be valid or obligatory for
any purpose until the certificate of authentication on the Note upon which this
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                 The obligations of the Subsidiary Guarantor shall be limited
to the extent set forth in Article XIV of the Indenture.

                 This Subsidiary Guarantee shall be governed by and construed
in accordance with the laws of the State of New York without regard to the
principles of conflicts of law to the extent that the application of the law of
another jurisdiction would be required thereby.

                 This Subsidiary Guarantee is subject to release upon the terms
set forth in the Indenture.


                                  ADVANTAGE COMPANIES


                                  By:                                  
                                      ---------------------------------
                                      Name:
                                      Title:

<PAGE>   9



                                ASSIGNMENT FORM

                 To assign this Note, fill in the form below:

                 I or we assign and transfer this Note to

             (Print or type assignee's name, address and zip code)

                 (Insert assignee's soc. sec. or tax I.D. No.)

         and irrevocably appoint agent to transfer this Note on the books of
         the Company.  The agent may substitute another to act for him.

-------------------------------------------------------------------------------

Date:                                Your Signature:
     -------------------                            ---------------------------

Signature Guarantee:
                    ---------------------------------------
                          (Signature must be guaranteed)

-------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions, with
membership in the Securities Transfer Agents Medallion Program ("STAMP") or
such other signature guarantee medallion program as may be approved by the Note
Registrar in addition to or substitution for STAMP) pursuant to S.E.C. Rule
17Ad-15.

In connection with any transfer or exchange of any of the Notes evidenced by
this certificate occurring prior to the date that is two years after the later
of the date of original issuance of such Notes and the last date, if any, on
which such Notes were owned by the Company or any Affiliate of the Company, the
undersigned confirms that such Notes are being:

<TABLE>
<CAPTION>
CHECK ONE BOX BELOW:
        <S>              <C>
         1 [ ]            acquired for the undersigned's own account, without
                          transfer; or

         2 [ ]            transferred to the Company; or

         3 [ ]            transferred pursuant to and in compliance with Rule
                          144A under the Securities Act of 1933; or

         4 [ ]            transferred pursuant to an effective registration
                          statement under the Securities Act; or

         5 [ ]            transferred pursuant to and in compliance with
                          Regulation S under the Securities Act of 1933; or


         6 [ ]            transferred to an institutional "accredited investor"
                          (as defined in Rule 501(a)(1), (2), (3) or (7) under
                          the Securities Act of 1933), that has furnished to the
                          Trustee a signed letter containing certain
                          representations and agreements (the form of which
                          letter appears as Exhibit E to the Indenture); or

         7 [ ]            transferred pursuant to another available exemption
                          from the registration requirements of the Securities
                          Act of 1933.
</TABLE>
<PAGE>   10




Unless one of the boxes is checked, the Trustee may refuse to register any of
the Notes evidenced by this certificate in the name of any person other than
the registered holder thereof; provided, however, that if box (5), (6) or (7)
is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Notes, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by
Rule 144 under such Act.


                                  ----------------------------
                                           Signature
Signature Guarantee:

--------------------------------------   -------------------------------
(Signature must be guaranteed)                     Signature


-------------------------------------------------------------
The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions) with
membership in the Securities Transfer Agents Medallion Program ("STAMP") or
such other signature guarantee medallion program as may be approved by the Note
Registrar in addition to or substitution for STAMP, pursuant to S.E.C. Rule
17Ad-15.
<PAGE>   11



                        [TO BE ATTACHED TO GLOBAL NOTES]

               SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE


                 The following increases or decreases in this Global Note have
been made:


<TABLE>
<S>            <C>                     <C>                     <C>                      <C>
                                                               Principal Amount of      Signature of
               Amount of decrease in   Amount of increase in   this Global Note         authorized signatory
 Date of       Principal Amount of     Principal Amount of     following such           of Trustee or Notes
 Exchange      this Global Note        this Global Note        decrease or increase     Custodian
</TABLE>
<PAGE>   12




OPTION OF HOLDER TO ELECT PURCHASE

                 If you want to elect to have this Note purchased by the
Company pursuant to Section 1016 or 1017 of the Indenture, check the box: [ ]



                 If you want to elect to have only part of this Note purchased
by the Company pursuant to Section 1016 or 1017 of the Indenture, state the
amount in principal amount (must be integral multiple of $1,000):  $


Date:                     Your Signature                                       
     ----------                           --------------------------------------
                                           (Sign exactly as your name appears on
                                            the other side of the Note)


Signature Guarantee:                                       
                     --------------------------------------   
                         (Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions) with
membership in the Securities Transfer Agents Medallion Program ("STAMP") or
such other signature guarantee medallion program as may be approved by the Note
Registrar in addition to or substitution for STAMP, pursuant to S.E.C. Rule
17Ad-15.
