Returns Feature - Option To Rent Out

A lot of the items I sell are often resold as they are used once, for example magazines.

So I was wondering if the was a way to turn the RETURNS feature into rental feature?

My idea would be to add another option to the product page which simply just says if your return this item in the condition sold we will refund %X amount of this product price.

Then in the returns feature it show all their delivered items with a tick box, they tick the box and they get a return number. In the admin section the shop owner is shown whats being return, the reason (in this case rented) and the amount to refund as this will be less then the normal full refund.

The benifit to me is I get stock back and it doesn’t pass into the hands of my competitors.