September 11, 2023

Tempoe, LLC has agreed to pay $35 million to 41 states, the District of Columbia, and the CFPB, after an investigation found the Ohio-based consumer finance company misled customers who sought financing at major retailers into believing they were signing up for an installment plan, when in fact they were being locked into expensive leasing agreements with unreasonable return policies.  Tempoe ultimately caused many customers to pay double or triple the original purchase price.  In addition to the monetary penalty, the company has been ordered to release customers from existing lease agreements and be banned from engaging in future leasing activities.  CFPB; DE AG; GA AG; VA AG

Tagged in: Misrepresentations,