Utah joins $665 million settlement with lease-to-own company Snap Finance

Utah joined 16 other states in a $665 million settlement with lease-to-own company Snap Finance, KUTV reported. ^[1]

Under the settlement, Snap cancels $16,758,262 in lease payments owed by Utah consumers and pays Utah $150,000, according to the Utah Attorney General's office. Utahns who signed Snap lease-to-own agreements from 2017 through 2022 keep the property they leased and owe nothing more. ^[2] Across the 17 states, Snap cancels $662,102,518 in lease payments and pays the states $2.75 million, with Iowa and Nebraska leading the settlement. ^[2][3] The states had accused the company of misleading customers about its leases, hiding full contract terms, using confusing payment terms, making it hard to contact the company about returns and falsely claiming that on-time payments could raise credit scores. ^[1]

Snap must also advertise accurately, show full lease terms, avoid credit score claims and give customers a practical way to end a lease and return property. KUTV reported that the company cooperated with the investigation. ^[1]

"Utahns shouldn't get trapped in confusing leases when they buy everyday items," Utah Attorney General Derek Brown said, according to KUTV. The other states in the settlement are Arkansas, Florida, Georgia, Idaho, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma, Texas, West Virginia and Wyoming. ^[1]