Utah joins $665 million settlement with lease-to-own company Snap Finance
Snap will cancel more than $16.7 million in lease payments owed by Utah consumers and pay the state $150,000.
Based on reporting by KUTV 2News (CBS). Read the original story →
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 more than $16.7 million in lease payments owed by Utah consumers and pays Utah $150,000. Customers keep the property they leased. 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]
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This story was written by AI from the report by KUTV 2News (CBS), which has the full story. How we write stories.