Attorney General Jennings Announces $35 Million Settlement with Leasing Company Tempoe, LLC
attorney General Jennings Announces $35 Million Settlement with Leasing Company Tempoe, LLC – State of Delaware News
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attorney General Jennings announced today a settlement with Tempoe, LLC resolving a multistate investigation into Tempoe’s advertising and leasing to consumers through retailers across the nation. The multistate investigation—which included 41 states and the District of Columbia—revealed that Tempoe’s marketing and sales practices often misled consumers to believe they were signing up for an installment plan or credit sale when, in reality, they were entering into a lease agreement. The complicated structure, as well as the lack of required disclosures, of the lease agreements caused more confusion, often resulting in consumers paying 2-3 times the purchase price of the product or service.
Through this settlement, Tempoe is permanently banned from engaging in future consumer leasing activities. All existing leases will be cancelled, and consumers may retain the leased merchandise in their possession without any further financial obligation to Tempoe – resulting in approximately $33 million of “in-kind” financial relief to consumers nationwide. Additionally, Tempoe shall not provide negative information regarding lessees to any consumer reporting agency.
Consumers with existing leases do not need to take any action as Tempoe has automatically cancelled their account(s) as a result of this settlement.
Finally, as part of this settlement, Tempoe will pay $2 million: $1 million to the states and jurisdictions participating in this settlement and $1 million to the Consumer Financial Protection Bureau, which has agreed to a parallel settlement resolving the same alleged misconduct.
”Today’s settlement underscores our commitment to protecting Delaware’s citizens, particularly the most vulnerable, from predatory lenders,” stated attorney General Jennings. “This office will continue to hold these businesses accountable.”
Forty-one (41) states and the District of Columbia are participating in the settlement. The multistate Executive Committee was comprised of Nebraska, Iowa, Tennessee, Illinois, New Hampshire, Pennsylvania, and Texas, which led the multistate group consisting of Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and the District of Columbia.
This matter was handled for the Delaware Department of Justice by the Fraud and Consumer Protection Division’s Consumer Protection Unit.
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
attorney General Jennings announced today a settlement with Tempoe, LLC resolving a multistate investigation into Tempoe’s advertising and leasing to consumers through retailers across the nation. The multistate investigation—which included 41 states and the District of Columbia—revealed that Tempoe’s marketing and sales practices often misled consumers to believe they were signing up for an installment plan or credit sale when, in reality, they were entering into a lease agreement. The complicated structure, as well as the lack of required disclosures, of the lease agreements caused more confusion, often resulting in consumers paying 2-3 times the purchase price of the product or service.
Through this settlement, Tempoe is permanently banned from engaging in future consumer leasing activities. All existing leases will be cancelled, and consumers may retain the leased merchandise in their possession without any further financial obligation to Tempoe – resulting in approximately $33 million of “in-kind” financial relief to consumers nationwide. Additionally, Tempoe shall not provide negative information regarding lessees to any consumer reporting agency.
Consumers with existing leases do not need to take any action as Tempoe has automatically cancelled their account(s) as a result of this settlement.
Finally, as part of this settlement, Tempoe will pay $2 million: $1 million to the states and jurisdictions participating in this settlement and $1 million to the Consumer Financial Protection Bureau, which has agreed to a parallel settlement resolving the same alleged misconduct.
”Today’s settlement underscores our commitment to protecting Delaware’s citizens, particularly the most vulnerable, from predatory lenders,” stated attorney General Jennings. “This office will continue to hold these businesses accountable.”
Forty-one (41) states and the District of Columbia are participating in the settlement. The multistate Executive Committee was comprised of Nebraska, Iowa, Tennessee, Illinois, New Hampshire, Pennsylvania, and Texas, which led the multistate group consisting of Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and the District of Columbia.
This matter was handled for the Delaware Department of Justice by the Fraud and Consumer Protection Division’s Consumer Protection Unit.
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
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