Arizona among states to settle with leasing company Tempoe, LLC, cancel $33M in leases
Arizona is among 41 states that have reached a $35 million settlement with a nationwide leasing company.
Attorney General Kris Mayes announced the settlement, which resolves a multistate investigation into the leasing company Tempoe, LLC.
In a written statement, Mayes said the company often led consumers to believe they were signing up for an installment plan or credit sale when, in reality, they were entering into a lease.
The lease agreements’ complicated structure and lack of required disclosures resulted in consumers paying two to three times the original purchase price of the product or service.
Tempoe is permanently banned from any future consumer leasing activities and will cancel all existing leases. That’s about $33 million in debt forgiveness for consumers across the country.