Some New Yorkers paid more than double the price for items they thought they owned. The state now says they shouldn’t have owed a dime.
Attorney General Letitia James announced a settlement that delivers $2.4 million in debt relief to 835 New Yorkers misled by Monterey Finance, a debt servicer that disguised lease agreements as traditional consumer financing.
Leases sold as purchases
State investigators found Monterey partnered with retailers to offer what looked like standard financing at checkout. Consumers believed they were buying items or services. In reality, they were signing lease agreements.
Those leases came with stacked fees at the start and end of the term, plus monthly payments. By the time the contracts ended, many…