NEW YORK – New York Attorney General Letitia James recently secured $2.4 million in debt relief and $175,000 in penalties, as well as other reforms, from Monterey Finance (Monterey), a financial services company that knowingly misled New York consumers with unlawful lease agreements disguised as traditional consumer financing agreements. An investigation by the Office of the Attorney General (OAG) found that until 2017, Monterey purchased and serviced payment plans for goods and services that were misleadingly presented to consumers to hide their exorbitant fees and other terms. Consumers who accepted these agreements believed they were purchasing a product or service. In reality, they were only leasing it, and were charged for…
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