More than 9,300 Arkansans will have nearly $18.5 million in outstanding lease payments forgiven following a multistate settlement involving consumer financial services company Snap Finance.
Arkansas Attorney General Tim Griffin announced the agreement Wednesday, October 21st, joining 16 other attorneys general in a settlement valued at nearly $664 million over allegations of deceptive business practices involving lease-to-own agreements.
Under the settlement, Snap Finance will automatically cancel $18,449,844 in outstanding lease payments associated with 9,352 Arkansas accounts. Qualifying consumers will also gain ownership of the merchandise covered by their agreements without having to make additional payments.
The relief…