Officials say one of the nation’s largest rent-to-own companies will pay $15.5 million to settle California’s allegations that it misled and overcharged tens of thousands of customers.
A Rent-A-Center delivery truck is seen in Sacramento, Calif., Tuesday, Aug. 2, 2022. California Attorney General Rob Bonta announced, Tuesday, Aug. 2, 2022, that Rent-A-Center, one of the nation's largest rent-to-own companies will pay $15.5 million to settle California'a allegations that it misled and overcharged tens of thousands of customers. – Rent-A-Center, one of the nation’s largest rent-to-own companies, will pay $15.
Many consumers seek rent-to-own options without realizing that “the total price they pay will end up being much higher” than if they bought outright, Bonta said. And with Rent-A-Center’s 15% “illegal upcharge,” he said, “that couch, that fridge or that washer potentially cost struggling families hundreds of extra dollars each.”Such businesses rent things like furniture and appliances, often to low- or moderate-income customers who typically pay by the week or month.
Rent-A-Center did not immediately respond to repeated email messages seeking comment. It did not admit any violations, wrongdoing or liability underBonta said the items sold under such policies are often overvalued. He alleged that Rent-A-Center also failed to tell its customers that they could return the products at any time with no penalty.Under the settlement, the company is prohibited from charging a cash-price markup, and its price must match the advertised price.
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