Rent-To-Own Payment Plan Company Progressive Leasing Will Pay $175 Million to Settle FTC Charges It Deceived Consumers About Pricing

Progressive Leasing, a company that markets rent-to-own payment plans in tens of thousands of retail stores nationwide, will pay $175 million to settle Federal Trade Commission charges it misled consumers about the true price of items purchased through its plans.

Metadata

Provider:

FTC

URL:

https://www.ftc.gov/news-events/press-releases/2020/04/rent-own-payment-plan-company-progressive-leasing-will-pay-175

Retrieved on:

Monday, April 20, 2020

Information

Tags:

Contract law, Economy, Rent-to-own, Renting, Residential real estate, Federal Trade Commission, Contents, Articles

Summary

Key Points:

Progressive Leasing, a company that markets rent-to-own payment plans in tens of thousands of retail stores nationwide, will pay $175 million to settle Federal Trade Commission charges it misled consumers about the true price of items purchased through its plans.
Instead, the complaint alleges, consumers paid more than the sticker price, and frequently paid approximately twice the sticker price if they made all scheduled payments under the plans.
In order to see the full cost of Progressives payment plan, consumers had to click on the non-descript dropdown arrow next to Additional Lease Details.
Under the terms of the proposed settlement, Progressive will be required to pay $175 million to the FTC to be used for providing refunds to affected consumers.