D.C. Attorney General Brian L. Schwalb announced on Sept. 11 that a multistate settlement with Tempoe, LLC, a third-party financing company, resolves an investigation into the firm’s advertising and leasing practices nationally.
The settlement includes 41 states and the District. The investigation revealed Tempoe tricked consumers into believing they were signing up to buy products like appliances or furniture on an installment plan, when they were entering into pricey lease agreements. As a part of the settlement, Tempoe is canceling more than $33 million in outstanding lease agreements and is permanently banned from engaging in future leasing activities.
Consumers will also be able to keep the products Tempoe deceived them into leasing.
“District consumers have a right to complete and accurate up-front information about the products they are purchasing,” Schwalb said. “My office will continue to hold unscrupulous businesses accountable for deceiving District residents.”
Maryland Attorney General Anthony Brown and Virginia Attorney General Jason Miyares also joined in the settlement.