Utah, Other States Reach $183.5 Million Settlement with Draper-Based Rent-to-Own Finance Company
The deal includes $43 million in consumer restitution and $130 million in lease-balance reductions, while imposing new rules on Acima’s sales and signing practices.
- A coalition of 43 states reached a $183.5 million settlement with Acima Digital and parent company Acima Holdings on Thursday, resolving allegations of deceptive rental-purchase agreement practices.
- Acima allegedly marketed "90-day" payoff programs while automatically defaulting consumers into maximum 12-month terms where they paid approximately twice the advertised cash price, and hindered consumers from terminating agreements by returning merchandise.
- The settlement allocates $43 million for consumer restitution, $130 million in lease balance reductions, and $10.5 million to the states, with Rust Consulting contacting eligible consumers.
- "This settlement puts money back in Utah families' pockets," said Utah Attorney General Derek Brown, while Connecticut Attorney General William Tong stated the company exploited families struggling to afford basic needs.
- Going forward, Acima must train retail partners on agreement terms, refrain from reporting rental-purchase agreements to credit agencies for five years, and stop obscuring contract terms during electronic signing.
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AG Jennings announces $183.5 million multistate settlement with rent-to-own finance company Acima Digital, LLC - State of Delaware News
Attorney General Kathy Jennings has announced a $183.5 million multistate settlement with Acima Digital, LLC and its direct parent company, Acima Holdings, LLC. The settlement consists of $43 million in restitution for the benefit of consumers, a $10.5 million payment to the states, and lease balance reductions totaling $130 million. Acima is a rent-to-own finance […]
Families across 43 US states were offered rent-to-own plans advertised as 90-day deals but allegedly faced costs near twice the cash price; a proposed $183.5 million settlement would provide refunds and debt relief
In a significant development, consumers in 43 US states will receive a total of $183.5 million in refunds and debt relief from Acima Digital, following allegations of deceptive advertising linked to rental-purchase agreements. This settlement promises automatic restitution and lease forgiveness for those affected, alongside a commitment from Acima to improve their advertising transparency, pending court approval in Pennsylvania.
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