17-State Snap Settlement to Cancel $662M Lease Payments

Snap Finance will cancel about $662.1 million in lease-to-own payments owed by consumers across 17 states under a multistate settlement addressing alleged consumer-protection violations. Eligible customers who entered agreements from 2017 through 2022 will automatically have remaining payments forgiven and can keep their merchandise. State investigators alleged that Snap obscured lease costs and terms, prevented customers from reviewing full contracts, confused customers about payment periods and credit-building claims, and made returns or lease termination difficult. Snap also agreed to change its disclosures, advertising, return practices and other business procedures, and to pay the states $2.75 million. State-specific relief includes more than $18 million for Oklahoma consumers, $4.4 million for West Virginians, $2.65 million for Nebraskans, $2.36 million for Iowans and $16.76 million for Utah consumers.