LINCOLN–(KFOR Sept. 12)–Nebraska is among 41 states and the District of Columbia to reach a settlement with Tempoe, LLC, following an investigation into the company’s advertising and leasing to consumers through retailers nationwide.
The investigation revealed Tempoe’s marketing and sales practices often misled consumers to believe they were signing up for an installment plan or credit sale, but instead were entering a lease agreement. It often saw consumers paying two to three times the purchase price of a product or service. The settlement includes Tempoe banned from doing future consumer leasing activities and existing ones will be cancelled.
About $33-million of in-kind financial relief will be made to consumers nationwide. Tempoe will also pay $2 million: $1 million to the states and jurisdictions participating in this settlement and $1 million to the Consumer Financial Protection Bureau.