Business ProfileforProgressive Leasing, LLC

The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government’s allegations, which have not yet been proven. I'm

On 25 Jan 2024, Progressive Leasing settled a lawsuit originally filed in 2022 with the Pennsylvania Attorney General's Office. The lawsuit alleged that Progressive failed to comply with the Rental Purchase Agreement Act that required lessors to place physical tags - with complete financing cost information - on goods offered for rent. The cost of rent-to-own financing is typically equivalent to a loan with 152% interest. 

As a result of the settlement, the Office of Attorney General will distribute $850,000 in restitution to eligible consumers who paid back significantly more than the price of the item they rented. In addition, Progressive will cancel balances for 972 consumers who entered into rental purchases prior to September 8, 2022. 

Impacted consumers do not need to take any action to receive debt cancellation or restitution under the settlement. Consumers due relief will be contacted by either Progressive (for debt cancellation) or the Attorney General's settlement administrator (for restitution). 

For more information visit https://www.attorneygeneral.gov/taking-action/attorney-general-henry-obtains-nearly-1-million-in-settlement-from-rent-to-own-company-that-failed-to-comply-with-pa-advertising-disclosure-law/