Connecticut customers with qualifying Acima rent-to-own agreements will receive about $2.44 million in lease forgiveness under a settlement announced November 12 by Attorney General William Tong.
Tong’s office said eligible customers do not need to apply. Acima will contact customers eligible for a lease balance reduction. Rust Consulting, the settlement administrator, will contact those eligible for restitution. Connecticut will also receive a separate payment of $246,090.70.
The $183.5 million multistate agreement provides $130 million in lease balance reductions and $43 million in restitution across participating states, plus $10.5 million in payments to the states.
The attorneys general alleged that Acima promoted a 90-day payoff option without making clear that customers were automatically placed into a term of up to 12 months. Under that term, customers could pay about twice the retailer’s advertised cash price, Tong’s office said.
The agreement bars Acima from marking up its retail partners’ cash prices or blocking customers from ending agreements by returning merchandise. It also requires clearer disclosures during electronic signing.