Oregon Attorney General Dan Rayfield announced Thursday that the state has reached a $183.5 million settlement with rent‑to‑own provider Acima Digital, LLC and its parent Acima Holdings, LLC. The agreement resolves state claims that Acima misled shoppers by disguising lease agreements as traditional loans, often costing families nearly twice the retail price of furniture, appliances and electronics.
Key components of the settlement
The deal requires Acima to provide $43 million in direct refunds to consumers across the United States and $10.5 million to the states that participated in the litigation. In addition, the company must cancel $130 million in remaining lease balances owed by customers, effectively erasing debt that many families could not afford.
Beyond the financial relief, Acima is obligated to overhaul its business practices. The company must train staff at partner stores to clearly explain payment options, disclose contract terms in both marketing materials and at the point of sale, and stop charging more than the retail price of items. Consumers will also gain the right to return items without penalty, receive proper handling of late deliveries or damaged goods, and benefit from a five‑year pause on reporting these lease agreements to the three major credit bureaus.
Attorney General Rayfield’s response
“People walked into a store thinking they’d found an affordable way to pay over a few months and instead they ended up paying close to twice the price,” Rayfield said. “That’s money families needed for rent, groceries and car payments. This settlement puts some of it back in Oregonians’ pockets and makes Acima tell people the truth about what they’re signing up for.”
State investigators said Acima advertised 90‑day payoff plans while automatically enrolling shoppers in full 12‑month lease agreements that roughly doubled the sticker price. The company also used terms such as “credit” to give the impression of a conventional loan, even though the contracts were lease agreements. The online checkout process reportedly made contract terms difficult to read and marked up prices above retail rates, creating obstacles for customers trying to return items without penalty.
Impact on Oregon families
The settlement is expected to benefit thousands of Oregon residents who purchased items through Acima’s partner stores. Qualified consumers will be contacted directly by a designated settlement administrator, and Acima will notify eligible customers that their remaining lease balances have been canceled.
Consumer advocates praised the agreement as a significant win for families struggling with high‑cost financing options. “This action sends a clear message that deceptive leasing practices will not be tolerated,” said a spokesperson for the Oregon Consumer Protection Alliance. “Families can now focus on essential expenses rather than being trapped in costly lease cycles.”
Broader implications
The settlement underscores the Oregon Attorney General’s commitment to protecting consumers from predatory financing. By forcing Acima to adopt transparent marketing and fair contract practices, the state aims to set a precedent for other rent‑to‑own operators nationwide.
While the settlement resolves the current allegations, the agreement also includes ongoing monitoring to ensure compliance. Acima must submit regular reports to the Attorney General’s office detailing its training programs, marketing disclosures and credit‑reporting practices.
Overall, the $183.5 million settlement represents a substantial financial remedy for affected consumers and a strong deterrent against future deceptive leasing schemes.
Original reporting: KTVZ (Central Oregon) — read the source article.
