Post by gato on Apr 15, 2022 5:19:34 GMT -5
You're at a pet store and discover your soulmate looking at you from his puppy cage. But the price! You sigh and walk away, but wait! The store manager has such a deal. "Sign here and just make monthly payments."
Many eager wanna-bee owners do just that. Without reading the fine print on the electronic pad.
Things are going great until you miss a payment; had to get the car fixed. A collections agent makes contact: you are in violation of your lease agreement. Your dog is being repossessed. Say what? Lease? Yup.
That document you signed wasn't a loan but a lease agreement. You don't own your dog until the end of the contract term. Including a big balloon payment that may push the "purchase price" to double or triple what you thought you were paying.
"Under these (lease) arrangements, the individual must make monthly payments for the duration of the lease and often must make an extra payment at the end to finally own the dog,
Animal-rights advocates like the A.S.P.C.A. have criticized the practice. The group said in July 2018 that pet leases are “predatory arrangements” often padded with large fees and heavy default penalties that could end up costing buyers many times the original price tag
Since 2017, eight states created laws specifically banning pet leasing — California, Connecticut, Indiana, Massachusetts, New Jersey, Nevada, New York and Washington, according to the A.S.P.C.A."
But why patronize a pet store for your furry companion in the first place, when so many at the animal shelter are desperate to go with you to their forever home?
Many eager wanna-bee owners do just that. Without reading the fine print on the electronic pad.
Things are going great until you miss a payment; had to get the car fixed. A collections agent makes contact: you are in violation of your lease agreement. Your dog is being repossessed. Say what? Lease? Yup.
That document you signed wasn't a loan but a lease agreement. You don't own your dog until the end of the contract term. Including a big balloon payment that may push the "purchase price" to double or triple what you thought you were paying.
"Under these (lease) arrangements, the individual must make monthly payments for the duration of the lease and often must make an extra payment at the end to finally own the dog,
Animal-rights advocates like the A.S.P.C.A. have criticized the practice. The group said in July 2018 that pet leases are “predatory arrangements” often padded with large fees and heavy default penalties that could end up costing buyers many times the original price tag
Since 2017, eight states created laws specifically banning pet leasing — California, Connecticut, Indiana, Massachusetts, New Jersey, Nevada, New York and Washington, according to the A.S.P.C.A."
But why patronize a pet store for your furry companion in the first place, when so many at the animal shelter are desperate to go with you to their forever home?
