Settlement cancels $4.4 million in Snap Finance payments for West Virginians

A multi-state settlement with Snap Finance will cancel more than $4.4 million in lease payments owed by West Virginia consumers and allow eligible customers to keep their merchandise.

Settlement cancels $4.4 million in Snap Finance payments for West Virginians

CHARLESTON West Virginia consumers are set to receive millions of dollars in debt relief through a settlement with lease-to-own company Snap Finance.

Attorney General J.B. McCuskey announced the agreement Wednesday as part of a nearly $664 million settlement involving 17 states. The deal will automatically cancel more than $4.4 million in lease payments owed by West Virginians who entered into agreements between 2017 and 2022. Those consumers will also be allowed to keep their merchandise without making additional payments.

The settlement follows allegations that Snap Finance used misleading disclosures, failed to provide customers with complete contract terms and made it difficult to return leased items.

The company has agreed to change its business practices, including providing clearer contract terms and explaining customers’ rights to end a lease.

West Virginia will also receive $150,000 for consumer education and enforcement efforts.