CFPB distributing $191M+ to consumers harmed by Tempoe

A CFPB blog article reports that the Bureau, through JND Legal Administration, has begun distributing refund checks to over 250,000 consumer harmed by leasing company Tempoe, LLC. Tempoe offered point-of-sale financing at major retailers, including Sears and Kmart. The CFPB took action against the company for tricking customers into expensive leasing agreements by hiding the contract terms and costs. Tempoe’s practices left hundreds of thousands of customers on the hook to pay for merchandise they couldn’t afford or return. Tempoe generated approximately $192 million in revenues from about 325,000 consumers from its unlawful conduct.

As a result of the CFPB’s enforcement action, Tempoe was permanently banned from offering consumer leases. They were also required to close any existing lease agreements and release customers from making any further payments on their leased merchandise.