CFPB Suit Over Snap Finance Lease-to-Own Contracts Mostly Tossed

Snap Finance LLC largely escaped a Consumer Financial Protection Bureau lawsuit claiming the lease-to-own company used misleading tactics to lure customers into financing agreements.

Snap’s lease-to-own products weren’t a form of credit as defined by the Truth in Lending Act, the Consumer Financial Protection Act, and other statutes, leaving them out of the CFPB’s reach, Judge Jill N. Parrish of the US District Court for the District of Utah ruled.

“Snap’s legacy lease does not meet the statutory definition of credit because it did not give consumers any right to defer the payment of debt, incur debt and defer its ...