The Massachusetts attorney general has ruled that financial companies that were leasing dogs to Massachusetts pet owners will have to waive the remaining balances owed on dozens of animals*. In particular, Nevada-based companies Credova Financial, LLC and Nextep Holdings, LLC will reportedly forgive $126,000 in balances and give full ownership to dog owners who took out a lease to buy their family pet. Those two companies also agreed to pay $50,000 to the state.
Leasing dogs is legal in some states, though Massachusetts isn’t one of them. According to the Massachusetts Attorney General, “When the dog is used as collateral in a lease, the end result can be expensive and heartbreaking.”
*According to the AG’s office, some pet stores allow owners to take out leases to finance a dog, much the same way some people purchase cars. If a payment is missed, the dog can be repossessed. Such loans are said to often come with high finance charges.