Pet leasing explained

Pet leasing is the practice of leasing a pet, usually a dog, to a customer on a contract basis.[1] The practice is controversial, because some customers believed they were taking out loans to buy a pet when, in fact, they were only leasing an animal that could be repossessed by the lender in the event that payments were not kept up.[2] [3] [4] [5]

The process of leasing a pet typically starts in a retail pet store, but the loan is made by a third-party contractor. The revenue model for pet leasing is the same as car leasing.[6] [7] The borrower enters a contract, typically for two years, and agrees to monthly payments. The lender typically requires proof of income, which may be as low as $1000 a month.

Controversy

The state governments of New York,[8] California, Nevada, Washington, Indiana, Virginia[9] and New Jersey have banned pet leasing.[10] And a similar ban on pet leasing has passed the Rhode Island state house of representatives.[11] [12] In Connecticut, State Senate Republican President Pro Tempore Len Fasano has introduced legislation that would similarly ban pet leasing in his state.[13] Dog leasing is illegal in Massachusetts.[14] [15]

According to several news sources, some lessees of pets believed they were buying their pets and were surprised to discover that they were only on loan.[16] [17] [18]

The American Kennel Club "supports a ban on predatory pet leasing schemes that victimize potential owners, undermine a lifetime commitment to a pet, and do not confer the rights and responsibilities associated with legal ownership of a pet."[19] Pet leasing has also been decried by the American Society for the Prevention of Cruelty to Animals (ASPCA), which has called for a state-by-state ban.[20]

Notes and References

  1. News: Animal lovers decry "pet leasing" contracts. News. CBS. 2018-08-01.
  2. Web site: Michigan families tricked into leasing expensive dogs they.... Kosuda. Kelley. www.clickondetroit.com. August 2018. en-US. 2018-08-01.
  3. News: Animal Lovers Claim Stores Duped Them Into Signing 'Pet Leasing' Contracts. 2018-07-30. 2018-08-01.
  4. Web site: Is pet leasing more bark or bite?. Davis. Amy. www.click2houston.com. en-US. 2018-08-01.
  5. Web site: Lender threatens to take dog back after saying woman was only leasing him. 8 August 2018. ABC News. 3 March 2019.
  6. Web site: Can having a pet ruin your credit score?. 7 May 2017. theweek.com. 3 March 2019.
  7. Web site: Pet leasing: The latest in predatory lending – Animal Rights Channel . animalrightschannel.com . dead . https://web.archive.org/web/20180802011517/https://animalrightschannel.com/2018/08/01/pet-leasing-the-latest-in-predatory-lending/ . 2018-08-02.
  8. News: [//www.usnews.com/news/best-states/new-york/articles/2018-06-14/bill-passes-making-new-york-the-3rd-state-to-ban-pet-leasing Bill Passes Making New York the 3rd State to Ban Pet Leasing ]. US News & World Report . 14 June 2018 . 17 July 2023.
  9. Web site: 2020 . LIS Virginia Law - Code of Virginia (§ 3.2-6513.2. Rental or lease of dog or cat prohibited; civil penalty) . Virginia Government - (Legal Information System (LIS).
  10. News: Report warns of 'pet leasing' contracts. 2018-07-30. KRDO. 2018-08-01. en-US.
  11. Web site: RI House of Reps Passes Bill Banning "Forever Pets". ChrisS. GoLocalProv. 3 March 2019.
  12. News: [//www.usnews.com/news/best-states/rhode-island/articles/2018-06-03/bill-to-prohibit-pet-leasing-clears-rhode-island-house Bill to Prohibit Pet Leasing Clears Rhode Island House ]. US News & World Report . 3 June 2018 . 17 July 2023.
  13. Web site: Dog on a lease? Woman surprised to learn pet she paid for was a rental. A. B. A.. Journal. ABA Journal. 3 March 2019.
  14. https://www.mass.gov/news/ags-office-takes-action-against-illegal-dog-leasing AG's Office Takes Action Against Illegal Dog Leasing
  15. https://apnews.com/article/oddities-health-business-pets-lifestyle-a3e7bc33a608b01f1f04aca6dee238f3 Company settles dog-leasing allegations for more than $900K
  16. Web site: Cats and Dogs for Lease, Suckers for Buyers. voicesofmontereybay.org. 3 March 2019.
  17. Web site: "Pet Lending in New York", NewsDay, August 14, 2018. 17 July 2023.
  18. News: Pet brokers are leasing puppies — and people are feeling scammed . 2021-10-28 . 2017-12-20 . Karin Brulliard . . Washington, D.C. . 0190-8286 . 1330888409.
  19. Web site: AKC Board Addresses Predatory Pet Leasing. American Kennel Club. 3 March 2019.
  20. Web site: Beware of "Puppy Leasing". ASPCA. 3 March 2019.

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