Snap Finance will cancel lease-to-own balances for customers in Arkansas, Oklahoma, Utah, West Virginia and Nebraska, among 17 states, under a $664 million multistate settlement with state attorneys general announced Oct. 21. Arkansas alone puts the cancellation at $18,449,844, according to Attorney General Tim Griffin’s office. The deal covers leases signed from 2017 through 2022, and the attorneys general say the cancellations happen automatically.
Oklahoma says more than $18 million in payments owed by its residents will be erased, Utah puts its total at $16,758,262, and West Virginia says $4,442,388 in lease payments will be canceled. Nebraska is one of the two states, with Iowa, that led the coalition. Across all the settling states, lease forgiveness totals $662,102,518, and Snap is also paying $2.75 million to the states…