Caveat emptor: I’m Renting a Dog?

 
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angrypuppy
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PostPosted: Wed Mar 01, 2017 3:55 pm    Post subject: Caveat emptor: I’m Renting a Dog?

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After her family’s shiba inu died of cancer, Dawn Sabins decided to surprise her 7-year-old son with a new puppy. In March 2015, she dropped into a San Diego-area pet store looking for an English bulldog. She walked out with a golden retriever.

That wasn’t so strange, even if $2,400 was more than she’d intended to spend. (There’s a reason pet stores put puppies in the window.) The odd part came a few weeks later, when she and her husband were going over their credit reports and saw a $5,800 charge from a company they’d never heard of.

The Sabins had bought their new dog, Tucker, with financing offered at the pet store through a company called Wags Lending, which assigned the contract to an Oceanside, California-based firm that collects on consumer debt. But when Dawn tracked down a customer service rep at that firm, Monterey Financial Services Inc., she learned she didn’t own the dog after all.

“I asked them: ‘How in the heck can I owe $5,800 when I bought the dog for $2,400?’ They told me, ‘You’re not financing the dog, you’re leasing.’ ‘You mean to tell me I’m renting a dog?’ And they were like, ‘Yeah.’ ”

Without quite realizing it, the Sabins had agreed to make 34 monthly lease payments of $165.06, after which they had the right to buy the dog for about two months’ rent. Miss a payment, and the lender could take back the dog. If Tucker ran away or chased the proverbial fire truck all the way to doggy heaven, the Sabins would be on the hook for an early repayment charge. If they saw the lease through to the end, they would have paid the equivalent of more than 70 percent in annualized interest—nearly twice what most credit card lenders charge.


https://www.bloomberg.com/news/features/2017-03-01/i-m-renting-a-dog
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OregonLakerGuy
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PostPosted: Wed Mar 01, 2017 4:07 pm    Post subject:

I would never pay big money for a dog with so many needing rescue from euthanasia.
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ringfinger
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PostPosted: Wed Mar 01, 2017 4:42 pm    Post subject:

How exactly does one overlook something like that?
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governator
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PostPosted: Wed Mar 01, 2017 4:49 pm    Post subject:

ringfinger wrote:
How exactly does one overlook something like that?


easily for general sales signature
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AY2043
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PostPosted: Wed Mar 01, 2017 4:49 pm    Post subject:

ringfinger wrote:
How exactly does one overlook something like that?

It's on the family for not reading the damn contract. I mean, those are the fundamental terms of the agreement, it's not like it's going to be buried in 2 point font in a foot note on page 8 of a 12 page document..

Shocked there isn't a Go Fund Me page linked in the article
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ringfinger
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PostPosted: Thu Mar 02, 2017 7:36 am    Post subject:

governator wrote:
ringfinger wrote:
How exactly does one overlook something like that?


easily for general sales signature


Whose fault is that though? Anyone know if there are links to the paperwork? I'm curious if this is legitimate fraud (positioning a lease as a loan) or just buyer's remorse.
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ContagiousInspiration
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PostPosted: Thu Mar 02, 2017 7:39 am    Post subject:

Kind of sad that a human would feel ok doing this to someones pet

That pet store shouldn't exist.
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ringfinger
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PostPosted: Thu Mar 02, 2017 7:41 am    Post subject:

ContagiousInspiration wrote:
Kind of sad that a human would feel ok doing this to someones pet

That pet store shouldn't exist.


Just as bad though that the first lady returned the dog because he was too energetic. The hell did she think would happen getting a puppy?

But yeah, I agree, pet stores in general shouldn't exist. Shelter dogs are the way to go and up to 99% cheaper!
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PostPosted: Thu Mar 02, 2017 7:42 am    Post subject:

Damn. They got dogged.
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angrypuppy
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PostPosted: Thu Mar 02, 2017 7:47 am    Post subject:

Part of the reason why I posted it is that this type of "soft fraud" may become more prevalent, particularly in a society where payments are in plastic rather than paper. I would imagine that many here do not look that closely at their monthly charge card bill, and might miss a recurring charge.

You could probably bury the paperwork during the sales transaction, by blanketing the lease agreement with other (useless) documentation that the pet shop might ask the unwary consumer to sign.
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ringfinger
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PostPosted: Thu Mar 02, 2017 7:57 am    Post subject:

Gimme_the_rock wrote:
Damn. They got dogged.


They have it really ruff.
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999
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PostPosted: Wed Mar 15, 2017 3:15 pm    Post subject:

ringfinger wrote:
How exactly does one overlook something like that?


word garbage in contracts. lending companies do this now to victimize the less educated. this method is very popular in all finance lending. Every word in that contract protects the lending company from lawyers too.

these kind of contracts should be illegal. I wish the the govt can regulate lending companies to be as clear as possible in all lending contracts with them taking some risk in giving out bad loans to unqualified people. Contracts should be void if every provision is not explained to the people signing the loan.
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ringfinger
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PostPosted: Sat Mar 18, 2017 7:42 am    Post subject:

999 wrote:
ringfinger wrote:
How exactly does one overlook something like that?


word garbage in contracts. lending companies do this now to victimize the less educated. this method is very popular in all finance lending. Every word in that contract protects the lending company from lawyers too.

these kind of contracts should be illegal. I wish the the govt can regulate lending companies to be as clear as possible in all lending contracts with them taking some risk in giving out bad loans to unqualified people. Contracts should be void if every provision is not explained to the people signing the loan.


How can you prove though, that every provision was explained? And then of course, prove it was explained to a sufficient degree?

Any ideas on whether the contract has surfaced? I mean we're making a lot of assumptions. For instance, that it didn't clear state "lease" in huge bold letter on the title of the contract agreement. While I'm not going to argue that companies aren't deceptive, because they certainly can be and are, people can also be overzealous.
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Gellollo
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PostPosted: Sun Mar 19, 2017 3:51 am    Post subject:

ringfinger wrote:
Gimme_the_rock wrote:
Damn. They got dogged.


They have it really ruff.


Someone should throw them a bone.
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999
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PostPosted: Mon Mar 20, 2017 2:16 pm    Post subject:

ringfinger wrote:
999 wrote:
ringfinger wrote:
How exactly does one overlook something like that?


word garbage in contracts. lending companies do this now to victimize the less educated. this method is very popular in all finance lending. Every word in that contract protects the lending company from lawyers too.

these kind of contracts should be illegal. I wish the the govt can regulate lending companies to be as clear as possible in all lending contracts with them taking some risk in giving out bad loans to unqualified people. Contracts should be void if every provision is not explained to the people signing the loan.


How can you prove though, that every provision was explained? And then of course, prove it was explained to a sufficient degree?

Any ideas on whether the contract has surfaced? I mean we're making a lot of assumptions. For instance, that it didn't clear state "lease" in huge bold letter on the title of the contract agreement. While I'm not going to argue that companies aren't deceptive, because they certainly can be and are, people can also be overzealous.


we live in a tech age where everything can be recorded. and signed electronic signature by each provision. if a bank is gonna lend money the transaction should be recorded and kept on file therefore the bank should bear responsibility if a provision is not explained in detail
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