The ASPCA has already helped get laws passed in 10 states to make the predatory practice of using pets as collateral for a loan illegal.
Some pet stores present what looks like a payment plan, but instead is a pet lease, with the pet as collateral.We purchased our dog. The pet store and finance company went out of business, and we still owe a few hundred dollars to pay off our dog. We have yet to be contacted by any other company to send payments to, probably because the company filed for bankruptcy. We have since moved from the state where we bought the dog.
To find out more about your situation, I spoke with Kevin O'Neill, the ASPCA's vice president of state affairs. He said,"Pet leases are deceptive financing plans that offer what seem like affordable monthly payments for a pet over a fixed period of time, but they charge outrageously high fees and may end up costing the unwitting buyer many times the animal's original price. These agreements are structured like car leases. The leasing company is the owner of the dog for the entire length of the lease. The consumer payments allow for 'use' of the dog.
He adds,"The contracts are constructed so that repossession could be possible, but I haven't heard of that happening to anyone." The ASPCA has helped get laws passed in 10 states to make the predatory practice of using pets as collateral for a loan illegal, but Texas is not one of those 10 states.
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