In the United States, leasing or financing products has become one of the most common ways consumers purchase goods or services. Similarly, leasing has become a significant source of profit for a number of industries nationwide including the auto industry. However, the growing number of lease transactions has increased the incidence of lease fraud.
Lease fraud is a broad term that covers a number of unfair and deceptive trade practices executed by large corporations, private companies, lenders, etc. Consumers who are victimized by lease fraud can suffer significant financial losses.
If you or someone you know has been a victim of lease fraud, you may be eligible to seek compensation for your losses. It is important to get the help of a qualified consumer fraud attorney who can evaluate your case and inform you of your legal rights. Please contact us today to speak to an experienced attorney.
How does lease fraud occur?
Perpetrators of lease fraud knowingly deceive consumers in an effort to make more profit. Lease fraud can occur in a number of different ways including, but not limited to:
- Terms of the lease are abused
- Higher costs than originally represented
- Manipulating residual values
- Excessive early termination penalties
- Transaction deceptions
Lease fraud is prevalent in the auto industry in which dealers encourage consumers to lease new vehicles while hiding early terminations fees, penalties, and unpaid depreciation values in the new lease. Learn more about auto fraud.
Lease fraud schemes are also common in commercial real estate leasing, oil and gas production on federal and Indian land, and the equipment leasing industry, which includes renting office equipment, exercise equipment, video equipment, etc.
Are you a victim of lease fraud?
Under federal and state laws, consumers who have been wronged by leasing scams may be eligible to recover damages through a consumer fraud lawsuit. In the event that a group of consumers have been similarly harmed as a result of lease fraud, they may file a class action consumer fraud lawsuit.
If you are confused by the terms of your lease and suspect you have been deceived, it is wise to seek the advice of a qualified consumer fraud attorney who can protect your legal interests. Our experienced attorneys can evaluate your claim to determine the best course of action. Please contact us today to speak to a qualified consumer fraud attorney FREE of charge.