Atlanta, GA (PRWEB) August 24, 2012
The law firms Webb, Klase & Lemond, LLC and Sneed Lang Herrold, PC have filed a class action lawsuit against Aaron’s, Inc., one of America’s leading rent-to-own companies with over 1,900 total stores from coast-to-coast. Through its rent-to-own programs, Aaron’s finances the purchase of furniture, appliances, and electronics to consumers. The new lawsuit alleges that the effective interest rate charged by Aaron’s exceeds that allowed by law in the several states that have adopted the 1968 version of the Uniform Consumer Credit Code, including Oklahoma, Indiana, South Carolina, Wyoming, and Wisconsin.
The new case, styled Maul v. Aaron’s, Inc., is pending in the United States District Court for the Western District of Oklahoma and has been assigned Case Number 5:12-cv-00924-M. According to the suit, Aaron’s rent-to-own business model is in reality the extension of credit through consumer loans disguised as leases for the purchase of goods. The suit alleges that the difference between the market value of the goods and the total amount of payments made by a consumer constitutes interest. The Uniform Consumer Credit Code, as adopted under various names in states such as Oklahoma, Indiana, South Carolina, Wyoming, and Wisconsin, caps the interest rate that can be charged in consumer transactions. The suit alleges that the effective interest rates charged by Aaron’s exceed the amount allowed by law.
In addition to violations of the various state consumer credit codes, the suit also raises claims for unjust enrichment and unconscionability. The claim for unjust enrichment asserts that Aaron’s should be required to return to consumers any amounts of excessive interest that it has received. The claim for unconscionability raises concerns about the one-sided and unfair nature of Aaron’s contracts.
If you are an Aaron’s customer – and in particular if you are an Aaron’s customer in Oklahoma, Indiana, South Carolina, Wyoming, or Wisconsin – and wish to discuss this action or other Aaron’s practices, please contact Webb, Klase & Lemond by e-mail at contact(at)WebbLLC(dot)com or by calling (770) 444-9325.