When you sign a contract to buy an expensive pet, make sure you’re buying it not leasing it.
Since pets can be expensive – maybe a few thousand dollars – some pet stores offer financing plans. You sign an agreement to make payments toward ownership. However, you may unintentionally sign up to make costly, extended lease-to-own payments that add up to about twice the actual price of the pet, said Lisa Lake, consumer education specialist for the Federal Trade Commission.
As you’re paying over what could be years, the company still owns your pet. When the lease is up, you may have to pay additional costs to actually own it, Lake said.
If by the animal gets lost, stolen, or killed, you could still be required to make payments. You might not get a refund – or might still have to make more payments to get out of the contract. And, if you miss a payment, the company has the right to take away your pet – which can be stressful for you, your family, and your pet.
So, be sure to understand what you’re actually paying for before you sign anything. If a retailer doesn’t make the terms of an agreement clear or misrepresents the terms of the agreement, they could be breaking the law – especially if the retailer runs ads leading you to believe one thing but sells you another.
Also, learn more about how buying plans work, including understanding the terms of your purchase agreement. You can let the FTC know if you were taken in by purchase agreement terms that were unclear or undisclosed.
