AG James today secured $2.4 million in debt relief and $175,000 in penalties, as well as other reforms, from Monterey Finance (Monterey), a financial services company that knowingly misled New York consumers with unlawful lease agreements disguised as traditional consumer financing agreements. Under a settlement with OAG, Monterey must cancel all outstanding leases in New York, pay $175,000 in penalties, stop collecting all outstanding debt from any leases, and make other reforms to end its deceptive and unlawful business practices. The agreement will provide approximately $2.4 million in debt relief to 835 New York consumers. 

“Monterey preyed on consumers who needed financial assistance by charging illegal fees and deceiving them to make a profit. These misleading tactics cost New Yorkers millions of dollars. I am proud to have secured debt relief for those affected by Monterey’s deception and will always hold predatory lenders accountable.” – AG James