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Consumer Law Keyed to Whaley, 9th Ed.
Clay v. Oxendine
Citation:
285 Ga. App. 50, 645 S.E.2d 553 (2007)Facts
Appellants operated numerous consumer cash advance businesses throughout Georgia. Following prior investigations and cease and desist orders regarding their payday lending practices, appellants changed their business model to sale/leaseback transactions. Under this arrangement, customers applied for cash advances by providing employment information, salary, paydates, checking account information, pay stubs, and bank statements. Customers purportedly sold personal property items to appellants and immediately leased them back. The written agreements provided three options at lease end: renew the lease, repurchase the property for the sales price without credit for rental payments, or return the property owing nothing. First payments were due within two weeks, and customers could be released by paying the principal plus a 25% to 27% fee, constituting an APR of 650% to 702%. Evidence showed the same cell phone and power pack were listed as sold by numerous different customers during the same time period with varying assigned values, and items like can openers were assigned values of $450 to correspond with loan amounts. Customers testified they only signed the sale/leaseback documents because they needed money, and appellants never inspected property or sought possession after defaults.
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