Go Back   This Blue Marble, a Global Current Events Discussion Forum > Our Homestead > Animal House

Animal House A place to see everyone's critters, to ask questions and share knowledge.

Reply
 
Thread Tools Search this Thread Display Modes
Old 03-06-2017, 08:42 PM   #1
Potemkin
Omne ignotum pro magnifico
 
Potemkin's Avatar
 
Join Date: Aug 2008
Posts: 27,655
Blog Entries: 3
Thanks: 109
Thanked 5,325 Times in 2,671 Posts
Default Leasing a dog is expensive

http://www.chron.com/business/articl...e-10975540.php

How your dog could be ruining your credit score


After her family's shiba inu died of cancer, Dawn Sabins decided to surprise her 7-year-old son with a new puppy. In March 2015, she dropped into a San Diego-area pet store looking for an English bulldog. She walked out with a golden retriever.

That wasn't so strange, even if $2,400 was more than she'd intended to spend. (There's a reason pet stores put puppies in the window.) The odd part came a few weeks later, when she and her husband were going over their credit reports and saw a $5,800 charge from a company they'd never heard of.

The Sabins had bought their new dog, Tucker, with financing offered at the pet store through a company called Wags Lending, which assigned the contract to an Oceanside, California-based firm that collects on consumer debt. But when Dawn tracked down a customer service rep at that firm, Monterey Financial Services Inc., she learned she didn't own the dog after all.

"I asked them: 'How in the heck can I owe $5,800 when I bought the dog for $2,400?' They told me, 'You're not financing the dog, you're leasing.' 'You mean to tell me I'm renting a dog?' And they were like, 'Yeah.' "

Without quite realizing it, the Sabins had agreed to make 34 monthly lease payments of $165.06, after which they had the right to buy the dog for about two months' rent. Miss a payment, and the lender could take back the dog. If Tucker ran away or chased the proverbial fire truck all the way to doggy heaven, the Sabins would be on the hook for an early repayment charge. If they saw the lease through to the end, they would have paid the equivalent of more than 70 percent in annualized interest—nearly twice what most credit card lenders charge.

If that weren't bad enough, Dawn Sabins soon decided Tucker was too rambunctious for her family's home. She called the pet store and threatened to leave the pup tied up outside the store, then decided on what she thought a more humane path. She sold the dog to a local trainer for $500, stopped making payments on the lease, and spent 18 months griping in online reviews and emails.

She wasn't alone.

"You mean to tell me I'm renting a dog?"

"There is just no way I should pay over $5000 for a $2000 puppy," wrote one customer in an April 2014 complaint collected by the Federal Trade Commission after financing a Yorkshire terrier from a Kennesaw, Georgia, pet store with a lease from Wags Lending. (That complaint and the others that follow were directed at Monterey Financial by customers who had financed high-end pets through Wags Lending.) "The rep ... told me the payments I had been making are rental [fees]," wrote another surprised lessee. "For a dog?? They are renting animals?? No way! Yes it's true!"

One cat lover described buying a Bengal kitten from a breeder in Jacksonville, Florida, at a sticker price of $1,700—then learning they were on the hook for 32 monthly payments of $129, or about $4,100. "They explained to me that not only was this not a loan but a lease in which I would either have to continue making these payments or return the animal," the customer wrote in a November 2015 complaint. "Also this cat is ruining my credit score."
The complaints raise a valid question: Why would anyone walk into a pet store to buy an animal and decide, instead, to lease?

Because dogs can be expensive, and not everyone who wants a fancy one can afford to pay cash or use a credit card. Because others, like Sabins, are more eager to bring home their new furry friend than to read the fine print of their contract. But mostly because—thanks to a 36-year-old Nevadan who ditched a career in private equity to help subprime borrowers finance purebred pets—they can.

"When I take a good hard look at what the world will be like in 10 years, I think most things are going to be on lease," said Dusty Wunderlich, chief executive officer of Bristlecone Holdings LLC, the Reno, Nevada-based company that operates Wags Lending.

RELATED: Here's what Houstonians are naming their dogs
It was Monday morning at the company's offices, across the Truckee River from Reno's seedy downtown, and Wunderlich was dressed in ostrich-skin boots and a flat-brimmed baseball cap—the same kind of Western spin on startup chic that animates his company, named for a species of pine tree native to Nevada that can live for thousands of years.

Wunderlich rents his apartment. He leases his car. He owns his horse. He's drawn to the rugged individualism expressed in the novels of Ayn Rand and the blog Cowboy Ethics, but he hastens to argue that while he profits off high-cost lending, he's also improving the lives of subprime borrowers. He is, he writes in a mission statement on his personal website, "living in a Postmodern culture while maintaining my old American West roots and Christian values."

Wunderlich dreamed up Wags Lending in 2013, then used the pet-leasing business to launch an improbable collection of financing vehicles—writing leases against furniture, wedding dresses, hearing aids, and custom auto rims. In a little more than three years, his company has originated 66,000 leases for just over $100 million. He once worked out a plan to lease cattle to dairy farmers, though plummeting commodity prices soured the economics. (He got far enough to decide that if a cow gave birth during the terms of the lease, the lessee got to keep the calf.) In another idea that never reached the market, he explored lease financing for funerals.

"We like niches where we're dealing with emotional borrowers," Wunderlich said.

More at link
__________________
“The price of freedom is the willingness to do sudden battle anywhere, any time and with utter recklessness.”
― Robert A. Heinlein, The Puppet Masters
Potemkin is offline   Reply With Quote
Old 03-06-2017, 10:21 PM   #2
Antropologo
Skeptically Inquisitive
 
Join Date: Jul 2009
Location: The "Free" State
Posts: 1,200
Thanks: 456
Thanked 992 Times in 394 Posts
Wow. Sounds like a guy who'd take the shirt off your back and then lease it back to you.

I wish more folks would adopt shelter pets instead of going for the trendy and expensive breeds like Labradoodles.
Antropologo is offline   Reply With Quote
The Following 5 Users Say Thank You to Antropologo For This Useful Post:
Feather (03-07-2017), linttrap (03-07-2017), NowVoyager (03-06-2017), rb. (03-07-2017), spinnerholic (03-06-2017)
Old 03-07-2017, 12:09 AM   #3
Sysiphus
Senior Level 6
 
Sysiphus's Avatar
 
Join Date: Aug 2008
Location: Seattle
Posts: 8,310
Thanks: 598
Thanked 1,616 Times in 948 Posts
Sounds like a disguised financing to me. Companies dress up loans as "leases" to get around usury restrictions and financial lending license requirements. The first question I would ask is "If the dog dies, do I still have to pay you?". If the answer is yes, I would report them to the California Dept of Corporations for originating a consumer loan without a lenders license. I would also have the embedded interest rate cut down to 10%, which is the usury cap. Oh, and I would sue the f--- out of them for punitive damages while I was at it.
__________________
Quis custodiet ipsos custodes?
Sysiphus is offline   Reply With Quote
The Following 2 Users Say Thank You to Sysiphus For This Useful Post:
Mousehound (03-07-2017), NowVoyager (03-07-2017)
Old 03-07-2017, 10:59 AM   #4
rryan
Deplorable
 
Join Date: Aug 2008
Posts: 3,975
Thanks: 2,340
Thanked 1,381 Times in 640 Posts
Still shocked at idea of paying that kind of money for a dog, I've actually bought two---and one was simply to rescue the dog from a breeder and I sure as hell didn't spend that kind of $

I think I've been paid to take a few dogs off peoples hands before...
__________________
“Yield to temptation. It may not pass your way again.”
-RAH

It's still we the people, right?
rryan is offline   Reply With Quote
Old 03-07-2017, 11:15 AM   #5
Ross
Lifetime Member
 
Ross's Avatar
 
Join Date: Aug 2008
Location: Melbourne Australia
Posts: 14,249
Thanks: 5,228
Thanked 5,476 Times in 2,485 Posts
Dogs are quite expensive in Australia , especially puppies .

Mostly due to the way puppy producers have been driven out of
business for supposed cruelty .

Frankly the logic escapes me . ''Humans cannot enjoy the company
of dogs because occasionally breeders mistreat their breeding stock . ''

To buy a puppy of a kind that I want I would probably have to drive
several hundred miles to another state and still pay a high price when
I got there . Indeed I have frequently considered doing exactly that .

However I could buy an older rescue dog locally for about $450 .

..

..
__________________
All paper is a short position on gold . “Gold is money. Everything else is credit.”

“If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” ( Noam Chomsky )

‘you can judge a man’s spirit by the amount of truth he can tolerate.’ .... Nietzsche
Ross is offline   Reply With Quote
Old 03-07-2017, 12:41 PM   #6
CanadaSue
SuperModerator
 
CanadaSue's Avatar
 
Join Date: Nov 2008
Location: In my gardens or online
Posts: 35,508
Blog Entries: 28
Thanks: 2,486
Thanked 11,046 Times in 5,057 Posts
Wow - talk about a rip off.
__________________
Searching for a dream to run after & catch!
CanadaSue is offline   Reply With Quote
Old 03-07-2017, 01:28 PM   #7
oldasrocks
Senior Member
 
Join Date: Sep 2008
Posts: 1,071
Thanks: 36
Thanked 265 Times in 170 Posts
Reason # 432 to not use a credit or debit card.
oldasrocks is offline   Reply With Quote
Reply

Tags
dog, expensive, leasing

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 11:21 PM.


Powered by vBulletin®
Copyright © Jelsoft Enterprises Ltd.