Leasing a pet is now illegal in New York. Here's how it can save you money.

Posted at 12:09 AM, Jun 15, 2018
and last updated 2018-06-15 00:09:32-04

A financing practice that can end up doubling the cost of a pet store puppy has been banned under legislation passed by New York lawmakers.

The bill makes New York the third state, after California and Nevada, to outlaw pet leasing. Rhode Island lawmakers are also considering a ban.

Under a lease agreement, a pet buyer makes monthly payments, usually for several years. The pet is actually owned by the leasing company, not the buyer, until a large final payment is made.

The American Society for the Prevention of Cruelty to Animals is seeking an end to pet leasing. The group says leasing is popular with pet dealers because it makes high-priced puppies seem more affordable to unwary consumers.

The bill now goes to Democratic Gov. Andrew Cuomo.