Car Title News
The latest news on car title loans, auto title loans and the car title lending industry from the Center for Responsible Lending.
- Auto Title Loan Ads Gloss Over the Risks
Cleveland Plain Dealer (OH) 08 Aug 2014
Advertisements for auto title loans often conceal the fact that the product may carry annualized interest of 300 percent or more.
- Bellaire Law's Focus: Payday Lenders
Houston Chronicle 08 Apr 2014
Bellaire has become the most recent Texas city to regulate payday lending in response inaction by state lawmakers on the issue.
- Va. Corporations Settle Title Loans Suit for $1.2 Million
Herald-Mail Online 02 Apr 2014
In a $1.2 million settlement, Virginia title loan companies Fast Auto Loans Inc. and Virginia Auto Loans have agreed to pay West Virginia $450,000 over allegations that they abused and harassed ...
- North Ogden Fights to Keep Out Payday Loan Businesses
Standard-Examiner (UT) 05 Feb 2014
With an auto title company looking to set up shop in North Ogden, Utah, for the first time, officials there are exploring ways to discourage similar businesses from following suit.
- Settlement Checks to Be Issued to 23,000 Auto Title Loan Customers
Milwaukee Journal Sentinel (WI) 12 Jan 2014
Checks stemming from Wisconsin Auto Title Loans' $2.75 million settlement should start making their way into the mailboxes of about 23,000 customers next month. Borrowers were tricked or forced into paying for memberships that Wisconsin Auto Title Loans sold alongside short-term loans.
- New York A.G. Slaps Chicago Auto-Title Lender
American Banker 17 Dec 2013
In an ongoing crackdown on Web-based lenders, New York authorities have fined auto title lender Manor Resources for violating the state's interest rate ceiling.
- Usury Explosion: Northern Virginia Becomes Hotbed for Car-Title Lending Industry
Connection Newspapers (VA) 27 Nov 2013
Northern Virginia has seen dozens of new car title lending businesses open since the state General Assembly legalized the industry in 2010. The total number of car title businesses has more than doubled from 184 to 395 in that time. "It's a trap, and although it's presented as a loan it's really loan-sharking," insists Virginia Poverty Law Center executive director Jay Speech.
- Ditching Compromise, Parker Pushes Tough Payday Loan Regulations
Hispanic Business 23 Nov 2013
Houston Mayor Annise Parker has thrown out a compromise plan to regulate payday and auto title lenders, instead promoting stricter measures to limit this type of financing. The city council will vote next month on the regulations, modeled on rules passed by other Texas cities that include Dallas, Austin, San Antonio, and El Paso
- Wisconsin's Auto Title Loan Industry Still Thriving
Capital Times (WI) 21 Nov 2013
Fewer Wisconsin residents are losing their cars to repossession, according to data from the state Department of Transportation, provided in response to an open records request from state Rep. Gordon Hintz (D-Oshkosh). The number of auto title transactions between financial institutions and individuals fell to 10,877 last year from 14,442 in 2010; however, the number of transactions involving auto title lenders, specifically, only declined to 2,680 from 2,898.
- The Consumer Perils of a Car Title Loan
Bankrate.com 30 Oct 2013
Lawmakers and financial regulators have put adjustable-rate mortgages and payday loans under a spotlight, while auto title loans have been largely overlooked. Consumers in 21 states depend on the loans when they do not have conventional options, according to consumer advocacy groups, which criticize title loans for their triple-digit interest rates and balloon payments that are due within a month as well as for their threat to repossess borrowers' cars.
- Long Beach City Council Restricts Short-Term Lenders
Long Beach Press-Telegram 19 Sep 2013
The Long Beach (Calif.) City Council has unanimously voted to push consumer-finance lending businesses from neighborhood commercial and other areas into locations that are more automobile-oriented and widen the separation between the businesses from 1,000 feet to 1,320 feet.
- Making Money Off the Poor
New York Times Opinionator 17 Sep 2013
Many different businesses and schemes are making money off of low-income Americans, Tom Edsall writes in a New York Times opinion piece.