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.
- Borrowing Against Car Bill Up for Vote in Michigan
The Detroit News 08 Dec 2014
A last-minute bill pending in the state Senate and backed by an out-of-state auto-title company would let lenders loan Michigan consumers money against their cars at an annual interest rate of nearly 300 percent.
- 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.
- 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.
- Editorial: Crack Down on Abusive Lending
Cincinnati Enquirer 17 Sep 2013
This Cincinnati Enquirer editorial calls on regulators at the Ohio Department of Commerce "to step in, investigate, and then revoke the licenses of those businesses found to be evading payday lending laws."
- Montgomery City Councilmen Seek Moratorium on Payday Lenders
WSFA-12 (AL) 20 Aug 2013
An item on the Montgomery, Ala., city council's agenda could threaten the future of payday and title loan businesses in the city. Councilmen Richard Bollinger and Charles Smith have proposed a temporary freeze on business licenses for these types of lending agencies.
- Organizations Join CLC in Fight to Regulate Payday Lenders
The Baptist Standard 25 Jun 2012
More than three dozen organizations representing consumers, financial institutions, low-income communities, and the elderly have joined Texas Faith for Fair Lending and its efforts to push for new state laws that regulate auto title and payday lenders. Texas Faith for Fair Lending, a coalition that includes the Texas Baptist Christian Life Commission (CLC), has concentrated on the controversial issue of payday lending, since church leaders noticed that payday loans hurt struggling individuals and families. "When a desperate borrower takes out a $4,000 auto title loan, pays $1,200 a month for months on end and never pays it off, something is terribly wrong with the law," said CLC Director Suzii Paynter, speaking on behalf of Texas Faith for Fair Lending. "This type of predatory lending hurts Texas families and is a clear moral issue of concern for our pastors and congregations." The new joint coalition reported that 75 percent of surveyed registered Texas voters support legislation to lower consumer costs on small-dollar loans. Eighty-five percent of respondents favored capping interest rates on payday and auto title loans at 36 percent APR or less. Public perception of these loans is largely negative. Many of these organizations say that short-term loans unfairly target low-income families, military members, and seniors. In January, new laws took effect in Texas to license payday and auto title lenders for the first time in the state.