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.

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  • Thousands in Texas Lose Cars Amid Calls for Loan Restrictions 
    New York Times 24 Aug 2014
    While many states have passed restrictions on payday and auto title lenders, a lack of oversight in Texas has allowed the industry to grow into a $4 billion-a-year machine.
  • 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.
  • TitleMax to Give Refunds of Owners of Repossessed Cars 
    WUSA9 (DC) 07 Aug 2014
    TitleMax of Virginia is on the hook for more than $117,000, which it will credit or refund to Washington, D.C., customers whose vehicles were towed by the lender.
  • Insta-Loophole: In Florida, High-Cost Lender Skirts the Law 
    ProPublica 25 Jul 2014
    Florida abolished high-cost auto title loans in 2000, but that has not prevented TMX Finance from finding a way around the regulations.
  • 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.
  • Major Agreement Reached to Stop Marketing of Title Loans in NYS 
    EmpireStateNews.net 02 Apr 2014
    As part of a crackdown on title loans, which use a borrower's personal vehicle as collateral, New York's attorney general has brokered deals with 10 companies that agree to stop repossessing cars in ...
  • 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 ...
  • Borrowers to Share in $5 Million Title Loan Case Settlement 
    St. Louis Business Journal 19 Mar 2014
    The settlement of a lawsuit against Missouri Title Loans of Springfield is awaiting final approval in St. Louis Circuit Court.
  • 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.
  • Bryan Council Considering Regulating Payday Lenders 
    WTAW (College Station, TX) 27 Jan 2014
    City councilors in Bryan, Texas, on Jan. 28 will take a first look at proposed controls targeting businesses that offer expensive, short-term loans.
  • House Votes to Limit Interest on Title Loans 
    Union Leader 16 Jan 2014
    State legislators have voted in favor of restricting the amount of interest that title loan companies can charge customers in New Hampshire.
  • 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.
  • 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.
  • Payday, Title Loan Businesses Possibly Hurting Local Economy 
    Anniston Star 17 Sep 2013
    Consumers flock to alternative financial providers, in Alabama and nationwide, because the services they offer are easily accessible to people who have no mainstream banking relationship.
  • 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."
  • Military Officials Want to Clamp Down on Payday Lenders Unfairly Targeting Soldiers 
    KXXV-TV News Channel 25 16 Sep 2013
    All around Fort Hood in Texas, lending advertisements target soldiers who are in financial hardship, but may be afraid to tell their superiors.
  • 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.
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