How Not To Get a Car Title Loan
Many people are losing there jobs and faced with bills they can barely pay so some are getting loans on there cars.
They go to a auto title lender and have to pay huge fees and huge interest payments.
In D.C. two settlements were reached with Viginia Automobile title lenders who agreed to repay over $1 million to car owners who lost their cars and forced to pay huge interest payments.
The two companies LoanMax and Cashpoint were charging interest rates of more than 300 percent when the city passed a 24 percent cap on interest rates.
So if they fell behind in there payments they would sell the cars at auction. Over 650 D.C. residents will be eligible for refunds.
One 67 year old lady borrowed $1,500 on her 2002 Toytoa Avalon and had to pay more than $2,000 interest payments.
These companies are taking advantage of people who are going thru hard times.
To read more about the story visit:
http://www.grc.dc.gov/grc/cwp/view%2Ca%2C1253%2Cq%2C461618.asp
Short URL: http://www.askcarexpert.com/?p=347
Posted by