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Michigan curbs illegal auto title lending

Financially troubled Michigan drivers who have turned to bad title loans for cash may find some relief after action by the state’s attorney general’s office. Michigan Attorney General Bill Schuette has fought to stop illegal auto title loan recoveries offered to Michigan consumers by Liquidation, which does business as AutoLoans, Sovereign Lending Solutions, Car Loan […]

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One-time payment car title loans can cause long-term debt

Most borrowers who take out a one-time payment car title loan end up borrowing again because they can’t afford to make the payment when due, according to a new federal study. That’s why a lot of auto title business comes from borrowers who end up taking out multiple loans in a row and staying in […]

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Consumer watchdog turns its attention to auto loans

According to a report released Tuesday by the Consumer Financial Protection Bureau, payday loans aren’t the only type of expensive consumer credit that starts out as a short-term financial fix but often turns into a financial trap. long-term debts. Consumers who take out auto-title loans are often unable to pay when due and repeatedly refinance […]

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Auto title loans offer quick cash for holidays, but critics warn of rising debt – Reuters

Scott Sweetalla, an auto loan customer, had his car repossessed by a lender due to high interest rates. “The money you would get from these people is not worth what happens later,” he said. (Photo by Erica Lang/Cronkite News) Advertisements and online listings for auto title loans make them especially attractive during the holiday season […]

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Auto title loans are riskier than payday loans, new report says

When you’re desperate for cash and run out of options, you might be willing to risk your car to save time. This is what happens with an auto title loan. You keep your car, but assign title to the lender who uses the vehicle as collateral. If you don’t pay on time, the lender can […]

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Wisconsin Auto Title Loans agrees to $2.75 million settlement

By Gitte Laasby of the Sentinel Diary UPDATE: Checks have been issued as part of the Wisconsin Auto Title Loans Inc. settlement. If you were expecting a payment but did not receive one, please see this story for a possible explanation and guidance on what to do. you have to do if you have any […]

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The problem with car title loans is NOT that people lose their cars.

A stock lending store in Nashville, Tenn. (Joe Howell/Vanderbilt) According to three researchers led by Vanderbilt’s Paige Marta Skiba, the standard swipe at car title loans is a toothless claim that the deal leads to people losing their cars and then their jobs because they have no means. transportation to get to work. “Repossession affects […]