West Virginia Brings Suit

  

When you get an auto loan quite often you have a set term of how much you are going to pay for that auto loan. You know your interest rate will depend on your credit and that you have to use the car as collateral for the auto loan. The interest rate is anywhere from 0% to maybe 11% or so in this economy, with the better credit scores getting the better rates. This is how it has always been done and people understand this. But according to the state of West Virginia some are not following the basic tenants of human decency and they are going after them for it.

There is something called an auto title loan. What happens is that if you own your car you can borrow against it in a form of an auto loan. The auto loan is on your title and you can borrow different amounts, all the way up to the amount of money that the car is normally worth. These places then hold the title of the car against the auto loan, and if you do not pay they take the car. Sounds simple, right? Well, it is not simple if you are paying 300% interest or more on that auto loan. You will never be able to get out of that debt, and eventually you will lose the car.
 
So WV is stepping in and finding out what is going on here as there is no way that their residents should be paying that much interest on an auto loan. So they told the company in question, Fast Auto Loans, Inc., that they had to turn over their records and they refused. They are now in violation of the courts, and they are gong to be in a lot of trouble because in not turning over the records they just got the Attorney General mad – he is gong to fight even harder for resident’s auto loan rights now.

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