Virginia considering regulating car title loans

It’s unfortunate that individuals think that they are completely devoid of responsibility when they take advantage of a product and it doesn’t work out for them.  No one forces anyone to patronize these institutions.  If you stood outside of a title lender for an entire day, no one would physically drag you in and forge your name on documents.  We’re becoming a litigious, big brother society that lacks personal responsibility and accountability.  If you get cancer from smoking, you blame the tobacco companies, although they give you plenty of warnings; if you’re obese, you blame the fast food companies; if your kids are having trouble in school, you blame the teachers.  And now, consumers as a whole are no longer responsible for the purchases or contracts that they sign?  We also believe that something shouldn’t exist because we don’t agree with it…what kind of nonsense is that?  I wouldn’t take out a title loan but I’m not going to insist that they be abolished simply because of my personal beliefs.

I have reason to scream because I am sick and tired of people attacking an industry they know nothing about. The name calling is ridiculous.Close to half a million people in the Commonwealth use this service. Poor people do not have the ability to get a payday loan or a Title loan. THese are hard working, responsible people who need access to credit. The loans sharks are angry that the payday & title loan companies opened shop because it put them out of business. (FYI - A loan shark charges 60 points on the dollar payable in 1 week..i.e. 100.00 today equals 160.00 due back in 7 days). That’s 3120% interest! That’s what the half million people can resort to if your regulation goes thru. If you took the time to ask a person why they use payday or title loans, they will tell you because no one else will help them. That’s exactly what this country needs. More unemployment & less access to credit. God Bless America because it needs it now more than ever!

While we can all sympathize with the people that are to be charged for this service, the simple fact remains.  These places are their only “legal” recourse at this time.  We can rend our clothes and beat our chest over the penalties these people pay, or as is the case this story addresses, pass laws.  But all that will do is to eliminate an option for the people.

For those needing the money, they will find another way - probably from a loan shark.  Who may not take their car, but instead take a leg or even a life.  These companies will not be criminalized.  After all, love them or hate them, they are legitimate businesses.  Instead, as happened with the pay day loans, they will simply walk away from the state, leaving the borrowers with only shady alternatives.

This is yet again a case where the nanny government is trying to save us from ourselves, but instead of doing what is intended (as that will not happen), it will only create more opportunities for the criminal element.  There is a reason we have a cliche - “the Road to h-e-!-! is paved with the best of intentions”.  Truisms will not be denied.

I agree with everyone on their comments. However, I know firsthand experience what goes in a Car-title loan establishment. It is just like anything else in life that we sign our name to and it is a binding legal document we have responsibilities to fulfill the obligations. But I think I know how people really get in over their head; it is because of the interest that hits the account when the customer is one day late, so in return a counter offer is made if you are late. Then in return the reply is made by the company, we will renew your loan and whatever your credit amount that is available, we will give it you if you make your payment now. And certainly don’t forget about kids going back to school and the Holiday season of Thanksgiving and Christmas you will be getting mailing and calls stating that you are in good standing come on in and get a loan! Just something to think about! Oh yea, the one person is right, if you are delinquent on your loan the state of VA says your car cannot be reposed by the particular company until your loan is official ten days late, so the midnight of the tenth day the repo man is waiting to repo your car and take it to the auction and sell it, but just like anything else have time to get it back and once again VA says fifteenth days is your max amount of time you have of getting your vehicle back, if not it will definitely be auctioned off.

one user, what is the name of the fee the bank charges if you write a check for an amount of money that is not in your account? Protection!! If that’s not mafia then waht is? At least the payday lenders & Title loans are truthful about their rates with no hidden fees or charges. The decision should be yours & not the governments. You’re obviously to ignorant to know anything about the people who use these services.