Category: Virginia

08
Mar

Virginia Car Title Loan Business Startup

Here’s the 2014 Virginia car title loan statistics as reported by the Virginia State Corporate Commission. 2014 is the latest available as of today.

Virginia average title loan principal is $1048.00.

There were just over 155,000 Virginia car title loans made.

Average number of Virginia car title loans per borrower was 1.2.

The average APR for Virginia car title loans was 222%.

There were 19,000+ Virginia title loans repossessed (12%. This is much higher than our title loan stores.)

Want to start a title loan business in your State? Begin here: “How to Start a Car Title Loan Business.”

 

Virginia-Title-Loan-Statistics-61-03

Virginia Auto Title Loans Report-61-10-VA State

26
Nov

Virginia Car Title Loan Laws

Virginia Car Title Loans

What is a Virginia car title loan? A car title loan is a short term, high interest loan secured by the borrower’s car title as collateral. If the borrower defaults on the loan, the car title lender has the right to repossess and sell the vehicle. Nearly 150,000 Virginia households reported using an auto title loan last year.

How does a car title loan work? To receive an auto title loan, borrowers are required to provide:

  • a driver’s license or photo identification,
  • a clear vehicle title, the car (to be inspected), and
  • proof of income.

Title loans made to Virginia residents may range from a minimum term of four months to a maximum loan term of one year.

How to Start Title Loan Biz

How to Start Title Loan Biz

The borrower remains sole owner of the car until the point at which the car is legally repossessed.

The loan issued can be no more than half of the market value of the car.

Virginia title loans must have a clear due date and repayment must be in substantially equal monthly installments of principle and interest Interest rates on loans are capped at:

  • 22% per month (264% APR) for that portion of the loan under $700
  • 18% per month (216% APR) for that portion of the loan between $700 and $1400
  • 15% per month (180% APR) for that portion of the loan over $1400

Virginia Car Title Lenders are prohibited from:

  • Making more than one loan at a time per borrower
  • Refinancing, renewing or rolling over loans
  • Electronically debiting of borrower’s deposit account
  • Making loans to members of the military or their direct dependents

Always consult your legal counsel to make certain that you have the latest Virginia car title loan laws, fees, compliance and licensing information

12
Sep

Virginia Title Loan Business

Virginia Title Loan Business

State AG misstates Virginia car title repossessions.

“Nearly 20,000 Virginia car title loan transactions resulted in a repossession last year? Virginia AG Cracks Down on Car Title Loan Companies What a load! Where is the data? It doesn’t exist.

California Title Loan Business Startup

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What’s more likely? Credit unions and banks repossessed 98% of these cars having title loan liens registered against them. Where did this guy get his facts? Who will these car title loan customers rob, borrow, embezzle funds from to meet their emergency financial needs?

Who puts a gun to the head of these car title loan borrowers and forces them to take the money?

Mr. AG, you want to put a stop to car title loans in Virginia? Create JOBS!

Want to start your own car title loan business? Check out or newly updated Manual: “How to Start a Car Title Loan Business.”

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