Government Information

Earl Gregg Swem Library

Single-Payment Vehicle Title Lending

Categories: Consumer Info/Protection,Govt/Business Scandals

http://files.consumerfinance.gov/f/documents/201605_cfpb_single-payment-vehicle-title-lending.pdf

Finds that 1 in 5 borrowers who take out a single-payment auto loan lose their vehicle to the lender for failing to repay the debt.  The typical loan is for about $700 and the typical annual percentage rate is about 300%.  The report covers 3.5 million loans from nonbank lenders.  From the Consumer Financial Protection Bureau