Car Title Lender To Repay Thousands To Virginia Customers | WAMU 88.5 - American University Radio

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Car Title Lender To Repay Thousands To Virginia Customers

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Virginia's Attorney General Ken Cuccinelli says a well-known car title lender will refund nearly $600,000 to more than 850 customers as part of a settlement with the Commonwealth.

Cuccinelli announced the settlement with Dominion Management Services Inc. on Thursday. The company does business as CashPoint, which makes consumer loans secured by motor vehicle titles.

The attorney general alleged that CashPoint operated without a license for two months in 2010, and that it charged illegally high interest rates of up to 243 percent. The settlement requires a Richmond circuit judge's approval.

In Northern Virginia, CashPoint has offices in Alexandria, Front Royal, Leesburg, Manassas, Vienna, Winchester and Woodbridge.

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