Data Reveals New Details On Virginia Car Title Lenders | WAMU 88.5 - American University Radio

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Data Reveals New Details On Virginia Car Title Lenders

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For a long time, regulators had no idea how many car title lenders operated in Virginia, how much interest they charge, or how many loans they issued. Now the nearly 380 car title lending locations across the Commonwealth are coming under closer scrutiny.

According to data from the State Corporation Commission for the first full year under state regulation, Virginia car title lenders made almost 128,500 loans in 2011 worth more than $125 million.

Last year, about 13 percent of borrowers failed to make a monthly payment on a car title loan for at least 60 days, and nearly 60 percent of the more than 8,300 vehicles repossessed were sold by lenders to recoup outstanding loans.

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