D.C. settles suit over Fast Auto Loans
D.C. officials say they’ve reached a settlement with a car title lender in Virginia over loans to D.C. residents that the city says violated its laws.
The city says Fast Auto Loans will refund all interest paid by more than 100 D.C. borrowers and give back repossessed cars. The company charged annual interest rates of 300 percent, while 24 percent is the maximum allowed under D.C. law.
With auto title loans, borrowers put their vehicles up as collateral, handing over the title and a copy of their keys.
Most of the loans by Fast Auto Loans to D.C. residents were made at the company’s Alexandria and Manassas offices The company advertised in the D.C. phone book.
Similar settlements were reached with CashPoint and Loan Max last year.
-- Associated Press
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