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Research discovers higher level of repossessions in car name loans

NY (AP) — People whom place their cars up as collateral for just what are meant to be short-term crisis loans are increasingly being struck with interest levels of 300 %, a top price of repossession and long payment durations.

Wednesday that’s according to a study by the Consumer Financial Protection Bureau released. The report may be the very very first by federal regulators to consider the automobile title industry that is lending which includes grown dramatically considering that the recession but continues to be prohibited by 50 percent the nation. Continue Reading…