What's at Stake
Car title lenders prey on vulnerable families, taking advantage of them by charging interest rates over 200% annually. This means families who need a couple hundred dollars can end up trapped in a vicious cycle of debt they can’t get free of and even face vehicle repossession.
Customers are lured in by the promise of quick cash to plug a hole in the family budget, but the high cost of the loan creates another financial burden. This burden is compounded when the lender collects the interest and extends the loan over and over, creating a cycle that is difficult to escape.
This is also a huge drain on Arizona’s economy, sending millions of dollars to out of state corporations that otherwise would be spent in the local economy.
The Arizona Fair Lending Act will cap interest rates on car title loans, ending the outrageous interest charged to borrowers who can least afford it. The Act will require loan payment terms that get consumers out of debt.
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Arizonans already voted to put a stop to predatory payday lending in 2008. However, many payday lenders just switched to car title lending to continue making high-cost loans in Arizona where they can charge over 200% annually! Big, national title loan chains also moved into the state.
Car title lenders have also been exploiting a loophole in the law by making loans using a borrower’s car registration to “secure” the loan—without a clear title to the vehicle. This is just the same predatory lending under a different name.
It’s time to put an end to the irresponsible practices of the predatory lending industry once and for all.