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Repossession Attorneys

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nkulshresh

5 Shocking Facts About Car Title Loans

March 26, 2016 by nkulshresh 2 Comments

“Unlock the cash in your car!” “Get cash fast!” “No credit check needed!” The ads for auto title loans make borrowing against your car sound like a foolproof solution to your financial problems.

Not so fast. Auto title loans are actually a risky, expensive form of lending. Not only are interest rates sky high, but people who can’t repay their debt may have their car repossessed. Yet those negatives haven’t stopped the auto title loan industry from thriving, particularly by targeting consumers who live on the financial edge.

Here’s how a title loan works: A lender takes your car’s title as collateral for a short-term loan. Qualifying is usually easy – you just need to own the car outright. There are no credit or income checks and you may be able to get money in a matter of minutes. After a brief period (usually 30 days), the full amount borrowed must be repaid, plus any fees. If you can’t make the payment, the lender either takes the vehicle or offers you the chance to renew the loan, for an additional fee.

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Filed Under: Blog

Every Day in Texas, 93 People Lose Their Cars to Auto-Title Lenders

March 14, 2016 by nkulshresh Leave a Comment

Naivi Garcia doesn’t think of herself as a statistic, but she’s one of the many Texans—an average of 93 each day—who have their cars repossessed by auto-title lenders, according to reports from the state Office of Consumer Credit Commissioner. It’s the first time the state has collected consumer data from the payday loan and auto-title lending industries.

During the first half of 2012, auto-title lenders seized vehicles on about one out of 10 of their loans—more than 17,000 vehicles in all. Garcia’s experience is typical, advocates say. After a relationship fell apart, Garcia found herself in a financial hole, unable to pay her bills. A family member suggested that she borrow against her car, a reliable 2003 Chevy Cavalier worth $2,100. After appraising her vehicle, LoanStar Title Loans offered to loan Garcia $1,500. The full loan amount plus interest and fees—almost $1,900—was due in 30 days.

“Being a single mom and working a minimum-wage job, it’s really hard to come up with that kind of money,” Garcia said.

[Read more…] about Every Day in Texas, 93 People Lose Their Cars to Auto-Title Lenders

Filed Under: Blog

Repo Forwarding – A Danger To Consumers

January 26, 2016 by nkulshresh

“Hook ‘em and Book ‘em!”

By Alec Trueblood, Trueblood Law Firm, Consumer Attorneys serving Texas, Washington, and California

The repossession industry has changed models. Traditionally, lenders and banks would hire their local repossession agents directly. Today, many national lenders use national “repossession forwarders,” and no longer even have any contact with the local repossession agency. The repo forwarder locates the vehicle, and hires the local repossession agency itself to go take the vehicle. This new way of doing business is driving responsible repossession agents out of the business, and is creating physical danger to both consumers and repo agents.

The repossession forwarders often do not bother to get licensed in the states they operate in. State licensing laws typically define a repossession agency as any entity that engages in business or accepts employment to locate or recover collateral, for money. The repossession forwarders must be licensed, but they are not. Thus an entire industry that should be regulated by the various states, is instead running rampant in a kind of repossession Wild West. Consumers, and even local repossession agents, have brought lawsuits for these violations.

[Read more…] about Repo Forwarding – A Danger To Consumers

Filed Under: Blog

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TEXAS OFFICES

Dallas Office
3838 Oak Lawn Avenue, Suite 1000
Dallas, TX 75219-4511
(800) 616-9325
Houston Office
700 Louisiana Street, Suite 3950
Houston, TX 77002
(800) 616-9325
(Meetings with lawyers by appointment only)
Austin Office
700 Lavaca Street, Suite 1400
Austin, TX 78701-3102
(800) 616-9325
(Meetings with lawyers by appointment only)
El Paso Office
221 N. Kansas Street, Suite 700
El Paso, Texas 79901
(800) 616-9325

WASHINGTON OFFICES

Seattle Office
1700 Seventh Ave, Suite 2100
Seattle, WA 98101-1360
(800) 616-9325

WISCONSIN OFFICES

Milwaukee Office
11414 W. Park Place, Suite 202
Milwaukee, Wisconsin 53224
(800) 616-9325

CONTACT US

Copyright © 2019, Trueblood Law Firm. Attorney Advertising. Our principal Texas office is in Austin, but we represent consumers throughout Texas, including Abilene, Albany, Alice, Alpine, Amarillo, Angleton, Arlington, Austin, Bay City, Baytown, Beaumont, Benavides, Big Spring, Boerne, Bonham, Bowie, Brazoria, Brownsville, Brownwood, Bryan, Buffalo, Carthage, Centerville, Childress, Clarksville, Cleburne, College Station, Commerce, Conroe, Corpus Christi, Corsicana, Crockett, Daingerfield, Dalhart, Dallas, Decatur, Del Rio, Denton, DFW Metroplex, Dumas, Eagle Pass, Eastland, Edinburg, El Paso, Emory, Ennis, Fairfield, Falfurrias, Fort Stockton, Fort Worth, Freer, Gainesville, Galveston, Garland, Gatesville, Gilmer, Granbury, Grapevine, Greenville, Groom, Harlingen, Henderson, Hillsboro, Houston, Huntsville, Irving, Jacksboro, Jasper, Kaufman, Kerrville, Killeen, Kingsville, Kingwood, Laredo, Liberty, Livingston, Llano, Longview, Lorena, Lubbock, Lufkin, Mansfield, Marathon, Marshall, McAllen, Mesquite, Midland, Mineola, Mineral Wells, Mount Pleasant, Mount Vernon, Nacogdoches, New Braunfels, Odessa, Orange, Ozona, Palestine, Pampa, Paris, Pasadena, Pearland, Pecos, Pharr, Plainview, Port Arthur, Quinlan, Raymondville, Richland, Rio Grande City, Rio Grande Valley, Sanford, Sonora, San Angelo, San Antonio, San Marcos, Seguin, Shamrock, Sheffield, Sherman, Spring, Stephenville, Sulphur Springs, Sweetwater, Tawakoni, Temple, Terrell, Texarkana, Texas City, Thurber, Tulia, Tyler, Van Horn, Vernon, Victoria, Waco, Waxahachie, Weatherford, Wharton, Whitesboro, Whitewright, Wichita Falls, Wills Point, The Woodlands, and Woodville. Our principal Washington office is in Seattle, but we represent consumers throughout the state of Washington, including Seattle, Spokane, Tacoma, Vancouver, Bellevue, Kent, Everett, Renton, Federal Way, Yakima, Spokane Valley, Kirkland, Bellingham, Kennewick, Auburn, Pasco, Marysville, Lakewood, Redmond, and Shoreline. Our principal Wisconsin office is in Milwaukee, but we represent consumers throughout the state of Wisconsin, including Madison, Green Bay, Kenosha, Racine, Appleton, Waukesha, Eau Claire, Oshkosh, Janesville, West Allis, La Crosse, Sheboygan, Wauwatosa, Fond du Lac, New Berlin, Wausau, Brookfield, Greenfield, Beloit, Menomonee Falls, Franklin, Oak Creek, Manitowoc, Sun Praire, West Bend, Fitchburg, Stevens Point, Superior, Mount Pleasant, Neenah, Caledonia, Muskego, De Pere, Mequon, Watertown, Pleasant Prairie, Germantown, and Howard.

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