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THE GOOD FIGHT: Paul John, executive director of the Georgia Independent Automobile Dealers Association, discusses how the association fought against state legislation that would have raised the taxes on used-car purchases.

CFPB Issues Rule on Title Pawn

CFPB Issues Rule on Title Pawn Featured

The Consumer Financial Protection Bureau’s new rule on payday lending includes a section on auto title loans.
As with payday loans, the CFPB found that the vast majority of auto title loans are re-borrowed on their due date or shortly thereafter.
The rule requires that lenders determine whether the borrower can afford the loan payments and still meet basic living expenses and major financial obligations. For auto title loans that are due in one lump sum, full payment means being able to afford to pay the total loan amount, plus fees and finance charges, within two weeks or a month.
The rule is actually stricter for title loans because it does not allow a principal-payoff option, in which borrowers can take out one loan that meets certain restrictions and pay it off in full.

Last modified on Monday, 09 October 2017 00:52
Consumer Reports Ranks Brands For Reliability

Consumer Reports Ranks Brands For Reliability

Toyota and Lexus once again finished atop the Consumer Reports’ Annual Auto Reliability Survey, but the news was the No. 3 finisher – Buick.The General Motors division became the first...

Porsche Recalls Cayennes for Fuel Leaks

Porsche Recalls Cayennes for Fuel Leaks

Porsche Cars North America Inc. is recalling 50,145 2003-06 Cayenne S and Cayenne Turbo vehicles, 2004-06 Cayenne vehicles, and 2006 Cayenne S "Titanium" Edition vehicles. These gasoline-powered vehicles...

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