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THE TOUGH CUSTOMER- 240 percent: Why the AG's looking at car loans

Date: January 10, 2008
Author: Alan Zimmerman
QUOTE: how, I wondered, could a loan with a 240 percent interest rate be legal? Well, it turns out that not only is it legal, but the entire car-title lending industry in Virginia is completely unregulated....car title lenders typically structure their deals as open-end credit-- similar, at least in theory, to a credit card-- which removes them from the purview of his or any other state agency.

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