- Associated Press - Thursday, April 3, 2014

CHARLES TOWN, W.Va. (AP) - West Virginia’s attorney general has settled complaints with two Virginia auto loan companies over their debt collection practices.

Patrick Morrisey said Wednesday the settlement was reached in Jefferson County Circuit Court with Fast Auto Loans Inc. and Virginia Auto Loans Inc.

Car title loans are banned in West Virginia.

The companies were accused of threatening prosecution in order to collect debts, charged excessive interest rates and failed to follow the law in seizing consumers’ vehicles.

Morrisey’s office says 218 cars were seized from West Virginia residents.

The companies agreed to close all accounts and erase debt owed by West Virginia consumers within 60 days, return any seized vehicles that have not yet been sold, and remove liens on vehicle titles.

They also agreed to pay $450,000 total to the state.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide