Title Loans in West Valley City
Title Loan News Articles:
Title loans can end in tragedy if the borrower does not educate him/herself. Lenders are not your friends, they are people who are, usually, earning a commission on top of their regular salary. They are looking for easy money which means more and more borrowers to sign over the title of their car. With each approved application the lenders increase their profit. The one who loses, in most cases, is the borrower. Read here.
Title Loans in West Valley City Regulations and Stipulations
Chief of Police in West Valley City: Lee W. Russo
Phone Number(s) to Call if You Believe a Lender is Abusing Your Rights:
West Valley City PD: (801) 963-3300/ (801) 840-4000
If you believe a lender is abusing your rights, you can file a complaint with the
Consumer Protection Services here.
To learn more about your rights in Utah regarding loan fraud and customer protection, contact Utah Department of Financial Institutions here.
Repossession services in Utah can be found here.
There is one BBB accredited title loan company. Contact here.
Detailed information about title loan laws in Utah can be found here.
2010 Report on Utah Borrowing for Title Loans:
- Title loan borrowers have the fewest complaints documented to the Department of Financial Institutions of any type of borrower.
- In title loans alone, 35 million dollars were distributed.
- DFI received less than 10 complaints regarding Utah lenders.
- The average title loan was $920 for 6 months with an APR of 268%.
- 17% of title loan borrowers defaulted on some level with their loan.
Title Loan Facts in Utah for Borrower’s Knowledge:
- Lenders can repossess the vehicle “if it proceeds without breach of the peace.” See Section 70A‑9a‑609, Utah Code Ann.
- In the case of a repossession, the lender is required to send the borrower notification of intent to sell the vehicle that was used for the title loan. See § 70A‑9a‑611, Utah Code Ann. The borrower has the right to attend the sale and/or bid for the vehicle along with other bidders who decide to participate.
- The borrower has the right to have his/her vehicle back before sale if he/she pays the debt that is owed to the lender.
- Lenders cannot invade private property such as a home or a garage. They also cannot physically remove the borrower from his/her vehicle or touch the borrower in order to accomplish repossession.
- Lenders can take the vehicle while parked in an employer’s parking lot, driveway, or on a public street. Provided the borrower is not in the vehicle.
- Utah is among seven of the states that have no caps on their interest rates and fees.
- If borrowers default, Utah law permits the lenders to seize the car and sell it to cover amounts owed; if there is leftover money, it must be returned to the owner.
- Most, not all, title lenders oblige borrowers to provide them with a set of car keys to allow for easy repossession.
- Utah has very little protection for consumers in the short-term, high-cost, small-loan market for car title loans.
- Utah is one of only 16 states where laws and/or court decisions permit car title loans.
Read what one West Valley City title loan customer has said about his/her experience:
“When I went into American Title Loans I was on the defensive because of all the stories I had heard. I didn’t know anyone personally who had been scammed, but I read stories. When I started the process, I didn’t believe they could get me the money I needed. Before I knew it, I was with cash in hand and driving away in my car. You can’t believe everything you read, I guess. I am a victim of this and hope to never judge a book by the cover again.”