Lexington Resolution: Title Loans
This below resolution was passed at the Lexington county convention, and will now go to the resolutions committee. If the resolutions committee passes it, the resolution will be up for a vote at the state convention. However, before the resolutions committee votes, they want to know your opinion. Please use the comments section below to give us your opinion, and please use your real name. Thank you!
A Resolution Concerning “Title Loans”
Whereas it has been reported that at least twenty percent of military personnel live at or below the national poverty level; and
Whereas it has been reported that at least twenty percent of military personnel’s homes are in foreclosure; and
Whereas military personnel and others secure high interest loans, called “title loans” collateralized by their personal vehicles form loan companies; and
Whereas the annual interest rate is as high as 265% at some title loan companies; and
Whereas after making payments many owe more than they borrowed and some lose their vehicles;
Therefore, be it resolved that the Lexington County Republican Party urges Governor Nikki Haley to monitor the following data at title loan businesses:
- Annual and monthly interest rates charged
- The number of vehicles repossessed by title loan companies because payments were not made as agreed.
- The amount of loan principal compared to the value of the collateralized vehicle.
- The total amount of interest paid compared to the principal and the average length of time to pay off loans of more than one year.
Submitted by Dennis Caldwell