Keep car title lender LoanMax from locating at Osborne and Jeff Davis Hwy.

Keep car title lender LoanMax from locating at Osborne and Jeff Davis Hwy.

    1. Petition by

      Chester Community Association

      Chester,, VA

     Vehicle title lenders use your car title as collateral for a loan. They charge as much as the law permits - 220 percent interest. If you miss, or are late on one or two payments, they repossess your car.
     If you could afford a new car and financed it, would you pay 220 percent interest? These lenders are greedy and give nothing. Even if you pay off the loan, it doesn't go on you credit. It doesn't help you, only them.
     They are called predatory lenders because they prey on those who are desperate for a loan to pay a hospital bill, utility bill, rent and so on. Monthly payments, because the interest is so high, are hard to pay and they end up with your car. No car equals no work.
     Jefferson Davis Highway should continue to be a revitalization area. Until recently, vehicle loan and other predatory businesses were not allowed. They don’t add quality to a community. According to several studies, they reduce property values and discourage good businesses from locating nearby. We want to revitalize, to brighten our community, not drag it down with predatory businesses. But our Board of Supervisors pro-business. It doesn’t matter what kind of business – it could be a brothel - but since it is a seedy business, the case could be approved only if it is located on Route 1.
    "Loans were issued to about 132,690 individuals in 2012, up about 26 percent from the year earlier. And 20 percent of borrowers failed to make a monthly payment on a car title loan for at least 60 days.”
     Their car would have been repossessed. No car, no way to work no way to pay bills. Without help they could end up on the street.
     Sign this petition and keep predators out of our community. Protest this Board decision on August 28, 2013 at 6:30 p.m. at the Public Meeting room at the County Complex, 10005 Iron Bridge Rd.

 

To:
Keep car title lender LoanMax from locating at Osborne and Jeff Davis Hwy.

Sincerely,
[Your name]

Recent signatures

    News

    1. Reached 100 signatures
    2. Title Loan Business Thriving in Virginia

      Chester Community Association
      Petition Organizer

      If predatory lenders had a trade publication – say, “Usury Today” – they’d undoubtedly rank Virginia near the top in annual roundups of the best places in the nation to do business.

      Although dozens of states have severely restricted the activities of storefront loan sharks in recent years, the Old Dominion remains ever hospitable.

      Triple-digit interest rates – scorned by the Pentagon, consumer advocacy groups and most state legislatures – are still welcome here.

      Last year, 220 percent was the average annual interest rate in Virginia for folks who borrowed money using the titles to their automobiles as collateral. For borrowers who used paychecks as collateral, the average annual interest rate was 282 percent.

      Repeated efforts to cap interest rates at a more modest 36 percent have failed in the General Assembly, thanks in no small part to $1.4 million in donati

    3. Reached 25 signatures
    4. GOP Candidates get inkind contibutions for campaign flight from LoanMax

      Chester Community Association
      Petition Organizer
      VA GOP Lt. Governor Candidate Fails to Properly Itemize Contribution

      Filed under News, Virginia RICHMOND, Va. - Fresh from their nominations at Virginia's Republican statewide convention in May, the new GOP ticket was jetted across Virginia courtesy of a car title lending company.

    5. Reached 10 signatures

    Supporters

    Reasons for signing

    • Phyllis Moran COLONIAL HEIGHTS, VA
      • 7 months ago

      My grandchildren live on Osborne Rd. Don't allow this to happen.

      REPORT THIS COMMENT:
    • Stan Hawkins CHESTER, VA
      • 7 months ago

      I added on to my home 3 years ago and have already lost my investment.

      REPORT THIS COMMENT:
    • Diane Price CHESTER, VA
      • 7 months ago

      Title lenders provide negative influence into the community

      REPORT THIS COMMENT:
    • Jane Davis FAIRFAX, VA
      • 7 months ago

      I frequently visit Chester as my sister lives there.

      REPORT THIS COMMENT:
    • william stamey CHESTER, VA
      • 7 months ago

      These title companies are a ripoff

      REPORT THIS COMMENT:

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