Interest in automobile name loans drives supply. “They made the guidelines up because they went,” Chalfant said.

Interest in automobile name loans drives supply. “They made the guidelines up because they went,” Chalfant said.

Tony Chalfant, of Newark, borrowed $300 from the neighborhood car name loan company against their 2006 Ford Explorer per week before Christmas.

He had been 3 days later in repaying the cash and had finalized documents agreeing to a penalty, Chalfant stated. The fine, at first $100, quickly rose to $1,000, then $3,500, after which their automobile had been seized instantly. Read More