Title Loans
Better Auto Equity Loans of DE, LLCInformation and Alerts
Service Area
- 19808
Important Information
Pending Government Action
https://www.attorneygeneral.gov/taking-action/vehicle-loan-consumers-will-get-back-705000-from-predatory-title-loan-company-via-ag-settlement/
Settlement with Auto Equity Loans also Results in Debt Cancellation for Pennsylvanians
HARRISBURG – Attorney General Michelle Henry today announced a settlement with a Delaware-based title loan company that levied illegal interest rates — with some borrowers paying more than 200% in annual interest.
As a result of the OAG’s recent settlement, Auto Equity Loans of DE, LLC (“AEL”) will refund $705,000 in unlawful interest charges to consumers who fell victim to the scheme. In addition, the settlement requires AEL to cancel and stop accepting payments on all remaining car title loans to Pennsylvanians – worth more than $1 million in debt cancellation.
AEL no longer operates as a car title loan business.
As part of today’s settlement, AEL and its successors, agents, owners, employees, and officers are prohibited from ever again making vehicle title loans to Pennsylvania residents.
Consumers who believe they have been taken advantage of by similar practices at another car title lender should file a complaint online or contact the Office of Attorney General at [email protected] or 1-800-441-2555.
The AEL settlement was filed in the Philadelphia Court of Common Pleas by Assistant Director for Consumer Financial Protection Nicholas Smyth.
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