WASHINGTON, DC (WUSA9) -- Here's a WUSA 9 Call For Action "Heads Up."
TitleMax of Virginia has agreed to pay more than $117,000 in credits and refunds to people who had their cars repossessed in the District of Columbia. TitleMax went after those cars to collect high interest car title loans.
If you're eligible for one of those refunds, expect to hear from the company by the end of the month.
The bigger issue here is these loans of last resort.
When you take out a title loan, the company places a lien on your car until it's paid off. You end up in a rollover situation. You take out one loan to pay off the first loan and on and on.
Before you sign up for one of these risky loans, pay attention to the APR rates, shop around and start a small emergency fund so that if a problem does arise, you won't have to turn these title or pay day loans for help.
If you've got a consumer problem, our WUSA 9 Call For Action team wants to help you solve it.
You can file a complaint on our website or call our hotline at 301-652-HELP. (4357)