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Borrowers free of unlawful automobile name loans

Borrowers free of unlawful automobile name loans

Hundreds of state residents, including dozens through the Lehigh Valley, should stop making payments on unlawful automobile name loans and take away GPS trackers so their automobiles cannot be repossessed.

Their state Department of Banking and Securities suggested consumers week that is last loans manufactured in the names of Sovereign Lending possibilities, auto loan LLC and Autoloans LLC aren’t lawfully collectable in Pennsylvania and repossessions are forbidden.

Year those businesses are among several involved in a lending operation the department has been trying to shut down since last.

Regarding the 535 state residents whoever automobiles are liened by those ongoing organizations, 42 come in Lehigh and Northampton counties, division spokesman Ed Novak stated. You will find 16 in Allentown, eight in Easton, five in Bethlehem, three in Northampton, two in Bath and eight somewhere else.

We composed last year about hawaii buying the firms and folks tangled up in this financing procedure to avoid making loans in Pennsylvania and stop repossessing cars.

The department stated it asked Commonwealth Court to enforce the regards to that order following the organizations and individuals ignored it and proceeded business that is doing. The court granted that request last thirty days.

«Pennsylvania Д±ndividuals are in danger for continued economic harm by these unlicensed and unauthorized entities asking usurious interest and repossessing motor cars utilized as pawns of these loans,» the department stated its petition to the court.