Author: Potomac Local News

The Virginia’s State Corporation Commission latest annual report says that predatory car title lending is thriving in Virginia .  With nearly three dozen car title lenders between Alexandria and Quantico on U.S. 1, this is troubling news, except to the lenders out to make big profits.    You can read the full report on my online newsletter –The Dixie Pig – at scottsurovell.blogspot.com. 

Car title lending began in our state in 2010 after Virginia limited interest rates on payday loans and predatory lenders argued that a new option was needed.  Virginia law authorizes lenders to lend money at rates up to 30% per month which equates to around a 297% annual percentage rate (APR).  A consumer can  borrow up to 50% of their vehicle’s equity and the loan term is limited.   

As I’ve knocked on doors and talked on the phone with fellow residents this spring, I’ve learned just how much the people of Prince William County truly care about our community. They recognize our strengths and our weaknesses. They celebrate our successes, but they also clearly feel the impacts of the challenges we face together.

Whether it’s over-crowded classrooms in our schools, stifling traffic on our roads or slow economic development and job growth in our County, these are the issues that hit closest to home for Prince William families. They are also the issues that we have the greatest opportunity to address right here at the local level.