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DISCUSSIONS > SPECIALTY GROUPS [ REFRESH ]
Thread Title: auto title loans
Created On Tuesday July 10, 2012 10:53 PM
  auto title loans
  auto title loans
  auto title loans


gallega


Posts: 35
Joined: Jan 2005

Tuesday July 10, 2012 10:53 PM

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Hello fellow auditors,

I have been assigned an audit of an auto title loan company, which is an institution that has not been examined before. Can anyone help me with ideas, audit programs, regulations that can be useful to accomplish this task? I have searched the internet but have not been able to find any useful information. The feedback given will be greatly appreciated!!!

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Gandalf59


Posts: 16
Joined: Dec 2008

Sunday September 16, 2012 6:51 AM

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Hi Gallega,

Have you tried Audit Net and this link

http://www.auditnet.org/docs/IndirectLending.doc

Good luck!

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Paul_M


Posts: 102
Joined: Apr 2003

Monday September 17, 2012 9:34 AM

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Auto Title Loan companies must generally abide by the Truth In Lending Act. Car title lenders are usually classified differently than credit card companies or banks. Thus, they are generally not subject to the same federal regulations. This is typically a state-by-state issue. State regulations of these loans (which are often considered in the same category as payday loans) vary considerably and have been changing rapidly the last few years, so you have to look at the specific state in which the lender operates.

The Center for Responsible Lending and the Consumer Federation of America have many resources explaining how these loans and the industry works.

The George Mason University School of Law published a research paper on Consumer Use and Government Regulation of Title Pledge Lending, which examines the question of who uses title pledge lending and why.

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DISCUSSIONS > SPECIALTY GROUPS [ REFRESH ]
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