Virginia only allows you to borrow one title loan at a time. In addition, there can only be one lien holder on a title. This means that you won’t be able to get a title loan if you’re still making payments on your vehicle, and you can’t borrow a new title loan on the same day you close out a previous loan.
Likewise, people ask, is TitleMax closing in Virginia?
Effective January 1st, 2021, TitleMax® is no longer offering new loans in the state of Virginia. … While TitleMax is no longer offering new loans for our customers in the state of Virginia, we’ve made it easy to continue to maintain your account and make a payment! Using the TitleMax Mobile App.
Similarly one may ask, what do you need for a title loan in Virginia?
Generally, basic documents like vehicle title, proof of income, proof of residency, etc., is what you’ll need for Title Loans serviced by LoanMart in Virginia.
What happened TitleMax?
While TitleMax® is no longer offering new loans for our customers in the state of California, we’ve made it easy to continue to maintain your account and make a payment! We are no longer able to take in-person payments. … You can view your account information or make a payment anytime or anywhere.
Why can’t you get a title loan in Virginia?
That can’t happen in Virginia, as the state doesn’t allow title loan companies to come after borrowers for any deficiency balances. If there ends up being a surplus between the amount the car sold for and the amount you owe, the state requires the lender to provide that surplus to you.
Why is TitleMax going out of business?
On Monday, the Department of Business Oversight said TitleMax agreed to stop making loans in California altogether at the end of this month. The DBO moved in December 2018 to revoke TitleMax’s finance license in California based on allegations that the lender routinely charged excessive interest rates and fees.