Virginia State AutoTitle Loan Regulation

States that permit car-title lending as of December 2012

State:

Status:

Citation:

Max Loan:

Cost Limits:

NSF/Fees:

Term Limits:

Cost $500:

Sale/LeaseBack?:

Repo Terms:

Right to Cure:

Surplus/Deficiency:

Prohibited Practices:

Title Required:

Virginia

Permit

Code of Virginia Tit. 6.2 Chap. 22 

Up to 50% of fair mkt. value of vehicle 

22% per month of outsanding balance up to $700, 18%/$701-$1400; 15%/$1401+ lien fee 

5% of payment late fee after 7 days past due

Equal monthly installments, at least 120 days up to 12 months; no rollovers, renewals 

264% APR, $110 if prepaid in one month 



10-day notice of repossession if lender charges and collects reasonable costs of repo and sale of vehicle 

Right to cure prior to sale of repo.

No deficiency balance, surplus to borrower 

No loan if motor vehicle has existing lien/one loan at a time; no prepayment penalties; no loans to active-duty military 

Must have title to vehicle, lien must be filed with DMV