Car Title Loans Quiz
- Missouri had about 230 car title lenders in 2004.
True
False
- What is the maximum amount of money can car title
lenders make loans for?
A. $2500
B. $5000
C. $7500
D. $10,000
- What is the minimum car title loan term in
Missouri?
A. 15 days
B. 30 days
C. 60 days
- The Missouri Division of Finance sets limits on the
fees that can be charged on a car title loan.
True
False
- There is a limit on the fees that title lenders can
charge for storage and security of vehicles they take possession of
if the borrower defaults.
A. True
B. False
- What amount does a borrower have to pay off in
order to renew a title loan the first and second time?
A. 5% of the principal
B. All of the interest
C. 30% of the principal
- On average, title lenders renew loans ___ times for
every new title loan that they make?
A. 2.5
B. 4
C. 3.5
D. 1.9
- A consumer may cancel a loan at no cost by
returning the full principal amount borrowed the next day.
True
False
- Where must title loan lenders store repossessed
vehicles?
A. On the property
B. Within 15 miles of the office
C. Within the same county
