Liquidating auto loans
The company purports to have transferred all of its assets overseas and reorganized in the Cook Islands.The AG’s Office has notified affected consumers about the preliminary injunction, informing them of its terms and their right to stop making payments on these unlawful loans.
Liquidation also required consumers to install GPS tracking units in their vehicles to ensure regular loan repayment and for purposes of repossession.
It also seeks injunctive relief, restitution for consumers for all unlawful interest payments, fees, and replacement costs for lost motor vehicles, as well as penalties, costs, and attorneys’ fees for violations of the state’s lender licensing, usury, and consumer protection laws.
The AG’s Office offers the following tips for people considering taking out a loan: The AG’s Office continues to be active in this area and wants to hear from Massachusetts consumers who have information regarding unfair or deceptive lending.
Most consumers applied for loans from Liquidation online or by calling a number listed on its website.
The AG’s Office alleges that Liquidation and entities believed to be affiliated with it were not licensed to originate small loans in Massachusetts.