Disclosure Terms & Conditions for Auto Equity Loans in Southern California

AutoEquityLoan.Com is a service of Payday Loan, LLC dba Payday Money Centers. Auto equity loans are made or arranged by Payday Money Centers pursuant to California License # 30000967.

We make secured loans on automobiles, boats, aircraft, personal watercraft, trailers, and other types of vehicles licensed and registered with the California Department of Motor Vehicles. When we originate a loan for you, we will hold and store your vehicle in safekeeping in our warehouse or storage yard, or a public storage facility. Stored vehicles are insured, and their security and protection is our highest priority.

We lend money in the amount of $2,600 to $100,000, on a secured basis, at a fixed interest rate over a fixed period of time, typically four (4) months. All loans are subject to our written approval of your loan application. After your application is approved, we will ask you to sign a formal Loan Agreement with us. The Loan Agreement contains other information that we are obligated to supply you, including the duration of the loan, the applicable annual percentage rate of interest (APR), how to repay the loan early, the total amount you will have to repay, and any charges that may be payable under the Loan Agreement if you are in default. You are only required to pay interest for the number of days you have borrowed the funds. There are no prepayment penalties for paying off your loan early.

Upon receiving your vehicle, we will inspect and compare the item to the original description supplied by you, in order to confirm that they match. We will then appraise your vehicle in good faith, according to accepted industry standards and prevailing market rates, and based on the assumption the description provided by you is completely accurate. Should your vehicle vary from your original description in a manner which affects the appraisal, we may, in our sole discretion, decline to make a loan offer, or modify the offer. The final loan we originate may be lower than the preliminary indication we gave you verbally on the telephone, or in person, based on a number of factors. Some of the factors we will take into consideration will be the actual condition and quality of the vehicle, hidden defects or damage, inferior or incorrect replacement parts, excessive wear and tear, manipulation of the odometer or other meters, defects in your title documents, and preexisting liens or loans. Any final offer that we make to you is subject to us being able to correctly determine your identity, and you executing a formal Loan Agreement with us. Along with your signature, we will take a digital photograph of you, and take your thumb or fingerprint to be attached to our archived loan documents.

We make loans under our licensing as a California Pawnbroker. Equity loans are high interest rate collateral based loans. This means you will pay a higher interest rate on our loans compared to traditional home loans, automobile loans, or credit card loans. We fully disclose all the interest charges and other fees we will charge you, and you should carefully compare our rates to other loan sources that you may have available. Since our loans have high interest rates, you should only borrow funds from us if you have a critical need for the monies, and you should attempt to pay back the loan as quickly as possible, as this will reduce your interest charges. The interest rates we charge are based on the percentage of money you borrow against your vehicle. This is referred to as the Loan to Value, or LTV. In essence, the higher amount you borrow as a percentage of the total wholesale liquidation value of your vehicle, the higher the interest rate. On the other hand, if you borrow at a lower LTV, we will charge you a lower scheduled interest rate. Therefore, we encourage you to borrow responsibly, and never borrow more money than you actually need. In the event you have difficulty repaying our loan, please contact us as soon as possible. While we are under no obligation to extend or modify the terms of our loan agreements, we often attempt to assist good and forthright customers who have properly communicated their problems, or special circumstances with us.

We use computers and various forms of electronic and cloud based storage systems to hold the important records you provide us. While we attempt to be diligent, confidential, and professional in the management of your personal information, by you conducting business on this website or in our offices, you are agreeing not to hold us liable or responsible for software, hardware, or system wide failures which may result in a loss of your information, theft of your data, hacking or illicit use of your data, or loss of your time or income associated with these events.

We will also not be held liable or responsible for acts of others which may damage or compromise software or hardware. Further, by using this website, you agree that we will not be liable for any loss, expense or damage arising from or related to any theft or unauthorized access to the servers, databases and/or computer systems or information systems belonging to or used by us.

No information contained in this website constitutes a part of any agreement between us and any third party; if you enter into a loan with us only the terms, conditions, covenants, representations and warranties contained in the written agreement signed by both parties shall apply, and all information and material contained on this website shall be deemed for informational purposes only, and shall be superseded entirely by the written agreement between the parties. The final terms of your agreement will consist of the terms signed by you, and our authorized representative. Read your written agreement carefully as it constitutes an enforceable legal contract. If you do not fully understand our agreement, you should seek advice from a lawyer or financial adviser before signing it. The information in this web site is not part of that final agreement.

DISCLAIMER OF JURISDICTION

We are licensed to do business only in California. This communication does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such a solicitation.

PRIVACY POLICY

In accordance with federal regulations, this notice is to tell you how we may use non-public personal financial information (“Personal Information”) about you. This notice applies to both our current and former customers.

HOW INFORMATION IS USED BY US

We use your personal information to evaluate and underwrite loan requests, and to properly administer and service loans made to our borrowers.

COLLECTION OF PERSONAL INFORMATION

We collect some or all of the following Personal Information about you:
  • Demographic and identifying information, such as your name, address and telephone number;
  • Credit related information, such as your social security number, income, account information, and information about your debts;
  • Transactional information, such as your driver’s license number and information needed to complete and process vehicle title and registration forms.
The Personal Information we collect about you is from the following sources:
  • You, such as your name and social security number that you provide on applications or other forms;
  • Us or third parties from transactions you have entered into, such as your loan balance and payment history; and
  • If we deem necessary, consumer reporting agencies, such as your credit history and information about your creditworthiness.

DISCLOSURE OF PERSONAL INFORMATION

We may disclose the Personal Information that is described above under the following circumstances:
  • To Our Service Providers- We may disclose some or all of the Personal Information described above to companies that perform services for us or act on our behalf, such as banks, statement processors or our attorneys. We may make such disclosure of Personal Information about you as a customer or former customer.
  • Among Affiliates – We may share Personal Information about you with any affiliates.
  • With Other Third Parties – If we ever transmit customer information to third parties, it is done so by email, or by fax, in most cases. However, the company may transmit information by electronic data file such as an excel file or word document. We may share Personal Information about you with third parties, except as may be prohibited by law. For example: We may be required to provide Personal Information about you pursuant to legal process, or at the request of any regulatory authority, peace officer or police authority.

PROTECTION OF INFORMATION

We restrict access to Personal Information to our employees or agents who may use this information to provide financial products or services to you. We strive to maintain physical, electronic and procedural safeguards to guard your Personal Information.

TECHNICAL INFORMATION

We gather technical information from your Web browser (IP address, operating systems). We also may set persistent cookies on your computer. We may collect anonymous, non-personally identifiable information about your navigation throughout our website by using “action tags” or invisible “gifs” placed on our website by us. We may use this information to determine that you are a unique website user, to assist you in the application process, and for assessing the effectiveness of our website. We also may use this information for routine website maintenance.

SECURITY PROCEDURES

We restrict access to nonpublic personal information about you as a current or former customer to those employees who may provide products or services to you. We may maintain certain physical, electronic, and procedural safeguards to guard your nonpublic personal information. We do not guarantee or represent that our physical, electronic or procedural safeguards will be effective to prevent unauthorized access, and we will not be responsible for any loss arising from or related to unauthorized access to information.

Keeping Customer Information Accurate

If you believe our records are incomplete or inaccurate, you may write to us at: 300 S. Harbor Blvd., suite 500 Anaheim CA. 92805 or email us at: info@paydayautopawn.com. If customers wish to modify information obtained by us or delete their personal information, or opt out of future communications, the customer may send a written request to the above address.

EFFECTIVE DATE: CHANGES TO OUR POLICY

This Privacy Policy was last updated on: April 29, 2015. If we make substantial changes to our policy, we will post the changes on our website, and they will be effective either when posted, or on the date set forth in such policy. This policy applies to those accessing our website, and some or all of this policy may apply to customers, however, the privacy policy set forth in a written disclosure provided with loan documents will supersede this policy to the extent this policy is inconsistent. In other words, the privacy policy that is provided to our borrowers along with their loan documents supersedes anything contained in this website. Nothing contained in this Privacy Policy shall be binding on us or create or be the basis for any liability.