usury law

[barrycox]

what is the auto loan usury limit in illinois

 

[Antigone*]

what is the auto loan usury limit in illinois

What do you mean by that? Why don't you give us a some detail regarding your personal situation?

 

[Antigone*]

Let's just put this sucker to bed so that you don't post another 10 threads.

(815 ILCS 205/4) (from Ch. 17, par. 6404)

It is lawful for a state bank or a branch of an out-of-state bank, as those terms are defined in Section 2 of the Illinois Banking Act, to receive or to contract to receive and collect interest and charges at any rate or rates agreed upon by the bank or branch and the borrower. It is lawful for a savings bank chartered under the Savings Bank Act or a savings association chartered under the Illinois Savings and Loan Act of 1985 to receive or contract to receive and collect interest and charges at any rate agreed upon by the savings bank or savings association and the borrower.

If you can't afford to pay that rate of interest, then you cannot afford the car. There is a definite reason why the bank wants to charge you 26% ~ You must be a terrible risk.