An auto loan company that allegedly offered illegal loans to Oregon residents is being sued by Oregon Attorney General Ellen Rosenblum’s office, CollectionsCreditRisk.com reported today. The lawsuit claims that the company — which used several aliases, including Auto loans LLC, Car Loans LLC and Sovereign Lending Solutions — is repossessing cars when consumers fail to pay back loans. Rosenblum’s office claims the company sold loans to at least 250 Oregonians in exchange for getting listed as a security interest holder on their car titles. According to the lawsuit, the company isn’t licensed to offer loans in Oregon and charges annual interest rates of 181 percent to 334 percent.
