Texas Schedule of Fees
CSO provides credit services and issues letters of credit for loans secured by liens on unencumbered motor vehicle titles, with terms not to exceed 35 days and an Amount Financed from $100.00 to $10,100.00. Lender makes loans secured by liens on unencumbered motor vehicle titles and a CSO letter of credit, with terms not to exceed 35 days and an Amount Financed from $100.00 to $10,100.00. The standard loan term is 30 days.
The amount of the CSO Fee is a percentage of the Amount Financed, as follows:
|CSO Fee as a % of the Amount Financed||Amount Financed|
|11.99% – 17.99%||$100.00 – $599.99|
|10.99% – 17.99%||$600.00 – $999.99|
|10.99% – 16.99%||$1,000.00 – $1,499.99|
|9.99% – 15.99%||$1,500.00 – $2,499.99|
|9.99% – 14.99%||$2,500.00 – $4,999.99|
|9.99% – 12.99%||$5,000+|
The CSO Fee percentage will be determined based on the creditworthiness of the Consumer and whether the Consumer has done business with CSO previously. More creditworthy consumers and consumers who have a good history with CSO may qualify for CSO Fee percentages at the lower end of the percentage range.
Lender Interest: 9.95% per annum, daily simple interest, on the outstanding principal balance of the loan until paid in full
Lien Filing Fee: Either $28 or $33 (depending on the county in which the lien is filed, except that Comal County has a fee of $35.50); the lien filing fee is included as part of the Amount Financed.
Late Charge: $7.50 or 5% of the amount of the unpaid scheduled payment, whichever amount is greater, on any payment not paid in full within 10 days of the scheduled payment date.
Returned Payment Fee: $30 for any check, money order, payment (whether tangible or electronic), transfer or other instrument or item that is rejected or returned for any reason.
Prepayment: There is no prepayment penalty.
Lender Costs of Collection: To the extent permitted by law, consumer will pay the costs of any attorney’s fees incurred in connection with the referral of the loan agreement to an attorney to collect the loan after default.
CSO Charges After Default; Costs of Collection: CSO may recover from the consumer all charges, costs, fees and expenses, including all collection costs and reasonable attorneys’ fees incurred or paid in exercising any right, power or remedy provided by the contract between CSO and consumer or by law, and charge interest at 9.95% per annum on all or a portion of the principal paid by CSO to Lender under the letter of credit.
Common Loan/CSO Fee Examples
(all examples have a 30-day term and a $33 lien filing fee and assume that Consumer is charged the highest CSO Fee percentage applicable to such loan amount)
(Requested Loan Amount + $33 Lien Filing Fee)
|CSO Fee||Lender Interest||Finance Charge (CSO Fee + Lender Interest)||Total of Payments||APR|
TEXAS CONSUMER CREDIT NOTICE
CSO is a credit services organization registered with the Texas Secretary of State. This business is licensed and examined under Texas law by the Office of Consumer Credit Commissioner (OCCC), a state agency. If a complaint or question cannot be resolved by contacting the business, consumers can contact the OCCC to file a complaint or ask a general credit-related question. OCCC address: 2601 N. Lamar Blvd., Austin, Texas 78705. Phone: (800) 538-1579. Fax: (512) 936-7610. Website: occc.texas.gov. Email: email@example.com.
CSO’s agent in Texas authorized to receive service of process is CT Corporation, 1999 Bryan Street, Suite 900, Dallas, Texas 75201.
An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.