Another car securities lending company closes on Richmond Highway

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Fast Auto Loans on Richmond Highway closed earlier this month.

Fast Auto Loans, Inc., one of the many auto title lending stores that have sprung up along the Richmond Freeway corridor over the past decade, has closed its doors. It is at least the second title lending store on the highway to close in the past eight months.

Fast Auto Loans opened at 8368 Richmond Highway in 2012. It took over a building formerly occupied by Mike’s Italian Restaurant, which was a long-standing institution on Richmond Highway before closing in 2011.

Yesterday, a sign on the door of Fast Auto Loans said “We have moved! And directs customers to another Fast Auto location on Mount Vernon Avenue in the city of Alexandria. An employee at Fast Auto Loans head office said the two sites had merged.

In May, another car title lending company on Route 1, EZ Title Loans, closed. These were two of at least half a dozen car title companies that quickly established themselves in the Route 1 area after the Virginia General Assembly voted to allow car title lending. to non-residents in 2011. Businesses have been criticized for locating in poorer regions. neighborhoods and charging interest rates that often exceed 200%.

The owner of the old Fast Auto building is Luigi Tonizzo, who was the chef and owner of Mike’s Italian Restaurant. Tonizzo could not be reached immediately to comment on a possible new tenant.


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