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Old 01-30-2009, 05:49 PM   Topic Starter
Micjones Micjones is offline
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Title Loan Sham.

I just learned how title loans work.

A friend of mine is in deep shit now that her car's been possessed.
Where in the world is the protection for borrowers?
States are allowing these businesses to run wild.

She borrowed $800 from the company in exchange for her title.
She's been making steady monthly payments, but the interest reduces those (small) payments to next-to-nothing.

As a result... The company has repossessed her car and are threatening to auction it off 15 days from now if she can't produce $2,000.

How on earth is it legal for a creditor to keep more than the borrower owed?

I thought the payday/signature loan business was bad.
This sounds worse.
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Old 01-30-2009, 05:51 PM   #2
kstater kstater is offline
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I'd advise anyone taking any loan to read the contract 1st. Saves a lot of trouble.
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Old 01-30-2009, 05:54 PM   #3
Micjones Micjones is offline
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Quote:
Originally Posted by kstater View Post
I'd advise anyone taking any loan to read the contract 1st. Saves a lot of trouble.
Indeed.

Though she was in such a bad spot she willingly took the risk to make ends meet in another area.

I just read a story about a guy in Georgia who borrowed 2 grand on his wife's car (2004 Ford Expedition) and when he was only able to pay 40% of the (first) $507 finance charge they repo'd the car and sold it. It was worth $13,000.

I think the interest on the contract was something like 25%.
What's that work out to...? Something like 300%?

That's insane!
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Old 01-30-2009, 05:51 PM   #4
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I just a couple cars like that
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Old 01-30-2009, 05:54 PM   #5
Fritz88 Fritz88 is offline
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Originally Posted by Demonpenz View Post
I just a couple cars like that
wha?
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Old 01-30-2009, 05:53 PM   #6
Pestilence Pestilence is offline
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Sorry for your friend but she shouldn't have taken one of these retarded loans out. These and check cashing places are the worst things ever.
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Old 01-30-2009, 05:54 PM   #7
OnTheWarpath58 OnTheWarpath58 is offline
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Quote:
Originally Posted by pestilenceaf23 View Post
Sorry for your friend but she shouldn't have taken one of these retarded loans out. These and check cashing places are the worst things ever.
This.

Quote:
How high are the interest rates?
The loan is written with an interest rate
for a short time period. For example,
the loan will show a 25% interest rate
for one month. But this rate over a year
is actually 300%. Auto Title Lenders
will usually write a loan for 30 days or
less. At the end of the month, the
lender will accept the interest payment
and allow the debt to be “rolled over”
for another month. On a $600 loan, the
interest would be approximately $150.
This means you owe $750. If you only
pay $150 for the month, you will owe
$750 the next month.
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Old 01-30-2009, 05:56 PM   #8
Micjones Micjones is offline
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Quote:
Originally Posted by pestilenceaf23 View Post
Sorry for your friend but she shouldn't have taken one of these retarded loans out. These and check cashing places are the worst things ever.
Tell me about it. I worked for a signature loan company here in Kansas City a few years ago that was as predatory as anything I'd ever heard of.

People (mostly elderly) would come in and borrow something like $400 and be into this company for $1600 when it was all said and done.

There was a big expose' on this guy's business practices in The Pitch a couple years back.

Great commission checks, but I felt bad working there.
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Old 01-30-2009, 06:10 PM   #9
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Quote:
Originally Posted by Micjones View Post
Tell me about it. I worked for a signature loan company here in Kansas City a few years ago that was as predatory as anything I'd ever heard of.

People (mostly elderly) would come in and borrow something like $400 and be into this company for $1600 when it was all said and done.

There was a big expose' on this guy's business practices in The Pitch a couple years back.

Great commission checks, but I felt bad working there.
Pictures different from the other side of the street now isn't it?
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Old 01-30-2009, 06:26 PM   #10
stumppy stumppy is offline
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Quote:
Originally Posted by Micjones View Post
Tell me about it. I worked for a signature loan company here in Kansas City a few years ago that was as predatory as anything I'd ever heard of.

People (mostly elderly) would come in and borrow something like $400 and be into this company for $1600 when it was all said and done.

There was a big expose' on this guy's business practices in The Pitch a couple years back.

Great commission checks, but I felt bad working there.



Just not bad enough huh ?
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Old 01-30-2009, 07:30 PM   #11
Micjones Micjones is offline
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Quote:
Originally Posted by stumppy View Post


Just not bad enough huh ?
I felt awful in fact.
And I no longer work there for the record.
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Old 01-30-2009, 08:34 PM   #12
Fairplay Fairplay is offline
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Quote:
Originally Posted by Micjones View Post
Tell me about it. I worked for a signature loan company here in Kansas City a few years ago that was as predatory as anything I'd ever heard of.

People (mostly elderly) would come in and borrow something like $400 and be into this company for $1600 when it was all said and done.

There was a big expose' on this guy's business practices in The Pitch a couple years back.

Great commission checks, but I felt bad working there.
Damn, that is sad. I hate seeing people taken advantaged of. But in the end, it is the result of their own actions. What else can you say?
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Old 01-30-2009, 05:54 PM   #13
Fritz88 Fritz88 is offline
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Quote:
Originally Posted by Micjones View Post
I just learned how title loans work.

A friend of mine is in deep shit now that her car's been possessed.
Where in the world is the protection for borrowers?
States are allowing these businesses to run wild.

She borrowed $800 from the company in exchange for her title.
She's been making steady monthly payments, but the interest reduces those (small) payments to next-to-nothing.

As a result... The company has repossessed her car and are threatening to auction it off 15 days from now if she can't produce $2,000.

How on earth is it legal for a creditor to keep more than the borrower owed?

I thought the payday/signature loan business was bad.
This sounds worse.
interest is shit and it's one of the main reasons we are in this deep shit economic downturn.
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Old 01-30-2009, 05:54 PM   #14
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Obama will get it back for her.

The title of this thread should be READ THE FU@KING CONTRACT
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Old 01-30-2009, 05:58 PM   #15
Micjones Micjones is offline
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Originally Posted by Hoover View Post
Obama will get it back for her.

The title of this thread should be READ THE FU@KING CONTRACT
She read the contract.
She was in a bind and needed the money.

Even though such practices are legal they are hardly ethical.
The state should offer protection against businesses like these.
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