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Old 01-30-2009, 06:49 PM  
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 01-31-2009, 02:16 PM   #151
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Originally Posted by JASONSAUTO View Post
i'm married but once again read this post. i was a kid my stepmom was disabled it took YEARS to get her settlement. we didnt CHOOSE ANY ****ING THING we couldnt afford a phone so we didnt have one PERIOD
Again, the example you posed involved a two-parent home (quite a bit different). And I think you're being a bit disingenuous to suggest that you "know" exactly what your father did and didn't do to keep the ship afloat. At least as a kid.

It's quite a bit silly for a single mother not to have a phone of some kind.
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Old 01-31-2009, 02:16 PM   #152
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Originally Posted by Micjones View Post
Absolutely.

I just wanted to counter the idea that there is a huge risk involved...in this case. They lent her $800. She's more than paid that threefold already.
how many people dont pay a cent then skip out with the car? yeah there's a huge risk huge reward business
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Old 01-31-2009, 02:17 PM   #153
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Old 01-31-2009, 02:18 PM   #154
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Originally Posted by Simplex3 View Post
In my case, yes.
Thank you, no further questions.

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It wouldn't be if someone took a $50k loan and used their $100k house as collateral. They would still take the whole house.
Even that would be much different than a $2000 loan that defaults and results in the creditor repossessing a vehicle worth six times that amount (ie, the previous example I cited with the Georgia man).
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Old 01-31-2009, 02:19 PM   #155
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Originally Posted by Micjones View Post
Again, the example you posed involved a two-parent home (quite a bit different). And I think you're being a bit disingenuous to suggest that you "know" exactly what your father did and didn't do to keep the ship afloat. At least as a kid.

It's quite a bit silly for a single mother not to have a phone of some kind.
a 2 parent home where one is an invalid. i was 14 AND have talked with my father on many occasions about that time in OUR lives since. i know for sure our car was never taken. and i guarantee you that i "know" exactly what dad did to get us by. WITHOUT.
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Old 01-31-2009, 02:19 PM   #156
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Jesus kicked the moneylenders out of the temple, and usury used to be universally reviled as unethical, that's why states have those laws, in many places still on the books.

But there's been a generation and a half of lobbying and free market brainwashing so that these laws have been eviscerated and made toothless, and people think it's swell now if you couldn't decipher the 15th page of small print triplicate in legal jargon --"WHY DIDN'T YOU READ THE CONTRACT!"

Predatory Lenders like this have lobbied for these loopholes because they know there's a segment there to exploit.
Great point. Nobody realizes that payday and car title loans are ripoffs when they sign the loans. These are financially responsible people who just get hoodwinked, right?
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Old 01-31-2009, 02:20 PM   #157
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Originally Posted by Saul Good View Post
Great point. Nobody realizes that payday and car title loans are ripoffs when they sign the loans. These are financially responsible people who just get hoodwinked, right?
No, they're not. But that doesn't make it right to victimize them.
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Old 01-31-2009, 02:20 PM   #158
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Originally Posted by JASONSAUTO View Post
how many people dont pay a cent then skip out with the car? yeah there's a huge risk huge reward business
They put a significant amount of effort into recovery in those situations.
Certainly there is loss associated with title lending.
But I would guess that they are able to mitigate those losses more often than not.
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Old 01-31-2009, 02:21 PM   #159
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Originally Posted by Micjones View Post
They put a significant amount of effort into recovery in those situations.
Certainly there is loss associated with title lending.
But I would guess that they are able to mitigate those losses more often than not.
thats what keeps them in business.
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Old 01-31-2009, 02:21 PM   #160
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What nobody is catching here is the fact that the lender doesn't get to keep the proceeds if they exceed the amount needed to satisfy the terms of the loan.

If you owe $50,000 on your home and it gets foreclosed, the bank will sell the home. If it brings in $75,000, you get back the remaining $25,000 less the expenses associated with the foreclosure.
I'm going to assume the title loan game doesn't work that way? I've only pointed and laughed at those places, I've never been in one.
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Old 01-31-2009, 02:22 PM   #161
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Originally Posted by Saul Good View Post
Great point. Nobody realizes that payday and car title loans are ripoffs when they sign the loans.
Sometimes they don't Saul. You know as much.
You make it sound like people walk into Quik Cash with legal counsel to interpret difficult-to-understand contractual agreements.
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Old 01-31-2009, 02:23 PM   #162
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Originally Posted by Simplex3 View Post
I'm going to assume the title loan game doesn't work that way? I've only pointed and laughed at those places, I've never been in one.
They DEFINTELY don't work that way.
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Old 01-31-2009, 02:24 PM   #163
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No, they're not. But that doesn't make it right to victimize them.
The alternative is to completely deny these people access to money entirely. If she really needed money that bad, she should have sold her car in the first place.
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Old 01-31-2009, 02:24 PM   #164
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They DEFINTELY don't work that way.
Doesn't that just make the people who use them that much dumber?
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Old 01-31-2009, 02:24 PM   #165
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I'd like to know how congress gets away with lending billions of dollars to banks, and passes the responsibility onto future taxpayers.
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