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Old 01-30-2009, 05:49 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 01-30-2009, 06:09 PM   #16
OnTheWarpath58 OnTheWarpath58 is offline
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Originally Posted by Donger View Post
She read the contract, understood it, signed it and she needs "state protection?"

How about some personal responsibility?
Or some common sense.

Sorry, mic, I know it's a friend, but you have to be living in a cave for the past 25 years to not know that title/payday loans are going to make your already bleak situation worse.
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Old 01-30-2009, 06:09 PM   #17
eazyb81 eazyb81 is offline
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Quote:
Originally Posted by Micjones View Post
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.
No offense, but are you implying we should regulate stupidity?

Who declares which loans are ethical and which are unethical?

You admit that she knew it was a bad contract yet agreed to it anyways. Maybe I'm insensitive, but I have a hard time feeling bad for her because she is apparently unresponsible with her money.
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Old 01-30-2009, 06:10 PM   #18
stlchiefs stlchiefs is offline
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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.
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Old 01-30-2009, 06:11 PM   #19
Mr. Plow Mr. Plow is offline
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Maybe we could all chip in to get her back on her feet.
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Old 01-30-2009, 06:12 PM   #20
OnTheWarpath58 OnTheWarpath58 is offline
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Originally Posted by Mr. Plow View Post
Maybe we could all chip in to get her back on her feet.
Hold on, let me go get a payday loan to come up with my share.
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Old 01-30-2009, 06:16 PM   #21
stlchiefs stlchiefs is offline
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Originally Posted by Mr. Plow View Post
Maybe we could all chip in to get her back on her feet.
You mean a bailout? Where do I sign up?
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Old 01-30-2009, 06:17 PM   #22
Mr. Plow Mr. Plow is offline
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Originally Posted by stlchiefs View Post
You mean a bailout? Where do I sign up?

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Old 01-30-2009, 06:26 PM   #23
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, 06:27 PM   #24
memyselfI memyselfI 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.
Can we stop acting like this is a total moron taking out the loan. Have you not heard of the millions of people in this country who buy things on a credit card at 21-28% interest and then pay the minimum payment each month???

They end up doing the same damn thing but over a longer period of time and there are literally tens of millions of people doing this.
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Old 01-30-2009, 06:29 PM   #25
Saul Good Saul Good is offline
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Originally Posted by memyselfI View Post
Can we stop acting like this is a total moron taking out the loan. Have you not heard of the millions of people in this country who buy things on a credit card at 21-28% interest and then pay the minimum payment each month???

They end up doing the same damn thing but over a longer period of time and there are literally tens of millions of people doing this.
And there are literally tens of millions of morons in this country.
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Old 01-30-2009, 06:31 PM   #26
OnTheWarpath58 OnTheWarpath58 is offline
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And there are literally tens of millions of morons in this country.
Esto.
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Old 01-30-2009, 06:32 PM   #27
Mr. Plow Mr. Plow is offline
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Originally Posted by Saul Good View Post
And there are literally tens of millions of morons in this country.
I think half of them reside on here some days.
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Old 01-30-2009, 06:32 PM   #28
memyselfI memyselfI is offline
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And there are literally tens of millions of morons in this country.
Yes, there are but if there weren't what would happen to our economy? It might have tanked a long time ago without them.
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Old 01-30-2009, 06:35 PM   #29
Saul Good Saul Good is offline
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Originally Posted by Micjones View Post
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.
Is she really the victim here? Let's take a look at the situation and see what we can infer.

She was in a bind, so she went to a title loan company. If she was in such a bind, why didn't she go to a credit union or a bank to get a loan? Probably because she couldn't get a loan from a credit union or a bank.

Why couldn't she get a loan from a credit union or a bank? Probably because she has bad credit.

Why does she have bad credit? Probably because she has a history of borrowing money and not paying it back.

I'm not going to defend predatory lenders, and title loan companies are scum in my book, but that doesn't make your friend a victim. Just about anyone who has to resort to using predatory lenders does so because they have their own history of being a predatory borrower. If someone borrows money to buy things they don't need with money they don't have and racks up bills that they can't pay, that person is no better than a payday loan company, and they get what they deserve. This doesn't apply in all scenarios, but it's a strong majority.
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Old 01-30-2009, 06:38 PM   #30
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Yes, there are but if there weren't what would happen to our economy? It might have tanked a long time ago without them.
These morons are what destroyed the economy. They took out these stupid mortgages on houses that they couldn't afford, and they cried to Big Brother and Uncle Sam about it. On the flip side, the banks were buying up paper without looking at how ridiculous the loans were.

Smart people who don't spend money that they don't have or make loans to people who can't ever possibly hope to repay them aren't the ones who wrecked the economy.
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