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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, 06:41 PM   #31
stumppy stumppy 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.
If you think the business practices/interest rates/ or , well, basically anything at all is comparible to title loan comapnies you have no idea what you're talking about.
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Old 01-30-2009, 06:44 PM   #32
memyselfI memyselfI is offline
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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.
These morons were able to get the loan because of lax to no regulation, predatory lending, dishonest realtors and mortgage brokers and, YES, because they were unrealistic in what they could afford and untruthful in what they would pay.
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Old 01-30-2009, 06:44 PM   #33
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Originally Posted by stumppy View Post
If you think the business practices/interest rates/ or , well, basically anything at all is comparible to title loan comapnies you have no idea what you're talking about.
That's true, but let's not act like credit card companies are ethical, either. They have nicer buildings than title/payday loan companies, but they are snakes just the same.

If you take one piece of simple financial advice in your life, take this one; Do not purchase anything on a credit card. Don't borrow money for anything except a house, for that matter.
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Old 01-30-2009, 06:46 PM   #34
Saul Good Saul Good is offline
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Originally Posted by memyselfI View Post
These morons were able to get the loan because of lax to no regulation, predatory lending, dishonest realtors and mortgage brokers and, YES, because they were unrealistic in what they could afford and untruthful in what they would pay.
Who cares if it was regulated or not? If the government would keep its hands out of this stuff, the unethical lenders and irresponsible companies would be the only ones getting burned.

If these companies didn't think that the government would bail them out, they wouldn't have been making these loans in the first place. Boy did we show them how wrong they were. They won't do that again...What bailout?
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Old 01-30-2009, 06:48 PM   #35
OnTheWarpath58 OnTheWarpath58 is offline
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Originally Posted by Saul Good View Post
That's true, but let's not act like credit card companies are ethical, either. They have nicer buildings than title/payday loan companies, but they are snakes just the same.

If you take one piece of simple financial advice in your life, take this one; Do not carry a balance on a credit card. Don't borrow money for anything except a house, for that matter.
FYP.

Smart people return the favor on the credit card companies, by paying in full each month, avoiding interest and taking advantage of rewards programs.

I have a house full of shit from paying my bills with my AMEX card.
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Old 01-30-2009, 06:50 PM   #36
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Quote:
Originally Posted by Saul Good View Post
That's true, but let's not act like credit card companies are ethical, either. They have nicer buildings than title/payday loan companies, but they are snakes just the same.

If you take one piece of simple financial advice in your life, take this one; Do not purchase anything on a credit card. Don't borrow money for anything except a house, for that matter.
Oh I agree. But the title loan companies are in a league of their own.
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Old 01-30-2009, 06:50 PM   #37
eazyb81 eazyb81 is offline
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Quote:
Originally Posted by Saul Good View Post
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.
This basically sums it up.
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Old 01-30-2009, 06:52 PM   #38
eazyb81 eazyb81 is offline
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Quote:
Originally Posted by Saul Good View Post
That's true, but let's not act like credit card companies are ethical, either. They have nicer buildings than title/payday loan companies, but they are snakes just the same.

If you take one piece of simple financial advice in your life, take this one; Do not purchase anything on a credit card. Don't borrow money for anything except a house, for that matter.
You lost me here. Credit is a wonderful concept if you use it responsibly.
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Old 01-30-2009, 06:54 PM   #39
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You lost me here. Credit is a wonderful concept if you use it responsibly.
Bingo. I'm currently digging out of a little hole, but you can do good things with credit - as long as you do it responsibly.
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Old 01-30-2009, 06:55 PM   #40
JASONSAUTO JASONSAUTO is offline
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Originally Posted by Saul Good View Post

If you take one piece of simple financial advice in your life, take this one; Do not purchase anything on a credit card. Don't borrow money for anything except a house, for that matter.
IF i use my credit card i pay it in full that month,i have NEVER paid one dime of interest on it, the only 2 loans i have ever gotten were for the house and the shop. i feel the exact same way
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Old 01-30-2009, 06:56 PM   #41
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Quote:
Originally Posted by Saul Good View Post
Who cares if it was regulated or not? If the government would keep its hands out of this stuff, the unethical lenders and irresponsible companies would be the only ones getting burned.

If these companies didn't think that the government would bail them out, they wouldn't have been making these loans in the first place. Boy did we show them how wrong they were. They won't do that again...What bailout?


You are right.

But if you think about it they created an industry they knew would be troublesome and would be bailed out. The entire subprime industry was targeted at people with no credit, immigrants, the poor and elderly. These people are not politically powerful enough to demand financial products that would provide protections for them while enabling them to obtain a home they could afford. Nope. The market and the products were not created for them or for that reason.

It was a risky business invented to give risky people dangerous and unethical products they were unable or unwilling to educate themselves about. The calculation was the banks could invent these products and then insulate themselves from the risk by repackaging and spreading the risk. It was never about the downtrodden but always about the banks making money on risk and knowing the government would be there to fix it when they failed.
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Old 01-30-2009, 06:56 PM   #42
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People who are stupid and people who lack common sense absolutely need state protection. Because everybody else preys on them and takes advantage of them every single chance they get. Greed is a helluva drug.
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Old 01-30-2009, 07:22 PM   #43
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She read the contract, understood it, signed it and she needs "state protection?"

How about some personal responsibility?
Can't be predatory lending if people agree to it, right?
Even you're smarter than this Donger.

Obviously she's learned a valuable lesson, but to be dismissive about how these companies are taking advantage of people is...well...mighty Republican of you.
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Old 01-30-2009, 07:24 PM   #44
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Originally Posted by OnTheWarpath58 View Post
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.
Some people play the odds and come away from the experience unscathed.
I've done that with payday loans in the past. Guess I'm lucky.
I did learn my lesson though.

I think you tend to oversimplify though.
People aren't taking these risks to go shopping.
Often times this is the difference between paying a bill and your kids having to lay their head in a cold apartment for a month.

All it takes is desperation. This is hardly a matter of consumers being stupid.
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Old 01-30-2009, 07:29 PM   #45
Micjones Micjones is offline
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Originally Posted by eazyb81 View Post
No offense, but are you implying we should regulate stupidity?
There should be regulation for predatory lending practices, yes.
Why is that such a difficult idea to wrap your head around?

Quote:
Who declares which loans are ethical and which are unethical?
You're going to argue for the ethics of a loan that works out to 300%?
Really?

Quote:
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.
I'd caution you not to throw words like "stupid" around when you use words like 'unresponsible'. Just sayin...
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