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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 01-30-2009, 08:30 PM   #46
Micjones Micjones is offline
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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, 08:33 PM   #47
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Old 01-30-2009, 08:38 PM   #48
Micjones Micjones is offline
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Quote:
Originally Posted by Saul Good View Post
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.
Let me make sure I've got this down right.

You agree that there are in fact predatory lending practices in play, but you refuse to accept the fact that she's being victimized by them?

I'm guessing here, but I would imagine that victim is probably a pretty accurate antonym for "predator". Just sayin...

Quote:
Just about anyone who has to resort to using predatory lenders does so because they have their own history of being a predatory borrower.
In some cases this is absolutely true.

In others...you're off base.
Sometimes a person with "no credit" (often just as debilitative as "bad credit") gets ensnared in situations like these.

It's not as cut-and-dry as you make it.

If I had known she was standing in need of a loan beforehand I would never have allowed her to make this decision. So I can understand the concept of personal responsibility.

Let's just be careful lumping everyone who indulges into one big category of "unresponsible" idiots.
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Old 01-30-2009, 08:41 PM   #49
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The irony of the explosion of microlending (at reasonable interest rates) in the 3rd world and state-sanctioned predatory lending in this country is delicious.
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Old 01-30-2009, 08:42 PM   #50
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Quote:
Originally Posted by KC Fish View Post
.

Hilarious.

Problematic at the same time though.
Again, this isn't a by-product of a careless weekend trip to Oak Park Mall with a credit-card wielding madwoman.

This is a case of someone who needed an immediate solution to an immediate problem...for an immediate NEED.

It's cute to say, "don't buy something you can't afford."
It's another to tell your children that 60 degree room temperature is normal and necessary to avoiding future financial problems.
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Old 01-30-2009, 08:42 PM   #51
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Quote:
Originally Posted by Micjones View Post
Let me make sure I've got this down right.

You agree that there are in fact predatory lending practices in play, but you refuse to accept the fact that she's being victimized by them?

I'm guessing here, but I would imagine that victim is probably a pretty accurate antonym for "predator". Just sayin...
Did the Title Loan company put a gun to your friends head and force them to take the loan?

If Yes, she's a victim.

If No, she's irresponsible at best.
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Old 01-30-2009, 08:43 PM   #52
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her car was possessed? I'm pretty sure stephen king wrote a book about that. and didn't that dude from baywatch star in a show with a possessed car?
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Old 01-30-2009, 08:44 PM   #53
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Old 01-30-2009, 08:45 PM   #54
Micjones Micjones is offline
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Quote:
Originally Posted by Mr. Flopnuts View Post
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.
Flops you don't have to fall into either category to find yourself in such a situation. Again, this recipe only calls for desperation.
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Old 01-30-2009, 08:46 PM   #55
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Originally Posted by Micjones View Post
Let me make sure I've got this down right.

You agree that there are in fact predatory lending practices in play, but you refuse to accept the fact that she's being victimized by them?
Mic.... you yourself said that these loans are legal, albeit unethical. You can't really expect companies to refrain from legally taking advantage of the poor fortune or ignorance of others.
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Old 01-30-2009, 08:56 PM   #56
RedNeckRaider RedNeckRaider is offline
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You and I have debated before. This person agreed to the terms, fact. Are there people who prey on the weak the answer is yes. This person agreed to the terms, what is it that you find wrong? BTW Jesus was not black he was from the middle east so I will buy a person of color, but claiming black is a reach, as far a Regan that is just silly, and 911 well to take that stance is a bigger reach than portraying someone who agrees to do something and does not as a victim.
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Old 01-30-2009, 08:57 PM   #57
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Originally Posted by Micjones View Post
Hilarious.

Problematic at the same time though.
Again, this isn't a by-product of a careless weekend trip to Oak Park Mall with a credit-card wielding madwoman.

This is a case of someone who needed an immediate solution to an immediate problem...for an immediate NEED.

It's cute to say, "don't buy something you can't afford."
It's another to tell your children that 60 degree room temperature is normal and necessary to avoiding future financial problems.
I am sorry to hear about your your friend. Honestly. But in my experience, the folks that find themselves in need of immediate solutions such as this are generally the ones that are bad with money/responsibility in the first place. And don't take that as looking down on anyone. A good portion of my own family would be added to that category. My own mother was scammed out of $1K just a while back by some douchebag promising millions in return from a $1K investment. People make bad mistakes sometimes, and it doesn't mean that they're an idiot.

Sucks for your friend, but hopefully she'll learn from this. And I do hope she recovers from the mess.
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Old 01-30-2009, 08:57 PM   #58
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Quote:
Originally Posted by KC Fish View Post
Mic.... you yourself said that these loans are legal, albeit unethical. You can't really expect companies to refrain from legally taking advantage of the poor fortune or ignorance of others.
It was once perfectly legal to own another human being in this country.
Legalities have never been much of a barometer for what is just, fair, and equitable.
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Old 01-30-2009, 08:59 PM   #59
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Who would have thought a title loan was a bad deal?
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Old 01-30-2009, 09:01 PM   #60
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Who would have thought a title loan was a bad deal?
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