GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Automobile title loans are stupid in Florida

crockett · 01-30-2013, 01:17 AM

Back when I got my dealers lic in FL, I had to take a class that was required by the state. One of the others in the class had one of these title loan companies and had to get a dealers lics because they ended up with so many cars due to people defaulting on the loans.

So you have people getting a loan based on a percent of what the car is worth, mostly likely getting charged a processing fee of some sort, paying interest of 30% and then many of them still losing their cars.

Yet you can't figure out how they are making money? Keep in mind many of these places also do payroll loans which is yet another shady as fuck business.

edit.. also is FL you can't charge interest on "buy here pay here" sales. The payment is based solely on the price of the car there is no interest involved and legally the cash price is supposed to be same as payment price. That's a state law but of course it's not often followed as dealers always jack up the price if they are doing buy here pay here.

01-30-2013, 01:17 AM
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	Back when I got my dealers lic in FL, I had to take a class that was required by the state. One of the others in the class had one of these title loan companies and had to get a dealers lics because they ended up with so many cars due to people defaulting on the loans. So you have people getting a loan based on a percent of what the car is worth, mostly likely getting charged a processing fee of some sort, paying interest of 30% and then many of them still losing their cars. Yet you can't figure out how they are making money? Keep in mind many of these places also do payroll loans which is yet another shady as fuck business. edit.. also is FL you can't charge interest on "buy here pay here" sales. The payment is based solely on the price of the car there is no interest involved and legally the cash price is supposed to be same as payment price. That's a state law but of course it's not often followed as dealers always jack up the price if they are doing buy here pay here. Last edited by crockett; 01-30-2013 at 01:23 AM..