Where do they get the capital for making automobile title loans??
 

They DO borrow the money to loan out on cars, right?
God damn.
Borrow at, what, 10%... loan it out at 240%... my fucking god .. .
240% secured loans are un fucking real, anyway

If you have the money, that industry is almost like legal loan sharking. And if the person doesn't pay, you just go take their car.

They don't borrow anything, they have the capital themselves so it's all profit and they are all Good in the Hood.. As you know they pray on broke idiots who can never pay, so they then keep any few payments thay may get before they repo the cars, then they resell them and man its a big profit payday for them...:2 cents:

White as this may sound.. I'd much rather just have the 240% coming in like clockwork than be out or have people out repossessing shit... LoL over here
I've always loved the idea of this business since I first thought of it

The way I understand it (and I'm not expert, but I used to work with someone that used these things from time to time) they don't normally loan that much unless you have a really nice car and typically you have to repay it within a very short time frame. Part of the reason they do this is so you won't default. For example if your car is worth 8K and you borrow $500 you will bust your ass to pay it back because you don't want to lose your car for that small of a loan.

Yeah.
If the retail book on your shit is 10k .. don't expect more than 1k from me
Cause my book says it's worth 4500, anyway
And I know I can sell it for 3500, fast

I doubt there is much of a market anyways for people who want loans on their car titles?

#1. How many people actually have their titles?
#2. Who would actually do this?

It's pretty popular. It's like using a pawn shop for a quick money or those payday advance places. They were trying to enact some laws a while back to get a grip on these type of places but I don't know if they ever did.

There is one of these places in this little mini mall that I drive by a few times a week and there are always people inside it. I have no idea how much business it does, but that place always has people in it and there are a ton of these types of places all over so they must be doing decent.

That's just crazy. Payday loans as well... People are insane to borrow money that way.

fucking crazy

Ya, they told the first guy to start a pawnshop that it wouldn't fly either.

Fuck that! You need to set up an Buy Here Pay Here lot next door with all of your repos from the car title loans. Make the down payment as the original amount that you loaned out, and bi weekly payments that are pure profit. Rinse and repeat. It would require that you have almost no heart to do it, but for those that can and not flinch an eye, more power to them... i guess.

HELL no
The guys losing their cars then know where their cars are... you have to either re-key everything and/or keep three armed guards... otherwise everything is stolen/busted up..... There's no heart in business
No one ever had one for me and I ain't got one for you
I'll do anything to not fuck someone over, though
If you ever get over on ME though ... I will get you.. now or later .. and I'll enjoy it

Go read the complaint sites about the payday loan companies. It's sad, yet funny. People borrowed money, didn't pay it back and are acting like the victim because the loan place calls them at work.

I couldn't take a way the mom with 3 kids car. Banks do it every day. I couldn't.

if you haven't noticed there is usually a tow truck parked right behind the fence of these places. the restrictions on most of them is the car can't be more than 10yrs old. lots of people in dire straits need fast cash and people dont always think logically or in their best interest when in a bind. title loan places are usually located right nearby bail bond places, pawn shops, and fried chicken fast food joints

In the end people must be held accountable for their actions.
-=Chipmunk=-

Fuck people who whine
When I'm down, and it seems like I get fucked over more by the system just for being down, I mean when they kick me for BEING down... I hit myself in the head for being down and move on..

Just like these fucking idiots complaining about their home loans
Go get a loan, don't bother to read the docs, fuck yourself and complain when the big bad bank "takes your house" IE: "ends up holding bad paper on your 100k house you owe 500k on"