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Across the Fence:  Anybody know anything about title loans?  |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
 Posted - Oct 16 2008 : 4:47:49 PM
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I had this brilliant idea today to get rid of one of our bigger bills hanging over our head and that was to get one of those title loans on the car we've been trying to sell for 4 months now. It's a gas pig and nobody wants it. I thought we could go to one of those title loan places, get a loan and just let them have it. We basically would have sold the car and got rid of a big ambulance bill at the same time. DH says it doesn't work that way and they would take the car AND still come after us for the money owed on it. My question is, if you put the title up as collateral, then they have they're money, right? Or am I wrong?
Farmgirl Sister #35
"If you can not do great things, do small things in a great way." Napoleon Hill (1883-1970)
my blog: http://lisamariesbasketry.blogspot.com/
My Website:
http://www.freewebs.com/lisamariesbasketry/index.htm |
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dkelewae
True Blue Farmgirl
1310 Posts
Diana
Saint Peters
MO
USA
1310 Posts |
Posted - Oct 16 2008 : 5:49:45 PM
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I've never personally done a title loan, but I'd think if you default on it that it would put a huge black mark on your credit rating. They could say that your vehicle isn't worth what they loaned against your title and come after you for the balance. I sure wouldn't risk it.
Diana
Farmgirl Sister #272
St. Peters MO
Country Girl trapped in the city!
http://farmgirldreams.blogspot.com/ |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
Posted - Oct 16 2008 : 6:08:21 PM
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Lisa- What they would is come repossess your car, sell it for only a few hundred dollars and then come after you for the balance. I hate to say it, but while it sounds good in theory, it would most likely cause you more problems. They would also probably assess you a repossession fee and there is always the interest to the tune of about 312% would be added to the amount borrowed.
Alee
Farmgirl Sister #8
www.awarmheart.com
Please come visit Nora and me on our blog: www.farmgirlalee.blogspot.com
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kissmekate
True Blue Farmgirl
890 Posts
Kate
Delano
Minnesota
890 Posts |
Posted - Oct 16 2008 : 9:12:01 PM
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I wouldn't do it either. It seems a little "fishy" to me. Totally not worth it.
What is that saying about something being too good to be true.... it usually isn't.
Don't miss out on a blessing, just because it isn't packaged the way you expected. ~MaryJo Copeland |
Edited by - kissmekate on Oct 16 2008 9:12:51 PM |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
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palmettogirl
True Blue Farmgirl
571 Posts
sue
camden
south carolina
USA
571 Posts |
Posted - Oct 17 2008 : 06:26:21 AM
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| sounds like most likely the car is worth less than you paid for it. you'll have to weigh...is it worth it for you to come up with an amount $ to add to whatever you get for it to just get rid of it?? from what i understand about title loans, i believe they are used more for short-term loans. you give the guy the title as collateral and he gives you some money....when you pay the money back to the guy, you get the title of your car back. the only thing is, places like this are notorias for charging unbelievable high interest rates and hidden fees. they are usually for the more desperate person. be very careful! |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
Posted - Oct 18 2008 : 07:06:39 AM
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Alee, I've had it on Craig's List for months. The only bites I got were scammers. We paid $800 for it a few years ago and were asking $500. It's a very well maintained cop car with one of those super fast engines in it. Trouble is, it's a Crown Vic and a gas guzzler which is what everybody is avoiding, now.
I'll just have to keep refreshing it on there and keep hoping some parent cares more about their kid having a lot of protection over gas efficiency and wants it for their new driver.
Farmgirl Sister #35
"If you can not do great things, do small things in a great way." Napoleon Hill (1883-1970)
my blog: http://lisamariesbasketry.blogspot.com/
My Website:
http://www.freewebs.com/lisamariesbasketry/index.htm |
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gramadinah
True Blue Farmgirl
3557 Posts
Diana
Orofino
ID
USA
3557 Posts |
Posted - Oct 18 2008 : 11:10:11 AM
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Why not donate it There are places around us in Northern ID that are taking cars for donations. Or how about trading it for some thing that you can either sell to get the money or use. I know what you are going through as DH will not get rid of anything and it is just sitting here rusting away.
Diana
P.S. stay far away friom title loans.
Farmgirl Sister #273 |
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Lainey
True Blue Farmgirl
2401 Posts
Elaine
Waco
Kentucky
USA
2401 Posts |
Posted - Oct 18 2008 : 11:23:27 AM
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Lisa, have you been to used lots to see if a dealer might want to buy it? I work part-time for a used dealer and he buys vehicles from individuals quite often. I agree with the rest about a title loan, if it were me I probably wouldn't do it.
Farmgirl Sister #25
http://countrygirldreams.blogspot.com/ |
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therusticcottage
True Blue Farmgirl
4439 Posts
Kay
Vancouver
WA
USA
4439 Posts |
Posted - Oct 18 2008 : 1:45:53 PM
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Don't do it!! My ex did that once and he had to go to his parent's to borrow money to pay it off. A $600 loan ended up costing $1200. They have been outlawed in Oregon because they are considered predatory lenders.
Handmade Soap and More! Try my new Lavender Oatmeal Facial Bar - http://therusticcottage.etsy.com
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PROUD FARMGIRL SISTER #100 |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
Posted - Oct 19 2008 : 04:40:43 AM
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Wow, Oregon outlawed them, huh? That says a lot. After hearing from you all, I'm not going to do that. The last thing we need is another financial burden.
Diana, if, when my hubby can go back to work and we don't need the $ as badly and we still have the stupid car, I would then donate it just to get rid of it. In the meantime, I have to try to get what I can for it to use for bills.
Elaine, that's a good idea that I didn't think of. I would have to call around first, though, as there are no car dealers for at least 50 miles. I'll see what they say!
Farmgirl Sister #35
"If you can not do great things, do small things in a great way." Napoleon Hill (1883-1970)
my blog: http://lisamariesbasketry.blogspot.com/
My Website:
http://www.freewebs.com/lisamariesbasketry/index.htm |
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Ms.Lilly
True Blue Farmgirl
826 Posts
Lillian
Scotts Mills
OR
USA
826 Posts |
Posted - Oct 19 2008 : 07:45:48 AM
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Lisa- Another option for you is to check with the High Schools, sometimes their Auto shops are looking for cars to buy cheap and learn on. Then they turn around and sell them to benifit the auto shop. Plus I think a portion of your sale can be tax dedutible. Give them a call, plus they might be willing to come and get it!
Lillian |
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lisamarie508
True Blue Farmgirl
2648 Posts
Lisa
Idaho City
ID
USA
2648 Posts |
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Across the Fence: Anybody know anything about title loans? |
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Anybody know anything about title loans?
