TitleMax car loan with a 167% interest rate, on a 2006 Dodge Charger.

mrsilv04

mrsilv04

Joined
Dec 8, 2006
Messages
10,459
Location
Illinois
$1,100 title loan with $2,850 in finance charges on top of it. 24 payments at $165 each... or $3,950... to pay back an $1,100 loan.

I'm guessing that since they got the title back, that they had paid it off. Congratulations!

They should be teaching this stuff in high school is correct. When I was in high school, we were taught how to fill out a 1040 and how to balance a checkbook. And you had to pass that class to graduate. It was required.

 
My wife (and formerly I) works in the legal industry (not lawyers) and we've seen many of these types of stories. You get people that borrowed some small to modest amount of money and end up paying it off for years, the final amount being many times the original 'loan'. Another sleazy service are the companies that advance money on trust funds and settlements. Sky high interest quickly eats up whatever the receiver started out with and their money just evaporates. Trust funds and payment plans are of course set up in the first place to keep recipients from getting a large lump sum and making poor financial decisions and leaving themselves destitute, but if there's a way to circumvent that ie getting high interest advances against the principle, then it's a disaster for many folks. I suppose teaching this stuff in school might help, but it's such simple math, really. If someone can't do that, classes about what to avoid probably won't help much.
 
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Pretty shady. Then again, if you have finance a $1,100 loan...?

I didn't think the numbers quite lined up, maybe they did daily compounding? probably weekly or something.
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At least offer the information in school. Many still wont listen due to generational poor decision making.
 
These companies that do this are doing the buyers a favor. People with poor credit scores have ripped off several companies before they are a victim of high interest. The car lenders still do not get paid back and have to repo the cars quite often. There are two sides to every story and if your credit is in the dumps you are a very poor risk.
 
The person who writes this type of loan knows he/she is a despicable person, a predator offering nothing of worth to society. There are lots of people who sign papers without understanding what they are doing, and that is a shame, but it does not take away from the downright knowing evil of these loan writers, who know exactly what they are up to. Just to understand how low these folks are, this is how it works: Well below all of us are street thugs in the cities engaged in petty crime. Far below those people is Stormy Daniels. Below her are the people who call me daily offering $147 money a month for groceries if I work with them on getting my Medicare (don't have Medicare) signed up with them. Far below those people are the folks writing outrageous loans on clapped out crapcans like this. BTW, they are equivalent to the fake postage stamp vendors.
 
02SE said:
Should it be up to politicians to protect adults from themselves?

I for one don't want some self-serving politician deciding what choices I can or can't make for myself. Otherwise we have the realization of George Orwells "1984"...
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Well....the Fed controls interest rates at the bank. They mandated MSRP stickers on vehicles. So.....yea they protect grandma from paying 10grand more for a vehicle than the guy next door.
 
CKN said:
Well....the Fed controls interest rates at the bank. They mandated MSRP stickers on vehicles. So.....yea they protect grandma from paying 10grand more for a vehicle than the guy next door.
Click to expand...

Monroney stickers don't determine how much people pay for a car. People still willingly pay well over 'sticker', and often using loans with high interest rates, for ridiculously long terms. No one is forced into those situations. Do your due diligence.

People need to take some responsibility for themselves, and their decisions. Otherwise we no longer have a free society. Some people want to be taken care of by someone else, from the cradle to the grave...

I prefer to have the freedom to make decisions for myself. Which is the idea this Country was founded on.
 
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