Title Loans
Lisa asks…
Title Loans?
Why do people not pay on their title loans! Get with it people pay your da*n bills!
Building Chicken Coops answers:
Because the only people who get title loans are drug addicts or people who need money desperatly but cannot afford to pay it back. Hi girl!!! Have a great day see ya at work!
Laura asks…
title loans?
can i get a title loan even though the lien holders name is still on it? plus they asked for the original title anyway.
Building Chicken Coops answers:
Every one I looked at required a clear title. If there is a lienholder on the title, they get first shot at any money that comes from a repo. The loan company would only get what was left over, if any, to recover the loan.
Thomas asks…
Is it possible to get multiple car title loans?
I know this isn't the best way to go about this. I have been analyzing my situation for a long time now and if this isn't too risky this is what I would like to do. I want to get a car title loan, but because of the spot I'm in, I was wondering if it is possible to get a second title loan as well from another lender? I know that a person can have multiple payday loan lenders so it is the same for title loans?
Building Chicken Coops answers:
Well, normally you would have to surrender your clear title to the lender and they hold it until you pay them back, as collateral. So trying to get another loan would be impossible.
Joseph asks…
Why are car title loans illegal in Florida?
I just tried to get a car title loan and I was told that they were illegal in Florida. Does anyone know why this is?
Building Chicken Coops answers:
Must be an oversight. There are darn few consumer protection laws in Florida. Maybe this one got passed by accident.
Do you realize what a title loan means? If you bought the car with your typical high-interest car loan, you have paid very, very dearly for that title. Like two to three times the sticker price of the car.
And most title loans will not give you any more than 30% of the car's value. Plus the interest rate they charge is unbeleivable, like up to 300% a year!
So you've already paid two or three times the sticker price for the car, gotten back maybe 10% what you've paid, and you continue to pay the sticker price of the car every year, plus risk losing it all.
This is about the very worst kind of deal I can imagine that does not lose you some fingers or other valued appendages.
Helen asks…
Title loans and insurance claims if the car is totaled?
I was just in an automobile accident recently and pretty sure my car is totaled. My question is, if my car is totaled, and my car title is in a title loan right now, do I pursue the insurance company to pay it off or at least to the point so I may recieve the title back?
Note that this is the other party's inusance that I am having to deal with since the accident was her fault. Not my own insurance
Building Chicken Coops answers:
Unless you have "gap coverage" on your car, through your insurance company, they have no obligation to pay it off. The policy says, they only pay the actual cash value, OR, the cost to repair, WHICHEVER IS LESS.
The payoff value, especially if you put little money down, financed it for five years or more, and have owned it for less than two years, is likely to be MORE than the actual cash value.
You need to call the loan company and find out what the payoff balance is. Then you need to go to www.kbb.com, and find the private party sale price for your vehicle. That will give you a rough idea, if you're going to get enough to pay off the car.
The check will be made payable to you AND THE LENDER, so that you will only get what's left over, after the car is paid off. IF it gets paid off, then you'll get the title.
David asks…
Can title loans like the payday advance be report to the bureaus?
http://www.privacyrights.org/fs/fs6c-CreditScores.htm#4
I pay my bills on time, but in cash. Can I ever hope to get credit?
Fair Isaac has developed a new scoring model designed to score credit risk through “non-traditional” data obtained from various data vendors. This, the company claims, will make credit easier for the nearly 25% of the population that either has no credit file or too little information to benefit from traditional scoring models. The kinds of accounts covered in what Fair Isaac calls the FICO Expansion Score include deposits with a bank, records with payday lenders, and purchase payment plans.
I have a loan on my title and having trouble building credit. If the info on the link is true how do I get it reported.
Building Chicken Coops answers:
1) The creditor has to be someone who participates in the credit reporting system. Some lenders do not. Most title loan companies probably do, but perhaps not all of them. I've seen some very small store front operations that probably don't use the credit bureaus.
2) Ask the title loan company to report your payments. See what they say.
3) Get a free copy of your credit report at annualcreditreport.com. Pick an item that is related to the title loan or to any other loan and "dispute it". Use the dispute letter as a way for you to self-report your good payment history.
Good luck.
