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Our truck is being repo'd

Posted by Anonymous   + Show Post
We have a title loan on it and we don't have the money to pay it until next week. They don't give a grace period. We have been paying $200/month for a year now and it's not worth it. To get it out it'll cost close to $1500 and the truck really isn't worth that!!! Dh isn't mad, he's being very reasonable about it so that helps alot! We do have 2 other cars. The only reason I wanted to keep the truck is because that's the truck my water broke in and the truck that ds was brought home in.
Posted by Anonymous on Jan. 28, 2013 at 11:31 AM
Replies (21-30):
Anonymous
by Anonymous 2 on Jan. 28, 2013 at 11:48 AM


The difference between the two, in case you are seriously asking this question, is that when you pawn something you do not agree to return for the item.  You have a choice whether to pay back the loan or let it go.  

When you take out a title loan you agree that you will pay back the loan.  There is no choice.  You are using your vehicle as collateral for a loan you agree to pay back.  When you don't pay it back, you forfeit the collateral AND you are considered a deadbeat and your credit takes a huge hit.  

Just because you take out a loan with collateral doesn't mean you don't have to pay it back.  Is that how you thought a mortgage worked too?   If you don't feel like paying you just let the bank foreclose?


Quoting Nicoleb9:

The ethics? How is that any different than pawning something? The money they give is so much less than the item is worth. It's the deal. Keep the loan money and they keep the item which is worth more than what was loaned. It's part of the deal. They aren't the same as traditional auto loans where there may be a short fall.

Quoting Anonymous:

But it will still be on your credit report for YEARS and prevent you from buying oher things that require credit.  Doesn't your credit rating matter to you?  Or the ethics of it?   You signed an agreement to pay, then didn't pay.  You are a poor risk due to fiscal irresponsibility now.  If I were you I would be furious if my husband "took it well" when it means a black mark for at least 7 years.






Dzyre1115
by Desiree` on Jan. 28, 2013 at 11:50 AM
1 mom liked this

 If you're that broke, going into debt for sentiment is just stupid!

Anonymous
by Anonymous 1 - Original Poster on Jan. 28, 2013 at 11:51 AM
There's a way to get things off of your credit. I'm honestly not worried about it. Right now we have several things going very positive on our credit.

Quoting Anonymous:

That's sucks. Your credit is going to be shot and they will be harrasing you from here on out for the loan amount and a shit ton of fees. Title loans are horrible things. Those companies take extreme advantage of people. We took out a loan once to help make up for expenses after I had surgery. 600 loan that we ended up having to pay 270 a month on. We paid it for 14 months! I finally paid it off last month because we finally had extra money. They still haven't returned my title. I wanted to let them take it so bad but I didn't want that hit on my credit.
Anonymous
by Anonymous 2 on Jan. 28, 2013 at 11:52 AM


And these people CHOSE to use them.   No one held a gun to their head and forced them to take cash and sign the form.  They chose to put their signature on a contract, then failed to live up to their agreement.

Quoting Anonymous:

Ethics? Do you have any idea how those "businesses" work? They are the unethical ones!

Quoting Anonymous:

But it will still be on your credit report for YEARS and prevent you from buying oher things that require credit.  Doesn't your credit rating matter to you?  Or the ethics of it?   You signed an agreement to pay, then didn't pay.  You are a poor risk due to fiscal irresponsibility now.  If I were you I would be furious if my husband "took it well" when it means a black mark for at least 7 years.




sucker4myloves
by on Jan. 28, 2013 at 11:52 AM

You might ought to work on selling one of your vehicles so you can pay the loan so it won't go on your credit. Then use the truck until you can sell it and get another better vehicle. I mean just try to avoid a new smear on your credit is all. But if you can't, then what else can you do? You still have the memory of your DS' birth :)

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Nicoleb9
by Emerald Member on Jan. 28, 2013 at 11:54 AM
1 mom liked this
These aren't the same as auto financing. And these title loan companies don't loan out anything close to what the vehicle is actually worth which is how they make their money if the loan can't be paid back. They repo the car that's worth more than what was loaned. You never make headway with these loans. You could very well pay forever with no progress, unlike mortgages.

Those places are shady as hell. They're just as bad as payday loans. I think they should be illegal anyway.

Btw, I am positive that she's already paid back what she was loaned many times over. The loan company isn't actually out anything.


Quoting Anonymous:


The difference between the two, in case you are seriously asking this question, is that when you pawn something you do not agree to return for the item.  You have a choice whether to pay back the loan or let it go.  

When you take out a title loan you agree that you will pay back the loan.  There is no choice.  You are using your vehicle as collateral for a loan you agree to pay back.  When you don't pay it back, you forfeit the collateral AND you are considered a deadbeat and your credit takes a huge hit.  

Just because you take out a loan with collateral doesn't mean you don't have to pay it back.  Is that how you thought a mortgage worked too?   If you don't feel like paying you just let the bank foreclose?



Quoting Nicoleb9:

The ethics? How is that any different than pawning something? The money they give is so much less than the item is worth. It's the deal. Keep the loan money and they keep the item which is worth more than what was loaned. It's part of the deal. They aren't the same as traditional auto loans where there may be a short fall.


Quoting Anonymous:

But it will still be on your credit report for YEARS and prevent you from buying oher things that require credit.  Doesn't your credit rating matter to you?  Or the ethics of it?   You signed an agreement to pay, then didn't pay.  You are a poor risk due to fiscal irresponsibility now.  If I were you I would be furious if my husband "took it well" when it means a black mark for at least 7 years.









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Anonymous
by Anonymous 6 on Jan. 28, 2013 at 11:55 AM
I'd go out there and whoop some butt; make a lot of noise, curse, throw snowballs or whatever is laying around. Make sure it's on video, tho. I need a good laugh!
Nicoleb9
by Emerald Member on Jan. 28, 2013 at 11:56 AM
1 mom liked this
I agree that they chose it. The title loan companies are still shady. They take advantage of desperate people. Nothing good ever comes of these loans except for the companies.


Quoting Anonymous:


And these people CHOSE to use them.   No one held a gun to their head and forced them to take cash and sign the form.  They chose to put their signature on a contract, then failed to live up to their agreement.


Quoting Anonymous:

Ethics? Do you have any idea how those "businesses" work? They are the unethical ones!



Quoting Anonymous:

But it will still be on your credit report for YEARS and prevent you from buying oher things that require credit.  Doesn't your credit rating matter to you?  Or the ethics of it?   You signed an agreement to pay, then didn't pay.  You are a poor risk due to fiscal irresponsibility now.  If I were you I would be furious if my husband "took it well" when it means a black mark for at least 7 years.






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Anonymous
by Anonymous 2 on Jan. 28, 2013 at 12:04 PM


Her agreement wasn't to pay back what was loaned.   Her agreement was to pay back what was loaned and a pre-defined amount of accrued finance charges and fees.  Those things are fully disclosed in the contract.


Again, it was their choice to take out a loan like this and also their choice to fail to pay and ruin their own credit.

Quoting Nicoleb9:

These aren't the same as auto financing. And these title loan companies don't loan out anything close to what the vehicle is actually worth which is how they make their money if the loan can't be paid back. They repo the car that's worth more than what was loaned. You never make headway with these loans. You could very well pay forever with no progress, unlike mortgages.

Those places are shady as hell. They're just as bad as payday loans. I think they should be illegal anyway.

Btw, I am positive that she's already paid back what she was loaned many times over. The loan company isn't actually out anything.


Quoting Anonymous:


The difference between the two, in case you are seriously asking this question, is that when you pawn something you do not agree to return for the item.  You have a choice whether to pay back the loan or let it go.  

When you take out a title loan you agree that you will pay back the loan.  There is no choice.  You are using your vehicle as collateral for a loan you agree to pay back.  When you don't pay it back, you forfeit the collateral AND you are considered a deadbeat and your credit takes a huge hit.  

Just because you take out a loan with collateral doesn't mean you don't have to pay it back.  Is that how you thought a mortgage worked too?   If you don't feel like paying you just let the bank foreclose?



Quoting Nicoleb9:

The ethics? How is that any different than pawning something? The money they give is so much less than the item is worth. It's the deal. Keep the loan money and they keep the item which is worth more than what was loaned. It's part of the deal. They aren't the same as traditional auto loans where there may be a short fall.


Quoting Anonymous:

But it will still be on your credit report for YEARS and prevent you from buying oher things that require credit.  Doesn't your credit rating matter to you?  Or the ethics of it?   You signed an agreement to pay, then didn't pay.  You are a poor risk due to fiscal irresponsibility now.  If I were you I would be furious if my husband "took it well" when it means a black mark for at least 7 years.











MistyMoo
by Ruby Member on Jan. 28, 2013 at 12:07 PM
Yeah, good thing huh? I'm workin on getting a second vehicle.

Quoting Anonymous:

Yea I'm just thankful that we have 2 other vehicles.



Quoting MistyMoo:

That sucks.
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