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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 (31-40):
Supervane
by Ruby Member on Jan. 28, 2013 at 12:07 PM
If its Getting repossessed get your belongings out of it
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Anonymous
by Anonymous 7 on Jan. 28, 2013 at 12:10 PM

i call bs my dh has a title loan and there may  not be a grace period butb they do give you 10 days thgen they start the repo proceedings ... so you can pay late

Nicoleb9
by Emerald Member on Jan. 28, 2013 at 12:11 PM
I agree on it being their choice. I just don't think that there's any room for "ethics" here when it involves these kinds of loans. These companies prey on desperate people who likely don't fully understand what they're getting into. The benefit ratio here usually ends up being 99% in favor of the loan companies. They scrape the line of usury to a very sleezy degree.


Quoting Anonymous:


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.
















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Anonymous
by Anonymous 2 on Jan. 28, 2013 at 12:16 PM


So many of the people who sign these loans just want quick cash at the moment and never take the time to fully read and understand what they are signing.  They sign a contract, don't do what it says, then blame the big bad loan company.  They need to take personal responsibility.

Yes, it goes in the favor of the loan company 99% of the time because the people getting these loans are already a credit risk.  If they had good credit and needed quick liquid funds they would take it from savings or withdraw cash from their platinum cards.  They can't though because they already have poor credit.

Quoting Nicoleb9:

I agree on it being their choice. I just don't think that there's any room for "ethics" here when it involves these kinds of loans. These companies prey on desperate people who likely don't fully understand what they're getting into. The benefit ratio here usually ends up being 99% in favor of the loan companies. They scrape the line of usury to a very sleezy degree.
Quoting Anonymous:

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.




AmyL3469
by on Jan. 28, 2013 at 12:25 PM

Yeah doesn't mean they will though. You're not even sure you're losing your truck yet.. I don't see how someone can be so rude to just do that if you're only a day late. 

Quoting Anonymous:

They didn't say they're coming to get it, we just know its due the 28th and we don't have the money to pay. They said "If its a day late we have all rights to come pick it up".

Quoting AmyL3469:

Weird... I did a voluntary repo before when I was pregnant and lost my job. Took the morons like 6 months to come and finally take the car. I knew I couldn't pay for it, it was dead, told them, come take it! Then you miss one payment and get screwed. Silly how those things work. At least you have other vehicles.

Quoting Anonymous:

They used to but new owners bought it. It's just a way for them to make even more money I think.



Quoting AmyL3469:

That sucks. Odd they don't give a grace period, never heard of that before. 



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Nicoleb9
by Emerald Member on Jan. 28, 2013 at 12:26 PM
Hey, I don't disagree. I also still don't see how her letting the truck go is any sleezier than these loan companies. It's bad enough that attorneys general warn the public against these loans all the time. They aren't the epitome of ethics.


Quoting Anonymous:


So many of the people who sign these loans just want quick cash at the moment and never take the time to fully read and understand what they are signing.  They sign a contract, don't do what it says, then blame the big bad loan company.  They need to take personal responsibility.

Yes, it goes in the favor of the loan company 99% of the time because the people getting these loans are already a credit risk.  If they had good credit and needed quick liquid funds they would take it from savings or withdraw cash from their platinum cards.  They can't though because they already have poor credit.


Quoting Nicoleb9:

I agree on it being their choice. I just don't think that there's any room for "ethics" here when it involves these kinds of loans. These companies prey on desperate people who likely don't fully understand what they're getting into. The benefit ratio here usually ends up being 99% in favor of the loan companies. They scrape the line of usury to a very sleezy degree.

Quoting Anonymous:

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.







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Anonymous
by Anonymous 8 on Jan. 28, 2013 at 12:28 PM

don't you feel trashy posting this?

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


It's sleazier because it screws over your own family and shows that your word is meaningless.  I would expect more of myself and my husband than comparing us to the loan companies and saying "if they are sleazy why can't we be sleazy too".

Quoting Nicoleb9:

Hey, I don't disagree. I also still don't see how her letting the truck go is any sleezier than these loan companies. It's bad enough that attorneys general warn the public against these loans all the time. They aren't the epitome of ethics.


Quoting Anonymous:


So many of the people who sign these loans just want quick cash at the moment and never take the time to fully read and understand what they are signing.  They sign a contract, don't do what it says, then blame the big bad loan company.  They need to take personal responsibility.

Yes, it goes in the favor of the loan company 99% of the time because the people getting these loans are already a credit risk.  If they had good credit and needed quick liquid funds they would take it from savings or withdraw cash from their platinum cards.  They can't though because they already have poor credit.


Quoting Nicoleb9:

I agree on it being their choice. I just don't think that there's any room for "ethics" here when it involves these kinds of loans. These companies prey on desperate people who likely don't fully understand what they're getting into. The benefit ratio here usually ends up being 99% in favor of the loan companies. They scrape the line of usury to a very sleezy degree.

Quoting Anonymous:

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.









Anonymous
by Anonymous 9 on Jan. 28, 2013 at 12:32 PM
Oh chill out. She HAS the money, but not until next week.


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.






Anonymous
by Anonymous 3 on Jan. 28, 2013 at 12:33 PM
We show them we are responsible by Dh working, paying for all of our things, and they would never see a vehicle being repo'd!

Quoting Anonymous:

Do you discuss all of your home finances with your kids?



Quoting Anonymous:

Totally agree.


Way to reach your kids to be stupid with $.





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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