I so wish you hadn’t blurred this commentor. He/she/it (or something very much like him/her/it) bitches about almost every article I write with pretty much the exact same complaint. No editors? I think it’s worse that you can’t come up with more than one way to voice a complaint.
A few other people have mentioned this and I agree. The problem I have is with the unscrupulous places that charge exorbitant rates and then repo your car even if you are current.
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The conecept is not inherently bad. I have had people point out that some credit unions do this. The problem is shady operators and exorbitant interest rates.
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You can sue but you will lose.
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They’d still have the title with your signature. If they could find your car, they’d take it. Your replacement title would be branded “Replacement title.”
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No.
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There’s always the chance I’ll reach someone . . . I dare to dream.
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Every attorney I know gives free consultations. Read more
What was the point of that?
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Because the US courts will honor their lawsuit against you. Same as if you went to Italy and borrowed money from an Italian bank at a crazy interest rate.
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Yes. The fine print says they operate from a soverign nation that is not the US and is not reachable by US courts.
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Neither: They won’t lend you any money against that car.
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The websites are pretty funny too. (And short on identifying information, of course).
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And buy here/pay here. You could be every link in the predatory chain.
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Even forcing the companies to register would be a huge help. Right now, some of these companies can’t be located (and we all know why).
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COTD? Read more
The lend you ten cents on the dollar of what the car is worth, if that. They profit if you default on day one. They profit even more if you default later.
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I’m half expecting a fake testimonial from one of the operators but yes, I’d love to hear from someone who did this and survived it financially. Especially to find out the true cost of the loan.
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The subset of people who managed to pay off their car before the hard times hit.
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And such nice hair.
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