Big business in big interest car title loans WVEC.com (subscription)
CHESAPEAKE -- A Chesapeake couple is paying big money on a car loan.
"We paid them $2,800 to date and we only borrowed $1,800," says Warren Faulkner.
Faulkner and his fiance Sharon Wolthuis signed up for a motor vehicle equity line of credit at Fast Auto Loans in Chesapeake.
The deal means Wolthuis gave up the title of her Saturn as collateral for a loan that has a 300% APR.
After one month, there was a $450 finance charge on the $1,800 loan.
She says they paid the $1,800 in a month, but the balance had already risen. So, she sold an older car to help with the payment.
"I was only $200 short from paying the loan off. $200. Makes me want to cry," she says.
On the $1,800 loan made in May, the couple has paid $2800 and still owes $789.
If they don't pay, they could lose their $13,000 car
Car title lenders are basically unregulated. The new laws that went into effect earlier this year to restrict payday lenders don't apply to them.
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Car Title Loan question?
If you have a car title loan on your old car...and you got a new car and you want to just take the Title max people the car that they loaned you money on will you still owe them money after you turn the car in. I mean you would actually take it to them they won't be coming to repo it. I think what im trying to be clear of is that the car is collateral and as long as its still worth what they loaned you for it then that is all they can say you owe them is the vehicle right??
That is the same as a repo and it will haunt you for ever. Pay the loan off and sell the car.
Of course, if you read your contract,. it will spell this out.
They may not take the car back. Read up.
Can a loan company reposses a broken car?
okay i went to loan max and put upmy car title for money but the engine blew in the car and the loan is expensive to pay off so will they come get the piece of junk since im not paying on a car nots no longer running?
Yes, they can repossess it. If they do, they will sell it for whatever they can get for it. Then you will owe whatever you owe now plus the repo fees (minus whatever they sell it for). The loan company will still want their money and they will come to you for it.
It doesn't matter to them what condition the car is in. They loaned you money that you agreed to pay back. It will ruin your credit and you probably won't be able to get another loan. You may want to reconsider not paying the loan because it will cause you a lot of trouble.
Good luck.
car pawn, title mAX?
i have a car loan with title max, if i am late how long do i have before they come get it?
I am not really certain, I would at least call and make arrangements. I would think at least 7 days.
Loan interest rates, insurance costs, titling tax, finance charges...HELP!?
Okay, I am looking into getting a car, at the same time - doing a project for driver's ed.
The project is your max loan amount is 5,000 - including the taxes, tags, insurance, and other expenses.
The car I found is a 1992 Geo Storm that is going for $885.00 with 113,000 miles on it.
So, what would the loan interest rate, titling tax, amount financed and finance charges?
Please help...!
Keep this in mind when buying insurance: Car insurance does NOT have to cost a arm and a leg. The reason why people pay more than they should is that they don't take a few minutes and simply ask more than one insurer about their rates. Getting more than one quote WILL save you money.
At the very least, if you get two quotes, you can either compare and take the cheaper one, or tell the other to match or beat it. Think about it. Not getting multiple quotes is just a bad move, and you're telling the insurance agents to rip you off. You compare when you go to the store, why not compare when you're spending hundreds, maybe thousands a year on car insurance?
Another thing: Get ONLINE car insurance quotes. They only take minutes to do, you don't have to talk to anyone online, and you'll get better rates because you're dealing directly with the company, not their insurance agents. You're practically guaranteed to save, because you won't be paying that agent fee.
You'll find more info on car insurance, and some places to get some pretty good online rates here:
http://www.axalda.info/car-insurance.html
The best deal for Cheap cars online?
Is this the best offer for Cheap cars online?
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