Car title loans snare victims at 300%...

Car title loans snare victims at 300% rates

There are 195 comments on the Chicago Tribune story from Jun 21, 2008, titled Car title loans snare victims at 300% rates. In it, Chicago Tribune reports that:

Rosa Mobley never imagined her debts would swell so large. There were times when the 66-year-old widow, who struggles by on Social Security and her pension as a school crossing guard in Chicago, fell behind on ...

Join the discussion below, or Read more at Chicago Tribune.

Just asking

Wauconda, IL

#182 Aug 10, 2008
JosephLedford wrote:
To whomever else may read this blog,
Loan Shark will no longer have the satisfaction of a response of anykind from myself as this individual is clearly uneducated and can only resort to pre-pubescent derogatory remarks in place of a statistically and fact based disagreement on this issue. In fact, I am MAN enough to admit I was in error to respond in kind to him in a similar manner. Anyone who can pose a legitimate argument I would be more than happy to respond as long as things remain in a civilized manner.
Hey, Joe, did you ever get your set of keys back from the Tow Truck Driver?

just asking...
Not Alone

Frisco, TX

#183 Aug 10, 2008
Protect the stupid wrote:
I am so tired of everyone saying 'feel sorry for me, save me from myself, I am an idiot'. Stop protecting people who are stupid. Get a brain, read what you are signing. If you do not understand it then do not sign it until you do. This is just like the mortgage foreclosures. Bunch of stupid people who want the government to us my tax dollars to bail them out. If someone gets into trouble they should have to live with it. It was their decision.
Your kidding right? Aren't you Il. people the ones who got Bin Laden Omama on the Map? Talk about stupid people. That state is useless and should be sold!
Ignorance Central

Boca Raton, FL

#184 Aug 10, 2008
Pystov wrote:
Loan sharks are the worse type of preditor, they feed on the uneducated, poor, mathematicaly chalanged, unknowledgeable, needy folks. These sharks should rot in hell ! The politicians allowing these sharks to do this feed should & will rot in hell too.
They are not this way because of the title loan company. They were this way to begin with. Not the lender's problem.

Do you complain because you are spelling challenged?
Phill

Summerville, SC

#185 Aug 10, 2008
Ian Michael Gumby wrote:
A lot of you missed the point.
The fact that this is an unregulated market, desperate people look to these places as a temporary fix.
300% a year interest rate means that on a $1,000.00 loan, you're paying $3000 in interest over the course of the year. Which means you're paying back $2500.00 on a $1,000 short term loan.
When you consider that credit card companies tend to be maxed to 36%, it should put things in to perspective.
Their excuse "If we don't 'help' them, no one else would."
So maybe it would be better off if they lost the car, or were forced to sell the car to pay off the loan. This way, they might get some cash back and get to start off with a fresh future.
In South Carolina, you get an auto title loan at 300%, plus they charge you a $2.50 daily interest on the loan. at $600, you have to pay back in one year is $1986.46 for a $600 loan. The ripoff is daily interest on the loan.
AutomobilePawn-c om

Mission Viejo, CA

#186 Aug 13, 2008
Rather than allow the multitudes of small business owners having a desire to earn 300% on their money enter the auto title loan industry thereby allowing competition to drive down interest rates, simply outlaw the industry.
Then, when these auto title loan customers can't fix the car to get to work, or turn on their lights, or purchase medicine to get well, they can go on welfare and we can ALL pay for them.
Outlaw those greedy credit card companies and their high rates also. That way our economy will contract even more and we can all go on welfare.
Let the undocumented immigrants support all of us!
Jer@PaydayLoanIndustry.com
cathy

Carlinville, IL

#188 Aug 17, 2008
well hats off to everyone that think car title loans are the greatest. title max little commercial on tv does not say if you are one day late, we will re-po your car. Instead it says I did not have to give up my car, what false advertising!! Why dont they tell the truth, come on in you suckers that are under income, yeah we will take care of you, right we are your friend, we do not want your car, how do you think we make our money, we love these re-po cars!!
JosephLedford

United States

#189 Aug 18, 2008
I never anticipated that this blog would continue as long as it has. Amazing. It's great to see that so many people have an active interest in this particulate matter. Resolution of my situation is NOT enough. I will continue to do my best, use every contact I have (notice our Governor signed into action some slightly stronger restrictions on these predators.) and I have a great deal. Anyone interested in assisting putting the heat on our government to outlaw this type of lending, please post and I will contact you. Our government is by the people and for the people, last time I checked and it's about time that they lived up to it! To those who criticize me, call me derogatory names or other otherwise heckle me BRING IT ON! I have already beaten a fairly large "company" with minimal help, save my media contacts (bless them), so anything negative said to me I can very easily sink. Now that I got that part out of the way, moving on. I know that these "lenders" are reading this, so you know, I intend to go after you all. Better take this to heart, just ask Title Cash how much business they lost after being revealed in the Trib, Pantagraph, Daily Leader and news 31. In conclusion, those who have been supportive, thank you so much, it means a great deal to me. People like you are the energy behind my drive to outright cripple these legal loan sharks. Any yes, I did get my 2nd key returned,:o)
JosephLedford

United States

#190 Aug 18, 2008
Disgruntled Resident wrote:
<quoted text>
Probably a flood damage or something that they fished out of the bottom of the Gulf after Katrina. It probably doesn't even run well.
FYI My car, a 2003 dodge neon se, has perfect paint,
perfect interior and runs absolutely great. Only thing I've EVER had to change is the oil. No, it's not a re-built. My car has 34,000 miles, how about you? I get 32,2 mpg, how about you? Not wise to make gross assumptions without any relevant information.
JosephLedford

United States

#191 Aug 18, 2008
Just asking wrote:
<quoted text>
Hey, Joe, did you ever get your set of keys back from the Tow Truck Driver?
just asking...
Yep.:o) Sure did.
sara

Gillespie, IL

#192 Sep 7, 2008
election year around the corner, lets push to get rid of title cash loans!!
anna

Gillespie, IL

#194 Sep 17, 2008
so you have to be stupid to take a loan, desperate measure, maybe homeless shelter was not a option jerk!! He took the loan not for the HELL of it, he did it so he and his family would not be evicted.
EricKing

Culpeper, VA

#196 Sep 20, 2008
Somehow i stumbled across this site. Sorry to hear about your situation Joe. But glad you have beat them. Best wishes.
Julie

Lakeland, FL

#197 Sep 21, 2008
I got curious and went to visit one of those car title loan places. I was told that in order to borrow $1,000.00 I needed to bring in my car for inspection. They needed to check out its condition. If I got the loan I would owe $220.00 in interest at the end of the first month. Any payment over the $220.00 would go toward the principal. These businesses are a blight on communities. They should be outlawed.
sara

Carlinville, IL

#198 Oct 9, 2008
hey thanks eric king for ypur kind words pretaining to joe.
sara

Carlinville, IL

#199 Oct 12, 2008
what a stupid comment do not have a family if you cannot afford it! A lot of people would be childless, joe is now divorced from his wifw, and the step-son was not his Jerk. there are a lot of cunning women out there, guess you have do a background check on any one, before u go out with them!!
dana

Carlinville, IL

#206 Oct 19, 2008
chicago jack why dont you get a honest job at a bank, if you are so smart, or do you enjoy screwing people over that are in financial binds. I am certainly lobbying to close doors on all loan shark places, and come up with a alternative method! OH good luck finding a real job!!
Biff

Newport News, VA

#207 Oct 19, 2008
Banks do the same. And stupid people do it to themselves. Greed is often a factor.
dana wrote:
chicago jack why dont you get a honest job at a bank, if you are so smart, or do you enjoy screwing people over that are in financial binds. I am certainly lobbying to close doors on all loan shark places, and come up with a alternative method! OH good luck finding a real job!!
Fred Garvin

Woodridge, IL

#209 Nov 3, 2008
I worked at Lighthouse Financial outof Tampa Florida. They have offices in Ga, IL, NM, AZ, NV, KS, formerly in TN. Tenn office was shut down by the State regulators for Non- Compliance, in July of 2008. There have been other offices shut down in the past for the same reason. As a matter of fact they don't offer loans in Florida ( where they are headquartered) because the state doesn't allow it.
The Chairman was arrested for DUI and possesion of cocain and is on probation with court dates pending.
The mangement team instructs everyone issuing the loans not to discuss or go over the interest rates or the APR, which would explain to the borrower what they are actually getting into. It is printed on the document they need to sign in order to get the check, but these are very unsophisticated people in desparate need of cash. Many of the people writing on this site seem to think that if you are in a desparate situation or not as financially saavvy as the rest, you desevrve to get ripped off. My statement to them is, What if this was your son, daughter, mother, grandmother that this happened to? I am sure your tune would change. The fact of the matter is, the way they do things is deceptive and wrong. Nobody is saying the company can't make money, but their are ethical and fiduciary responsibilities.
kate

Carlinville, IL

#210 Nov 21, 2008
cdue due hicago jack, people do mind the 300 to 500% intrest.we all have to answere for our actions, people that work for title cash places are con artist, and enjoy being jerks and ripping people off. you probably cannot get a job anywhere else, banks want honest people. so why dont you get a real job?
Loan Teller

Hampton, VA

#211 Nov 21, 2008
kate wrote:
cdue due hicago jack, people do mind the 300 to 500% intrest.we all have to answere for our actions, people that work for title cash places are con artist, and enjoy being jerks and ripping people off. you probably cannot get a job anywhere else, banks want honest people. so why dont you get a real job?
Honest upstanding people would probably get loans from banks and not these title loan joints. People need to take responsibility for their actions too. "Oh poor me, poor me its not my fault. Bail me out cause I'm stupid."

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