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nookienmike
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Joined: 08 May 2008
Posts: 1
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 Posted: Thu May 08, 2008 1:39 pm Post subject: why are you responsible for my for title still if it was dec
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| we pawned title a couple of days before the accident. and when the person that hit me insurance company declared that it was totaled. how do i owe late charges to the title lender if my car was totaled. |
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Playfulmind
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Posted: Fri May 09, 2008 5:26 am Post subject:
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Hi, it reminds me how steep my car title loan was once. It was only meant to put me into debt unless I made that large payment. I was on the verge of losing my car for good. Thank God..my car is still with me! Playfulmind
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Plasmahectic
Guest
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Posted: Fri May 09, 2008 6:34 am Post subject:
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hay there..did you cross the period of 30 days?
I'd heard that it is usually 25% interest for 30 days post which it is 300% an year.
Some states have started laws which are intended to protect the borrowers through restrictions over repossessing & captive interest rates. Such laws are definitely not working in the interest of predatory lending system. But there are also some states which don't have any such lending laws. Now, it is upto you to find out whether your state has such laws or not. Keep us informed.
Thanks,
Plasmahectic
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Lori
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Joined: 10 Sep 2007
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Location: Missouri
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Posted: Fri May 09, 2008 12:14 pm Post subject:
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| Quote: | | how do i owe late charges to the title lender if my car was totaled. |
Because you didn't make the payments on time!!!! Just because it totaled does not in any way absolve you from your commitment and contract to make payments to the company that you agreed to make payments to....Am I missing something or is this just the easiest answer ever? 
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wilheldp
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Joined: 06 May 2008
Posts: 15
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Posted: Fri May 09, 2008 1:37 pm Post subject:
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I'm not sure how you deciphered that message Lori. I'm not sure how someone "pawns" a title. Does that mean that the car was slated to be repoed for non-payment or something?
I have seen a few of these almost non-readable posts recently with at least two replies from Guest accounts that are as incomprehensible as the original post. Most of the time you never hear back from the OP either. I don't know what to make of it since they aren't advertising anything, and they aren't making enough money off of the posts to "cash out". Bizarre. |
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InsTeacher
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Joined: 13 Aug 2007
Posts: 192
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Posted: Fri May 09, 2008 5:16 pm Post subject:
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Lori, I couldn't have said it better myself:
| Quote: | | Because you didn't make the payments on time!!!! Just because it totaled does not in any way absolve you from your commitment and contract to make payments to the company that you agreed to make payments to |
As well, Lori said:
| Quote: | | Am I missing something or is this just the easiest answer ever? |
The short answer? Yep! 
The total loss of the car and the loan committment are two totally separate things. As another example, check this out. I borrow money to buy my house and the house is completely destroyed by fire. I guess I don't have to make my mortgage payments anymore, hmmm? Sweeeeeeet! 
wilheldp asked:
| Quote: | | I'm not sure how you deciphered that message Lori. I'm not sure how someone "pawns" a title. Does that mean that the car was slated to be repoed for non-payment or something? |
These type of loans are commonly called "title" loans. The loan shark will lend you money in exchange for holding your car's title. In the event you default on the title loan, they will (usually quickly) repo the car. They are usurious in nature, take advantage of those who can least afford the insane interest rates, and prey upon the ignorant. They are just like those "payday" loan rip-off artists. Granted, they can be a barely-tolerable avenue of last resort for those who have zero other options, but I would stay away from them like the plague. 
Sorry, just my two cents worth.
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wilheldp
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Joined: 06 May 2008
Posts: 15
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Posted: Fri May 09, 2008 5:24 pm Post subject:
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| Quote: | | These type of loans are commonly called "title" loans. The loan shark will lend you money in exchange for holding your car's title. In the event you default on the title loan, they will (usually quickly) repo the car. They are usurious in nature, take advantage of those who can least afford the insane interest rates, and prey upon the ignorant. They are just like those "payday" loan rip-off artists. Granted, they can be a barely-tolerable avenue of last resort for those who have zero other options, but I would stay away from them like the plague. |
Gotcha...thanks for the explanantion. It does seem kind of fishy that the type of person that would need a loan like this would have a clear title to their vehicle in the first place. |
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