Car Loan Title

Car Title Loans Provider, Turbo Title Loan, Publishes Informational Resources To Educate Customers

2011-01-28T04:31:00.000-08:00

TurboTitleLoan.com, an industry leader in car equity loans, announces the publication of three new informational resource articles for consumers. All three articles, published through Ezine.com, explain to consumers how car title loans and online title loans can be used to get money.

TurboTitleLoan.com, a leading auto equity loan firm, published three new online educational articles for consumers. The articles explain how car title loans can be used to get money for paying bills and more.

"Equity loans on car titles are one of the quickest ways that people can get the emergency financial help they need, although not everyone knows about them. Online title loans are a resource for all consumers, for people who have great credit and for those who may have some credit issues that they are dealing with," said the marketing manager at TurboTitleLoan.com (http://www.turbotitleloan.com). "The articles we have published are meant to inform consumers about their options and help them understand how much money is available to them."

The first article, '3 Ways To Get Money Quick In A Pinch: Car Title Loans And More,' advises customers about their options for obtaining the money they need quickly. In addition to equity loans on car titles, consumers can also get information on the basics of pay day loans and credit card advances.

'Exploring Auto Title Loans: What They Are And How They Benefit Consumers,' is the second online article now available. In it, consumers learn what title loans are, how to compare cash sources, the terms regarding qualifying and applying for title loans, and the benefits of these types of loans. Some of the benefits include ease of access, lower interest rates, and quick processing.

In order to educate consumers about the auto title loan process, TurboTitleLoan.com has also published a third article titled, 'Title Car Loans: A Look At How Much Money Is Really Available.' A quick course on determining how much money a consumer can expect from using his or her vehicle as collateral, this article also covers topics such as ratios and rates and the security of obtaining a loan online.

According to the marketing manager of TurboTitleLoan.com, "December and January can be extremely difficult for people, financially speaking. With holiday bills mounting, many people will be looking for a way to get important bills paid on time. Car title loans are one thing that consumers can turn to when the economy is tough."

With the publication of these articlesTurboTitleLoan.com is working to educate its customers and other consumers on the basics of auto title loans. The articles are available to everyone on the Ezine.com website.

About TurboTitleLoan.com:
Established in 1999, TurboTitleLoan.com has helped thousands of customers obtain needed cash quickly and conveniently, without the hassle of traditional credit checks. The company emphasizes customers' privacy and financial data security throughout the online application and approval process of car title loans. TurboTitleLoan.com issues online title loans for customers in every state except Arkansas, Maryland, Hawaii and Alaska.

Media Contact:
Marketing Manager
press@turbotitleloan.com
2950 W Chicago Avenue, Suite 307
Chicago, IL 60607
800.513.7960
http://www.turbotitleloan.com

Own a Car with Bad Credit Car Loan Indiana

2010-07-21T07:58:00.000-07:00

Did you ever come across bad credit loans. What are they meant for?

Many people face loan problems due to bad credit or poor credit history. Bad credit is not something to be embarrassed of. Anyone can face a bad credit problem in his or her life. With time and effort one can turn a bad credit rating to a better one. Reasons that persuade credit scores are unpaid bank loans, overdue bills, bankruptcy, credit card and store card balance.

Bad credit loan is organized mainly for such borrowers. Bad credit car loans offer investing to people who can’t get conventional financing. A bad credit car loan becomes a necessity when the needs for a vehicle surpass the need to avoid taking on more debt.

The good news is even people with bad credit can be financed on bad credit car loans. A bad credit car loan is a last opportunity to reconstruct much needed credit status. In order to assure that you get the bad credit car loan on the most pleasing terms, you must investigate the loan market exhaustively. It also has a drawback because submitting loan application to a number of companies will decrease the credit score more.

A good credit score will allow you to get a loan. A good score also will make you eligible for loans that cost you less i.e. loans with lower interest rates. Bad credit car loans can be obtained through auto dealerships, online lenders, and high-risk lenders. Several lending institutions will approve car loans to persons with less-than-perfect credit ratings, but the fees and interest rate on the loans are immoderate.

Those types of loan are available for the people with a credit score of less than 600. Under normal circumstances, such low credit scores happen after a divorce, bankruptcy, or poor financial decisions.

Before choosing for a bad credit car loan, one has to find out the value of the car, and then subtract the amount of money one has from its value. This would help to find out the amount that one has to take up. One must also calculate the monthly amount that has to pay for the bad credit car loan. Also there are other ways to improve the chances of getting bad credit auto financing with an affordable interest rate.

There are plenty ways by which you can get a bad credit car loan even when you have a poor credit. One should have sufficient income to pay up all bills including additional payment for your bad credit car loan, insurance, accessories, repairs and maintenance costs. A steady and sufficient income could get you that bad credit car loan even if you have a bad credit.

Maintaining address for a while can keep bad credit at bay and help in the approval of bad credit car loan. Using a car loan calculator also helps in calculating the estimated monthly payment by entering the price of the car and also any other variables. Car loan calculator will calculate both your indicative repayments and interest rate for a bad credit car loan.

In order to obtain bad credit car loan at a moderate rate one has to repair his or her credit score at once. There are lots of specialized lenders who are proficient at providing bad credit car loan at competitive interest rates by putting your house as collateral.

Large down payment also helps in getting new bad credit car loan. Down payment are normally dependent on the car model one willing to buy. So no matter what your credit score is, if you are interested in driving your own new personal car, bad credit car loans should be your best choice.

It is you who is going to borrow. So plan ahead carefully and maintain a clean repayment so that it can be useful in future for applying to other loans.

Wain Roy is an internet marketing professional expert in various industries like real estate, web design, finance, medical tourism, Canadian pharmacy drug and bad credit car loan

For more information please visit http://smartcarcredit.com/

Article Source: http://EzineArticles.com/?expert=Wain_Roy

How About a Car Title Loan? - 2

2010-04-10T15:49:00.001-07:00

If you have not thought about a car title loan for your emergency needs, then you really should consider learning more about it by searching online. It might sound hard to believe, but the title of your car can actually get you the funds that you need, whether it's to pay bills or for unforeseen occurrences. When you get a loan against your car title, you basically use your proof of ownership as part of the authorization for the loan since the certificate acts as a security blanket for lenders. In other words, it is their collateral.

In order to get this type of loan, all borrowers are required to bring the car, as well as its title for the company to check on. The lender will then make a decision regarding the value of the car and when this has been decided upon, the company will issue a quote for the loan amount. The good thing is that while the loan is in process, you can still use your car. The process of getting a car title loan is quick and easy, but you may need a day or so to attain the documents needed. However, before you can get the said loan, you have to make sure you meet certain requirements that will satisfy a specific lending company. The most common requirements are the following:

>>> Proof of residency
>>> Proof of income
>>> Authentic and valid bank account

Since such loans are normally small, the repayment terms can vary from 14-31 days and for that reason; this kind of loan has a higher interest rate than other loans. Furthermore, when you apply for a loan, the history of your credit will not be taken into account and will not be a determining factor on whether or not you will be approved. The high interest rates associated with a car title loan can be avoided if you search online, as well as in your local financial market before you apply. Compare the different rates and choose the one that is more reasonable as far as repayment is concerned. It does not matter what line of work a borrower is in, he has all the chances of getting this type of loan with the use of a his/her car title.

So whatever your credit score may be, if you need cash and cannot wait for a long period of time, then you should definitely consider this kind of loan. Many have taken advantage of this method, so why not go online and learn more about getting a cash loan for car title today.

If you want to find car title loan lenders, and get some advice before you apply, then you should visit this blog! There, you will find everything there is to know about car title loans.

Get Fast Cash Through a Car Title Loan

2010-04-10T15:47:00.000-07:00

There are times when money is a matter of life and death. No matter how we prepare for financial emergencies, there are simply times that one's savings are not enough to cover the financial cost of an emergency. What one need is just fast cash. Instant loans without the hassle of formalities, which can significantly delay the release of loans, are exactly the main reason why there is such a thing as car title loan.

Most of the time, getting a loan can take days, if not weeks, of processing credit checks and reviews of your credit history among other things. The borrower needs to prepare tons of paper work, especially if the loan is considerably big. That's not the case with a car title loan. This kind of loan is fast, efficient, and completely hassle-free. All you need is an Internet connection to be used during the application and your car.

These are the two requirements needed to get a car title loan. Then again, as with any other loan, one should know how it works to avoid unnecessary problems.

The main collateral here, as the name suggests, is a car. The borrower has to be the owner of the car to qualify for such a loan. This means that the title of the car is on the borrower's name and he or she must be ready to show that title. The better the condition of the car is, the higher the amount of the loan will be. A fraction of the resale value of the car is the amount that one can get from car title loan. Unfortunately, it will be the lender that will determine the value of the car, and normally, he decision will be less than the actual value. Anyway, the thing is that this is business and the lender has the leverage here.

It is also important to know that a car title loan lender overlooks the normal loan processes, but in return, he expects higher profits. This means that the lender takes extra precautions in safeguarding the money, and makes sure that the loan generates more profit. The only consolation for borrowers is that if the loan is paid within the given time as stated in the agreement, no additional interest will be added. It is therefore imperative that one should fully read and understand the agreement before committing to any car title loan. After all, the ownership of the borrower's beloved car is at stake here and once repossessed, the lender has full rights to either lease or resell it to recover the capital.

If you need advice on how to secure a car title loan, you should visit this new blog! The fact of the matter is that you can get a cash loan for car title, but you have to make sure that you repay it in time so that you don't get penalized.

Auto title loan, auto pink slip loan or auto pawn loans against any vehicles can be availed within hours

2010-02-23T14:06:00.000-08:00

Obtaining quick loans against any vehicle has now been simplified by City Loan in Orange County, CA. It will now be possible to get quick loan against your car, while still being authorized to use it. This is probably the only Auto title loan orange county against which you would not have to present your credit history. City Loan empathizes with the problems that common men usually experience in their life due to financial crisis, and they are always eager to help them. Depending on the requirement of an individual, City Loan can give you the cash within 15 minutes.

Being a part of Auto title loans in Orange County and serving some of the major parts of California, City Loan is more than a decade old now. They believe in listening to the needs of their customers and provide them one of the best rates that are possible in current market. They take great pride in being a fair loan provider, and having competitive options for the customers. Not being very critical about the credit history, City Loan helps in planning the future of the customer.

City Loan offers two types of car loans, Title loans, often known as Pink Slip and Storage loans or Auto Pawn loans. With the CA auto title loans, you are allowed to keep the car for driving, and you can avail a loan amount up to 60% of the car’s value. With Auto Pawn loans however, the company offers to store the vehicle at their secure facility, and you will only make payment once you intend to take your car back. For availing any of these loans, you simply need to qualify for the same.

Availing any of these loans isn’t really difficult. You can either choose to fill up the online form or you can call them up to send in an agent to get the procedure done. Their proficient customer service executives will answer to all your queries and will give you the necessary details as well. City Loan has definitely been a great support during the economic downturn and they pose to be the greatest strength of people living in California. They have been with the mass when they needed cash the most.

Contact Information:

City Loan Fast Cash
3431 Cherry Avenue
Long Beach, California 90807

Telephone Numbers
Southern California: 1-800-398-6657 (Toll-Free)
Northern California: 1-888-577-1077 (Toll-Free)

Website: http://www.cityloanfastcash.com/

Car title loans how does it work: How Auto Title Loans Work

2010-01-09T16:11:00.000-08:00

If you own your own automobile, auto title loans can be a source of funds during a cash crunch.

As long as you own the title to your auto free and clear, without any liens against the vehicle, you can qualify for a title loan within minutes. No credit checks are necessary as your auto is used as collateral for the loan. Some lenders also require you to give up a spare set of keys to the auto, in case you default on your loan and they repossess your vehicle.

Title loans are intended for short-term use, with repayment due within anywhere from 14 days to a month of the loan being issued. If you don't have the funds to pay off the loan you'll have to rollover the loan for another payment period. Rollovers are often large interest payments paid to keep a loan from defaulting, with little or none of the principal paid off. If you rollover your loan just a few times you could end up paying many times the amount of the loan in interest and fees alone. Annual percentage rates (APRs) on many title loans are in the triple digits.

For lenders, title loans are a very low financial risk as borrowers often take out loans for far less than the value of their autos. Borrowers can get up to the fair market retail value of their autos with a title loan, however.

Title loans can be a very high financial risk for consumers, especially those who borrow more money than they actually need. One missed payment on a title loan could result in your car being repossessed immediately. If your car is seized in some states, the lender can keep any additional funds generated by selling your car above retail value and you may still be liable for paying back the loan.

Depending on your circumstances, title loans may be a breeze to get a hold of and a nightmare to get rid of.

John Campbell is the writer and editor of CashBuzz, A financial portal with the latest articles on money management and links to online shopping credit cards for people with bad credit. As well as other loan products for the under-served credit market. This article may be reprinted on your Web site if the copyright, author information and active link are included.

Car Title Loans Round Rock, Tx |

2010-01-09T16:10:00.000-08:00

All around Round Rock, TX, among the centers that I contacted personally I preferred this one since I at once was convinced by the offers they were ready to present! I hesitated to obtain loan by pledging against the car, which I considered as a lucky charm! But these people gave me a provision, which enabled me to have the car and drive it around still! Even for the registration the personnel from the company came up to my doorstep and did what they have to do in the best way! I am quite sure that they remain the best and would continue to do so in the time to come!
Andrew Philipp

Car Title Loans Lv Nv | Car Title Loans Nevada

2010-01-09T16:07:00.000-08:00

Barrett-Jackson Auction Company
(480) 668-6255
7400 E Monte Cristo Ave
Scottsdale, NV

Metropolitan Auction Company
(702) 444-6554
2580 W Brooks Ave Ste 110
Las Vegas, NV

Bruce & Associate CPAs & Consultan
(702) 450-4130
3431 E Sunset Rd Ste
Las Vegas, NV

Joseph F. Zerga, Ltd.
(702) 732-2775
3608 E Sunset Rd Ste 110
Las Vegas, NV

Lawrence Nathan Associates
(702)5641200
3037 E Warm Springs Rd Ste 200
Las Vegas, NV

Quantum Collections
(702)6338080
3224 Civic Center Dr
N Las Vegas, NV

David C. Andrews, Ltd.
(702) 212-4272
2450 Chandler Ave Ste 19
Las Vegas, NV

J. W. Enterprises, LLC
(702) 658-9535
4933 W Craig Rd Ste
Las Vegas, NV

American Coin Express II, LLC
(702)5862600
3110 E Sunset Rd Ste E
Las Vegas, NV

AmerAssist
(702)9975446
8415 Pulsar Pl
Columbus, NV

ONLINE ONLY CAR TITLE LOANS | Online Car Title Loans

2010-01-09T16:05:00.000-08:00

Tagged: Bad Credit Car Title Loan, Car Title Loan Company, Car Title Loans, Loan Car Title For Cash
Title Loans are the short-term loans that are secured by the clear title to your vehicle or other titled personal property. This is a 30-day renewable loan where someone else holds the title and the keys but you keep the vehicle. You can borrow up to $2,500 on your car title in which the entire process is fast and easy which usually takes about 20 minutes. However, methods differ from company to company, and the terms may also differ. Shop around to find the best deals.

Companies use car titles to secure the loans. That way, if you default on the loan, the lender gets your car. Most title lenders will only make the loan if you do not owe anything else on the car for people seeking short-term loans. Title loans are offered by companies for different vehicles including cars, trucks, vans, motorcycles, boats and others. An important criterion is that the borrower should have clear title of the vehicle.

Loans are usually set up for a period of 30 days. At the end of that corresponding period of time you can either pay off the loan or you have the option to pay the minimum interest and extend your loan for another 30 days. It makes you to extend as many times as you need to extend. When the loan comes due, you may pay only the interest to extend the loan, or you may pay off the loan, or pay interest plus any amount of principal to reduce your next payment.

Car Title Loans provides detailed information on Bad Credit Car Title Loan, Car Title Loan Company, Car Title Loans, Loan Car Title For Cash and more. Car Title Loans is affiliated with Online Boat Loans [http://www.z-BoatLoans.com].

CAR TITLE LOANS SPRING TX | Car Title Loans Texas

2010-01-09T16:00:00.000-08:00

The following article talks about the process of car title loans tx. With this type of loan, the borrower offers his or her car as collateral and is often asked to provide a spare set of keys when the loan is granted.

Payday loans, also known as cash advance loans, are unsecured loans. The lender trusts the borrower to pay back the money within two weeks. This type of loan is risky for the lender, but that risk is more than offset by the high interest rates charged for the loans, which can easily top 400% on an annualized basis.

A car title loan works differently, however. With this type of loan, the borrower offers his or her car as collateral and is often asked to provide a spare set of keys when the loan is granted. Should he or she default on the loan, the car will be forfeited and sold to repay it. In some states, the lender may sell the car and keep all of the proceeds from the sale, even if they exceed the value of the loan.

With collateral, one would think that the interest rates for such loans would be far less than for payday loans, but that is not the case. Nationally, interest rates for auto title loans average about 300% per year, which hardly makes the loans a bargain. In addition, the loan amounts rarely represent more than a fraction of the value of the vehicle. A loan of even half the vehicle's value would be regarded in the industry as quite generous.

The same sorts of problems that occur with payday loans also happen with title loans. The borrower is often unable to repay on time and must extend the loan by paying an additional fee. Under some circumstances, it is possible for the fees to eventually exceed the value of the loan itself. And unlike other loans, the borrower is under pressure to avoid losing their car.

This type of loan is overwhelmingly weighted in favor of the lender, who will end up with something of far greater value than the loan should the borrower forfeit. Those who have short-term cashflow needs would be well advised to borrow from friends, relatives or a credit card instead.

by Retro Marketing. Charles Essmeier is the owner of Retro Marketing. Retro Marketing, established in 1978, is a firm devoted to informational Websites, including http://www.LemonLawHelp.net, a site devoted to automobile lemon laws.

Catholics Push to Restrict Payday Loans in Iowa

2010-01-07T12:15:00.000-08:00

Iowa Catholic Conference endorses legislative effort to tighten regulation of payday loans
By MIKE GLOVER Associated Press Writer
DES MOINES, Iowa January 5, 2010 (AP)

A legislative effort to tighten regulation of payday loans has received a significant boost with the endorsement of the Iowa Catholic Conference, which on Tuesday called for new restrictions on loans where interest rates can soar to 400 percent.

"We believe these types of interest rates are unjust and should be outlawed," said Tom Chapman, executive director of the Catholic Conference. "Instead of promoting the financial stability of consumers, the system actually creates a financial incentive in the failure of Iowa families rather than their success."

Chapman joined legislative leaders at a news conference to push for tougher regulation of the short-term loans. He urged lawmakers to put a 36 percent ceiling on interest rates charged for such loans.

Lawmakers said they will push for tighter regulation but were unsure if a ceiling on interest rates could be approved.

State Rep. Janet Petersen, D-Des Moines, head of the House Commerce Committee, said she favored efforts to limit the number of loans that can be made to an individual. Sen. Joe Bolkcom, D-Iowa City, head of the Senate Ways and Means Committee, said he would join the effort in the legislative session that begins Monday.

"By limiting the number of loans the payday industry can make to one person, lenders will be forced to take some responsibility for ensuring that Iowans don't end up in a vicious debt cycle," Petersen said.

Bolkcom said the endorsement from the Iowa Catholic Conference adds significant political momentum to an effort to tighten lending regulation, an effort that began last session with new restrictions on car title loans.

"The payday loan industry is our local counterpart to the crooks on Wall Street," said Bolkcom. "I'm glad the Iowa Catholic Conference is calling for reform of this ethical and moral disgrace."

Bolkcom said the state's sluggish economy has added to a growth in the number of such loans. The Iowa Division of Banking indicates that borrowers who user such loans average as many as 12 loans, making the state the nation's leader in the number of loans per consumer.

"I have a constituent who took out a $200 payday loan to cover her child's medical bills and ended up paying $600 back over the next six months," Bolkcom said.

Payday loans involve consumers giving postdated checks to the lender, with the borrower receiving the amount of the loan minus a fee. The lender then holds the check for about two weeks, at which point the money is repaid or the loan is allowed to roll over, with the consumer paying another fee.

"Over the last decade this industry has grown significantly," said Bolkcom. "State law should protect the public from these outrageous practices."

http://abcnews.go.com

Ccash Loan for Car Title

2009-11-03T07:41:00.000-08:00

Everyone runs into a cash flow problem from time to time. If you are in need of a cash advance loan now and you have a paid off vehicle then a Cash Loan for Car Title can meet your needs.

A Cash Loan for Car Title is exactly what it sounds to be. You can get a cash advance loan in exchange for your car title. You get to keep driving your car while using the title as collateral for your cash advance loan.

Borrowing money from banks is another option for getting money. The downside to borrowing from a bank is the long loan processing time it takes to just get a yes. Not only do you have to wait for the yes, but you still don’t have the money you need in your hands. Some bank loans can take up to 48 hours to get approval.

The other obstacle that many face when trying to get a bank loan is passing the credit check. Everyone that needs money does not have excellent credit, and maybe not even descent credit. Most banks require a credit to check to even begin the application process!

A Cash Loan for Car Title is a simple, fast and secure way to get the cash advance you need for whatever unexpected expense you may be experiencing. Our online application process is always fast and you can have your approval within an hour. Virtually anyone can be approved for a cash automobile title loan. All that we require is that you have a paid off vehicle with a clear title, you are at least 18 years old, you make at least $1000 a month of steady verifiable income and that you are a current permanent residence.

We offer easy repayment terms on our Cash Loans for Car Title. There are never any penalties for paying early and you even have the option of extending the terms of your payday loan when it comes due if you are unable to pay it in full.

So if you are in need of a cash advance payday loan start your Cash Loan for Car Title application now! source

Ccar title loan chicago

2009-11-03T07:36:00.000-08:00

Do you live in Chicago?
Are you experiencing an unexpected expense?
Could you use some quick emergency cash advance?

If you answered yes to all of these questions and you have a paid off vehicle then 1 Hour Payday Advance’s Car Title Loan Chicago is the answer to your short term financial needs.

We understand that you may be having some financial troubles right now, especially with the tough economic times. Many of us are living pay check to pay check and that make it extremely hard to prepare for the unexpected. That is why here at 1 Hour Payday Advance we make getting an car title loan in Chicago safe, simple and hassle free.

1 Hour Payday Advance offers its Chicago Car Title Loan customer easy requirements. Virtually anyone in Chicago can be approved for a car title loan. All that we require is that you have a paid off vehicle with a clear title, you are 18 years of age or older and that you make at least $1000 a month of steady verifiable income.

Our Car Title Loan Chicago application process is simple and secure. You can fill out an online application in minutes, press submit and have your title loan approval within an hour. Before you know it your money will be in your hands and your short term financial problem will be solved. We even make repaying your loan convenient with our flexible options. If you cannot pay your title loan in full on the due date we offer you the option of extending the term of your vehicle title loan by simply paying the interest that is due and we never charge a fee for early repayment.

Here at 1 Hour Payday Advance it is our goal to help make your life easier and keep your financial troubles private. There is no need to fight the windy city and make your way to a financial institution when you can get the help you need online from the comfort of your home.

Start your 1 Hour Payday Advance Car Title Loan Chicago application online today! source

BAD CREDIT BORROWERS AND CAR TITLE LOANS

2009-09-27T14:44:00.000-07:00

by Steve Cypher on Wednesday, September 23rd, 2009

A car title loan may be a quick way to raise some needed cash but it could have devastating consequences if the loan cannot be repaid.

MAY THE CONSUMER BEWARE

At Auto Credit Express we feel that an informed consumer is our best customer. When visiting our web site, you’ll find information that describes the bad credit car loan process as well as such valuable tools as an auto loan calculator. We hope that by providing our customers with this information it will help them make an informed decision. There are other types of loan products, however, that aren’t mentioned and one of these is the car title loan

THE CAR TITLE LOAN

Given the current economy, it’s safe to assume that many consumers, frantic for cash, will likely consider taking out a car title loan. But what, exactly, is a title loan?

Car title loans are short term personal loans that are secured by the title to your vehicle. They are designed to appeal to consumers who need cash quickly and have no other source for funds. In order to qualify for this type of loan, the vehicle must have a clear title (one that is paid off and is not being financed). Typical loan amounts are based upon the value of the car (usually with a maximum amount based on 50% to 55% of the vehicle’s book value), while the duration of the loan is usually 30 days. Interest rates, although regulated by the states, average about 25% (according to a 2005 study done by The Consumer Federation of America). In addition, the loan company usually charges an origination fee. Many of the storefront locations these companies operate out of also offer check cashing services and, in some cases, pawn loans.

LOAN SCENARIO

As an example, let’s look at a $1500 car title loan. Once you furnish the loan company with your free and clear car title as well as an extra set of (if you default on the loan, the car is theirs – regardless of how much it’s worth), you’re given the loan amount less the $15 origination fee. You sign the loan agreement that states you’ll pay them $375 in interest (25%) plus the $1500 in principal in 30 days. If you don’t have the entire amount in 30 days (the entire amount is due and partial payments aren’t accepted), the loan company will allow you to roll over the loan for another 30 days, provided you pay them the interest amount. Most states will allow this type of rollover to occur at least three times.

The true cost

Taking a look at the loan, if you ended up rolling over the loan twice, for a total of 3 months, it would look like this:

1. $15.00 origination fee
2. $1125.00 interest charges

The total comes to $1140.00 in interest and fees to borrow $1500.00. This equates to an annual rate of 75%. And while this may seem bad enough, the consequences of not paying the loan are even worse – losing your ability to commute to work and earn an income.

THE BOTTOM LINE

At Auto Credit Express, we believe that before you consider a car title loan, you should do your research and determine if you can afford the risk involved. This type of lending is generally considered to be predatory and should be avoided by most consumers – especially those who purchased their car with a bad credit car loan and are just now getting back on their feet. Think carefully about signing any document that could cost you a very high interest rate as well as the possibility of the loss of your only means of transportation.

Impossible Real Estate Investment Loans

2009-08-26T09:31:00.000-07:00

It seems as though everywhere you turn some newspaper or economist is announcing the end of the recession. While this may be true theoretically, little has changed as far as the literal economy goes. Recently, John O'Bryan (vice-chairman of real estate giant CB Richard Ellis) announced that while things may appear optimistic, the investment real estate game isn't picking up any speed.

In fact, CB Richard Ellis believes that the "global recessionary impact on the commercial real estate market has yet to run its course." Commercial real estate investments are simply at a standstill due to various factors, most of which are directly linked to the recent lending crisis.

Simply put, "the credit crisis and ensuing recession have dragged commercial real estate markets into very trying times... (Reuters)." Even if potential investors were interested in new commercial real estate ventures, the likelihood that lenders would consider approving new investment loans is slim to none.

Instead, lenders are holding onto their money as tightly as they have been since the recession began. Is the recession truly over? Not from a commercial real estate investment point of view. Some may even argue that the investment recession has just begun. Until lenders are willing (and able) to begin lending investors funds once again, there isn't much hope for the commercial real estate investment market.

Or is there? As some investors have recently begun to find out, there may be a way to gain investment dollars after all. Private lenders are now stepping in to pick up where traditional lenders have left off. With little more than an owned vehicle, lenders are able to secure the funds that they need to invest in commercial real estate.

Through the use of Car Title Loans, investors can quickly and efficiently gain needed monies. These loans only require that an investor owns a vehicle in good working condition. The better the vehicle in question is, the more money that a lender can secure.

While there's no doubt that the traditional lending route has hit all kinds of roadblocks, private lenders are ready and willing to create alternate ways for lenders to gain funding. No matter what newscasters and economists are saying, the economy is far from fixed.

Investing in commercial real estate is a great way to ensure that your money grows, just don't wait around for traditional lenders to start approving loan applications once again. Instead, look into a private loan and lockdown your commercial investment read more

Illinois conducts statewide sweep to enforce title loan regulations

2009-08-03T10:25:00.000-07:00

Fifteen examiners from the Illinois Department of Financial and Professional Regulation and the Department’s Acting Secretary, Brent Adams, spread out across the state of Illinois to examine the loan records of customers borrowing money against the value of their personal vehicles. The new rules are intended to reduce the likelihood that a customer will default on his or her loan and have their car repossessed, and establish a database to prevent borrowers from being forced to take out additional loans to repay outstanding balances.

“Passing a law is only the first step toward protecting consumers from predatory lenders. The next step is to ensure that both the letter and the intent of the law are being followed,” said Acting Secretary Brent Adams, when he ordered the compliance check. “Families struggling to keep up with loan payments deserve to know that Illinois lenders are following the rules.”

The examiners will visit title lenders and review randomly selected loan files opened after April 1, 2009, when the new rules took effect. The files will be audited to make sure that:

-The principal amount of a title loan cannot exceed $4,000 and that the loan payments do not exceed 50 percent of the borrower’s gross monthly income.
-There are no balloon payments; title loans must be repayable in substantially equal installments.
-Each loan agreement includes a signed statement by the borrower attesting that they have not had an outstanding title-secured loan within the preceding 15 days.
-Any notice of delinquency or default sent or given to the consumer contained the Department’s hotline telephone number.
-No cars have been repossessed and leased back to the consumer.

Once the compliance sweep is completed, the Department will carefully review the findings and conduct in-depth investigations of any companies that fail to comply with read more

Virginia considering regulating car title loans

2009-07-06T13:56:00.000-07:00

Virginia is considering putting the brakes on the repo man, but there's disagreement on how to do it.

A General Assembly panel yesterday opened hearings on a possible clampdown on car-title loans, under which borrowers -- often with poor credit histories -- use their cars as collateral and lose them if they fail to repay.

The industry, which typically charges 300 percent to 350 percent in annual interest, operates in Virginia with few restrictions.

Through a vast corps of lobbyists and $1.1 million in contributions to legislators since 2002, lenders are pressing for restrictions that won't threaten profits.

Dewey B. Morris of Richmond, a lawyer who specializes in consumer finance and represents four car-title lenders, said firms don't want borrowers' vehicles.

Often they are of little value, because owners won't maintain them if they anticipate ducking a loan, he said.

One of Morris' clients, Community Loans of America, repossesses cars and trucks on only 5 percent of failed loans. Morris said two in 10 loans default.

Jay Speer, a lawyer for the Virginia Poverty Law Center, said car-title lenders should operate under a law restricting interest on consumer loans to 36 percent.

Growing concern about the impact on the work force of high-cost loans, such as car-title and payday loans, has even prompted Virginia government to offer alternatives to its employees.

The state expects to announce next month an emergency-loan program under which workers could borrow small sums at low rates.

Seventeen states regulate cartitle loans; 24 states and the District of Columbia ban them or limit interest rates to those allowed on consumer loans.

Virginia car-title lenders believe a Tennessee statute could be model for a law here. In place since 2005, the Tennessee law limits loans to $2,500 but requires an upfront fee based on 20 percent of the loan and allows modest reductions in principal after the loan is renewed a third time.

The downturn and restrictions this year have cut deeply into payday lenders' profits, forcing them to offer pricier alternatives. Contact Jeff

jschapiro@timesdispatch.com

Title loans: The best loan alternative incase of a financial emergency

2009-06-12T15:13:00.000-07:00

Title loans: The best loan alternative incase of a financial emergency

Another financial setback has just occurred unexpectedly and it is becoming exceedingly difficult to keep up with all the expenses that are cropping up at the most inappropriate time of the month. You rush to some of your friends and family members only to come back empty handed, yet the financial hurdle must be tackled quickly.

So, where else do you rush to? you ask your self’s. This is a sort of a financial dilemma that occurs to most of us at one time in our lives and it demands an immediate solution. Luckily the financial market has come up with a solution for this sort of a problem in the name of title loans. Furthermore, it doesn’t matter about your credit worthiness, the loan will be availed as long as you have a valid car title.

Title loans provide the borrower with the much needed funds for them to get out of the difficult financial problems that have just compromised their financial world. There are numerous title loans that can be availed by the lenders to the borrower. In fact, these loans are similar to payday loans in that they are offered for a short duration of time. The duration range is 14 days with an option of extending the repayment to a month. The only difference between these loans and payday loans, is that, the applicant must provide proof that there are the owners of the car they are pledging as the collateral.

The common features about these types of loans are as follows:

* The applicant keeps driving irrespective of having pledged their vehicle as the security for securing the loan. This is as long as the borrower doesn’t default on their loan repayments, otherwise the car can be repossessed by the lender to cover the loan costs.
* Title loans approval is quick and easy. The fact is, all you have to do is to drive to the nearest financial office with the title papers and a proof of residence for the loan to be processed. Furthermore you can fax in the required documents by the use of your fax machine for the loan to be approved. Within hours you will receive 50% of the retail value of your car.
* The vehicle title is your credit meaning that even if your credit score is poor, you will still be advanced with the required loan amounts. www.bestsyndication.com

Bad Credit Auto Loan.

2009-05-13T15:02:00.000-07:00

California Auto Loans offers free online auto loan application bad credit auto loan california Our California auto loan program includes bad credit auto loans. Web2Carz - Your reliable bad credit car loan source. and now I am fixing my bad credit" - Karen, CA "Finally someone that caresFL "Thanks. E-LOAN offers high rates on Savings Accounts & Certificates of Deposit. Home refinance, lines of credit, car and student loans are offered through our lending partners.

Get Approved for a Bad Credit Auto Loan today. Even with my bankruptcy I got an auto loan thank you" - Sam, Los Angeles, CA ". Auto Loan Calculator. Bad Credit Loan. Buy a Car vs. Leasing. Credit Report. car loans bad credit california Understanding Credit Score.

Car Loan Online. Auto Dealer. Sitemap. Auto Finance and Refinance for Bad Credit Tags: Insurance California. Car Loan BAD CREDIT? collegeguy852001 asked: Hello Everyone,. Please enable JavaScript before filling out this form. www.bad-credit-auto-lending.com bad-credit-auto-lenders.com. Terms Of Use | Site Map. Got a Job?

Bad Credit Auto Loans and Online Car Financing for people with credit problems, after bankruptcy, poor, slow or no credit in Vista, California. P. Capital Auto Loan California. Good and bad credit car loans for CA residents. Auto Loan California, Bad Credit Auto Loan California. APPLY HERE. Alameda. Alhambra. california auto loan

W. L. Free car loan application for any credit history. Indianapolis, IN, San Francisco, CA, Jacksonville, FL, Columbus, OH, Milwaukee,. I. Bad credit no credit good credit car loans in Washington. serve car loans: Alabama Alaska Arizona Arkansas California Colorado Connecticut. W. A wide variety of car car loans almeda loan programs available for all credit types! No Credit OK! Bad credit OK! 50 states including California, New York, Washington,. CarCredit.com can get you approved for car loans even if you have bad credit. Your bad credit history is no longer an obstacle in obtaining car loans. UsedCarSale.com can also assist those folks in California who need a car loan. California Car Loans For Those With Bad Credit Or No Credit.

Best Auto Loan. Re-establish your credit today! vehicle loan you can imagine plus you will receive the best interest rate you qualify for. Loan amount. Total amount of your auto loan. CA, MI or VA a subsidiary of Anchor BanCorp Wisconsin, Inc., a Wisconsin corporation. Auto Loan Calculator. 800LoanMart offers instant local car title loan, auto title loan, vehicle title loan. Call 800-562-6627 or apply online car title loan.

Everybody needs a great car. We want to help you with your California auto loans. we want to go beyond California auto loans and offer you advice as well. California Used Cars. Search California used car dealer prices and values, or get an auto loan or refinance quote consider California Auto Loan Refinancing. We are updating our website!

Please feel free to keep checking for our New Inventory Section! California Auto Loan - Bad Credit Auto Loan, Car Loans - Bad Credit Car Loans, car dealer locator, free credit report, classifieds, or bad credit auto loan. Discover bad credit loans California refinance, used cars California and California car loans here. Learn about California auto loans information from the pro's. bad credit auto loan san diego

B. South Carolina: sources for credit cards, loans, merchant accounts, debt help, and credit reports Alcolu :: Allendale :: Allsbrook :: Almeda :: Alvin. Get information on finding a car loan in Norman. 1317 Almeda, Norman, OK. 2600 West Robinson, Norman, OK. Intrust Bank, National Association. We can teach you where to get a car loan instantly. 12053 W. Almeda Parkway, Lakewood, CO. 1545 South Kipling, Lakewood, CO. Property Financing Discussions - Secound Car Loans then you use the car loans almeda payday loans payday loan payday loan online. You are here. AGPG / car loans almeda. car loans almeda. Profile.

Forum posts. Blog emma watson fake naked. blood on satan's claw. big and tall santa shirt. Mixx has popular car stories from around the web. car loans almeda. Post a comment. Share.

Downsizing your ride saves big money. view story. Financial FAQ - Car Titles Loans In Rosenberg Texas auto loans houston checkcashers of texas merchant verified almeda rd houston tx. COMPLETENESS Management's » Forum Post by saderla » COMPLETENESS car loans almeda pinewood derby cars bad credit car laon texas avis car rental. Car loans bad credit personal loans may be breathing to bomb up our vulture-like objectors beyond Almeda carry piercing, still the car loans bad credit personal.

Car Title Loans - Get More Out of Your Car Value

2009-04-30T07:54:00.000-07:00

If you are looking for a fast and quick access for a loan, auto title loan also termed as auto pawn or pink slip or simply title loan can be the best option. Just as the name suggests, the loan is given on the clear title of your automobile whether it is truck, van, car or suv and the loan amount is decided on the basis of your vehicle value. This is a short-term loan, which usually limits to not more than 30 days. However, it can be rolled over up to six months if you wish to postpone the payments on the loan. Thus it offers flexibility with security to both lender and borrower.

It can be an excellent way for the people having not so perfect credit. As most of the lenders refuse to lend if a borrower have low credit score due to the risk of defaulting while offering any other type of unsecured loans. However, car title loans through sub-prime lenders can help bad credit borrowers to secure car loan at comparatively lower rates than market, especially at the time of emergency.

Hence, you can secure an auto title loan even with bad credit, no credit or bankruptcy as this loan is primarily based on the title of your vehicle and not on your credit history. As the lender has sufficient collateral to cover their costs in case of default.

Opting for car title loans online gives a chance to every individual including the people with poor credit to get finance while ease of applying from home with security and the benefit of rate comparison. In addition to that, if an individual is having clear title on his car, it becomes even easier to get approved for an auto title loans. You can simply walk out with the loan amount in hand in less than 48 hours after filling the application while improving your credit rating. Apply now to access equity in your vehicle without worrying about credit score.
www.talk.sheknows.com

What is an Anticipated Tax Refund Loan? Car Title Loans - Tax Refund Loans.

2009-04-21T16:24:00.000-07:00

One of the many dangers with obtaining an anticipated tax refund loan is that the lender may intentionally increase the expected income tax refund amount in order to increase the amount of fees they charge. This creates problems for the consumer when their expected income tax refund they actually receive is less than anticipated since the lender has already contracted for and deducted their fees from the consumers income tax refund. Additionally, this puts the consumer at risk of being audited by the IRS for filing an incorrect income tax return. These and other risks are reasons the government is considering legislation to restrict anticipated tax refund loans because they promote fraudulent activities.

A Car Title Loan is an Excellent Alternative
Annually many Americans find themselves needing their income tax refund now causing them to obtain an anticipated tax refund loan as a quick and simple method to get their tax refund quicker. Anticipated tax refund loans are essentially a short term payday loan made against their anticipated income tax refund. The consumer typically applies for an anticipated tax refund loan through a company that prepares tax returns. The anticipated tax refund loan amount is determined by the expected amount of their tax refund.

Tammy Wood
Title Loan Expert / Customer Service
Smart Choice Title Loans
http://www.smartchoicetitleloans.com
Smart Choice Title Loans provides car title loans in the South Carolina area.
Office Locations: Greenville, Greer, Columbia, Lexington and Rock Hill

Though anticipated tax refund loans may sound like a quick and easy way to obtain your income tax refund sooner, obtaining a car title loan from a title lender provides you greater benefits. Most title lenders will discloses all of their rates and fees up front. There is no leaving it up to a third party to calculate what your income tax refund will be. Thereby reducing the opportunity for higher and unnecessary fees being charged to you, putting more money in your pocket, and the chance of a false income tax return being filed, increasing your risk of being audited by the IRS.

No Credit Check Car Title Loan

2009-04-13T17:12:00.000-07:00

If you are looking for a fast and quick access for a car financing, auto title loan program also termed as auto pawn or pink slip or simply title loan can be the best option. Just as the name suggests, the loan is given on the clear title of your car and the loan amount is deceided on the basis of your car value. This is a short-term loan, which usually limits to not more than 30 days. However, it can be rolled over upto six months if you wish to postponed the payments on the loan. Thus it offers felxibility with security to both lender and borrower.

Most of the lenders refuse to lend if a borrower have low credit score due to the risk of defaulting while offering any other type of unsecured loans. However, car title loans through subprime lenders can help bad credit borrowers to secure car loan at comparatively lower rates than market, especially at the time of emergency. Hence, having bad credit, no credit or bankruptcy does not disqualify you for a vehicle title loan as this loan is primarily based on the title of your vehicle and so no credit check is required. Moreover the lender has sufficient collateral to cover their costs in case of default.

Car title loan program with its online presence gives a chance to every individual include the people with poor credit to get finance while ease of applying from home with our secure online application form. Our team of auto finance specialist can help getting loan that fits your income and requirement. As auto pawn loans based on the value of a your automobile, we can also offer you loan on truck, van, suv, etc. Our nationwide network of lenders can help you get possible lower monthly payments than in the market without any prepayment panelties. Apply now automobile loan to access equity in your vehicle without worrying about credit score.

Oregon Car Title Loans Online

2009-03-30T10:55:00.000-07:00

Oregon Car Title Loans Online Offer a Fast Solution for Unexpected Medical Bills
As the current economy leaves more and more families struggling to make ends meet, Oregon car title loans online are a fast and viable solution to cover emergency medical bills and high insurance deductibles for those without access to credit cards or traditional financing options.

For cash-strapped families without access to credit cards, Oregon car title loans are an easy way to finance medical bills in the case of an emergency.

Oregon title loans through Wilshire Consumer Credit are loans based on the amount of equity (or ownership) a person has in their car. Additionally, Oregon title loans are open to consumers with bad or no credit, as a clear title is the main thing a person needs to qualify.

"Unfortunately, people don’t choose to get sick," says Wilshire Consumer Credit Vice President Bernie Delaney. "In the case of something like emergency dental work, dentists expect at least some form of payment upfront—and Oregon car title loans are a way to satisfy that debt for people without access to credit cards."

Oregon title loans are obtained by visiting WCC’s lending site, 123fundme.com. The applicant will then be asked to complete the following 3 step process:

Step 1: Tell 123FundMe.com about your car
Step 2: Tell 123FundMe.com about yourself
Step 3: Verify your information and transmit

In as little as 5 minutes, applicants can be transferred to a loan specialist to discuss matters, such as, repayment terms and interest rates.

“We realize the urgent nature of a medical emergency – that’s why we’ve made the application process as quick and thoughtless as possible,” adds Delaney.

Oregon title loans can be used to cover a variety of unexpected expenses, for example, medical procedures, emergency dental work, health insurance deductibles, and emergency doctor’s office visits.
For further information about Oregon car title loans online, potential applicants should visit 123FundMe.com.

About Wilshire Consumer Credit:
At Wilshire Consumer Credit, our goal is to provide businesses with the ability to offer more loan options for their customers. Our automotive Title-Loan Program compliments your current loan options by providing higher-limit loans to customers with valid titles to their vehicles.

With the backing of one of the largest independent auto finance companies, Westlake Financial Services, you can expect rock-solid reliability and top-of-the-line service and support.

Disclosures: Minimum loan amount $2,510. Loans made pursuant to the Oregon Consumer Finance Act.

See the original story at: http://www.prweb.com/releases/title/loans/prweb2278054.htm

Arlington Kia's closing leaves a trail of unmet promises

2009-03-23T11:23:00.000-07:00

Charles and DeLilah DeBolt walked out of the Classic Kia auto dealership in south Arlington on Oct. 31, happy owners of a 2009 Kia Spectra financed by a loan from Compass Bank.

At least, they thought they were owners of a new car.

Five months later, the DeBolts don’t have a permanent license, tags or title to the car. They’re making loan payments to Compass Bank, which doesn’t have a clear lien to secure its loan, and the DeBolts are being hounded by another lender to make payments on the car they traded in.

Charles, a 76-year-old retiree who prefers to be called by his middle name, Bob, said the "experience has been very unsettling to us."

The DeBolts’ situation isn’t unique. When Classic Kia folded in mid-November, it left a tangled mess. Buyers and lenders don’t have titles because the dealership did not file the correct paperwork. Extended warranties may not be good, because the dealership apparently didn’t fork over customers’ money to the provider.

The dealership, which has not filed for bankruptcy, owes a big pot of unpaid taxes and fees to the state and county. "It’s not a pretty situation," said Betsy Price, Tarrant County tax assessor/collector, whose staff has been trying to collect money the dealership owes and help car buyers get their vehicles legally licensed.

Neither the dealership’s principal owner, Bradford Potts of Arlington, nor the Grapevine lawyer who represented him and the dealership, Gary Hach, returned telephone calls from the Star-Telegram seeking comment.

When the dealership closed, it left at least 223 car buyers and their lenders with title problems, Price said. She estimates that the dealership owed $250,000 to $300,000 in sales taxes and licensing fees to the state and county.

Price said her office, working with the state and with some cooperation from Manheim Automotive Financial Services, has been able to issue clear titles to about 100 people who bought cars from Classic Kia.

But titles to the others are in limbo while Price’s office tries to obtain the sale and title documents the dealership should have submitted.

The Tarrant County district attorney’s office is investigating Classic Kia and Potts to see whether any laws were broken.

"We’ve got a bunch of complaints," said Joe Shannon, chief of the economic crimes unit. "Whether it will turn into a criminal matter or not I can’t say at this point." read more

How NOT to divorce your car

2009-03-20T10:43:00.000-07:00

By Tom Ripley, Studio One Networks

Let's say for the sake of argument that you have a big, gas-guzzling, late-model SUV sitting in your driveway. Then, let's say that the company where you work has cut back your hours by 25 percent and that your spouse has job worries, too. As the final straw, let's say that your still-shiny SUV is worth several thousand dollars less than you owe on the auto loan you pay every month. With all this rolling around in your mind, is it any wonder that you might say to yourself, "Hey, I'd be better off if somebody stole this thing." Of course, you can't send for a thief, but many cash-strapped consumers are essentially doing it themselves by ditching their car in locales where they might be stolen, damaged or just "disappear." Some are even trying to seal the deal by setting fire to their former pride and joy.

The practice has become so widespread that many states are on the lookout for this criminal activity. For example, the Alabama Department of Revenue just launched its Abandoned Vehicle Information Service, which allows subscribers to locate Alabama title and registration information on abandoned vehicles that are becoming ever more prevalent. The information can be used to contact the title holder of the vehicle to inform them of their automobile's location. (It should be noted here that with a financed vehicle, the titleholder is not the driver but instead the financial institution that holds "the paper" on the loan.) The new database also includes current and pending lien holder information as well as any pending title applications.

"This new service will save time and money," said Lynn Hurst, the president of the Alabama Towing and Recovery Association and owner of Hurst Towing and Recovery in Birmingham, Ala. "A traditional abandoned vehicle request could take 14 to 20 days, where the new online application produces instant results, allowing users to get the proper information to the public faster."

The abandoned vehicle trend is, of course, not limited to Alabama. Across the country, with the current economic fortunes tumbling, consumers are resorting to desperate measures in an attempt to find some economic peace of mind. What they might find instead is a jail sentence. Many of these incidents amount to insurance fraud, and both law enforcement and private insurance investigators are quick to pounce.

A recent article by James Quiggle, director of communications for the Coalition Against Insurance Fraud, noted that "vehicle giveups" -- as these incidents are termed in the insurance industry -- are growing across the country, generally in response to bad times. The efforts to ditch their unwanted cars or trucks are as varied as murder plots in which one spouse attempts to exchange the life of the other for cash and/or valuable prizes. For instance, as Hurricane Gustav roared in on Mississippi in late August of last year, dozens of vehicles were "suspiciously abandoned" at beaches, piers and other low-lying areas close to its path. In Fresno County, Calif., police uncovered a ring that allegedly stole and torched vehicles for hire. And a vehicle was recently found at the bottom of Lake Erie with a rock tied to its accelerator. Hmmmm.

The list goes on and on, but the takeaway on "giveups" should be that it is illegal, your insurance company will immediately become suspicious, and the price you pay for committing this crime will be far higher than the amount of money you have left on a loan. Here's some simple but good advice: If you can't make your car payment, go to your lender and seek relief. There is a good chance they'd prefer that you keep your car on an adjusted payment schedule rather than they get it back. Even if you take a financial bath, it's better than going to the big house, where you might be afraid to pick up the soap.

source

Local lawmaker going after payday lending

2009-03-17T10:10:00.000-07:00

By Hatzel Vela bio | email

CHARLESTON, SC (WCSC) - A local lawmaker is hoping a Senate bill will crack down on what he called a predatory industry.

State Senator Robert Ford supports a proposed Senate bill that will limit the amount of money people can borrow to 25% of their gross paycheck.

Borrowers would also have to pay off their first loan and wait seven days before getting a second loan.

The payday lending industry feels they're being pushed out of the state.

But Windell Shackleford said the state should regulate the industry.

Spokesman for Advance America Jamie Fulmer said the House is already trying to pass a bill that addresses consumer issues, while allowing people to make their own financial decision.

"The bill also mandates an extended payment plan for consumers who cannot repay their loans on time. There would be no additional fees for this service," said Fulmer in a statement.

Less than 3 percent of Advance America's customers do not repay their loans, he added.

Shackleford felt betrayed by the industry. He says he's an Iraqi veteran who fell on hard times emotionally and financially so he was forced to live in his car.

He used his car's title to borrow $700 in September 2008. Months later, Shackleford felt behind on his payments, so he tried to get another loan to pay for the first one.

Instead, Shackleford said he was tricked. His car was taken right as he was taking out the second loan.

"They want these people to be going from payday to payday to payday loans, borrowing this money [they] cannot pay back, but paying those high interest rates in the mean time," Ford said. "We don't want to run them out of town, we want to regulate them."

"We are desperate," said Shackleford. "We don't really know what we get ourselves into because of finance difficulties. We grab anything."

Windell thinks he'll likely lose his car. source

Car Title Loans Give the Chance to Get a Wad of Cash

2009-03-15T10:44:00.000-07:00

Car title loans work differently for those borrowers who offer their cars as collateral. This is often asked to provide a spare set of keys when the loan is granted. If he or she defaults on the loan, the car would be forfeited and sold to repay it. In some states, the lender may sell the car and keep all of the proceeds from the sale, even if they exceed the value of the loan.

In the meantime, you are able secure the privilege of a wad of cash that ranges from £100 to £1,500. This sum is repaid well by the time of its maturity. While, the maturity of the loan repayment is stipulated in a time-scale that depends entirely on your personal profile and repaying capability, yet possibility is still there to rollover the repayment simply by paying the incurred interest on the principal amount.

Generally, one would think that the interest rates for such loans would be far less than the other payday loans. But it is not so. The interest rates for car title loans average goes up to 300% per year, which hardly makes the loans a bargain. In addition, the loan amounts rarely represent more than a fraction of the value of the vehicle. The loan is even half the value of the title vehicle you place.

As the problems occur with other payday loans, it happens with car title loans also. The borrower is often unable to repay on time, so he or she has to extend the loan by paying an additional fee. In some cases, it may possible that the fees to eventually exceed the value of the loan itself. Unlike other loans, the borrowers are under pressure to avoid losing their car.
Car title loans are overwhelmingly weighted in favor of the lender, who would end up with something of far greater value than the actual loan amount the borrower forfeits. Those who have short-term needs are given advised to borrow from friends, relatives or a credit card instead, but that is not always viable.

Quarters of lenders who offer their provisions at respective terms and conditions can be found in the money market. You can collate some of the loan quotes to compare them. By comparing them together, you would be able to cull out the best possible one.

Thomas Mark is advisor of title car loan, online title loan, online title loan and motorcycle title loans. For more information visit: http://www.motorcycleautocartitleloans.com

Title loan car values

2009-03-04T06:31:00.002-08:00

Car Title Loans Online - Determine Your Car's Value Before You Apply For One

When you need to surge through a financial crisis or emergency and you have bad credit your best option is to consider car title loans. Online approval for title loans is usually easy to get and these loans are better because they are secured loans with so they have lower interest rates than unsecured loans. All you need is a pink slip, and you can use your vehicle as collateral for the loan.

If you default on your payments and the loan becomes delinquent, the lender will take steps to repossess your car and sell it as quickly as possible to recover their debt. But in order to borrow the maximum amount possible, you need to know how much auto equity you hold. So how do you get an accurate evaluation for your vehicle?

How Lenders Determine The Value Of Your Car? You need to first understand how lenders will evaluate your vehicle's value, when applying for title loans online. The major factors that lender's consider, include:

* Vehicle make and model: This factor gives a lender an estimation of it's reliability and safety. Models and brands that are popularly considered more reliable and safe have better resale value than others.

* Vehicle popularity & scarcity: A model or brand of vehicles that is popular in the used car market, and not as easily available to potential buyers will have higher resale value. Should the lender be forced to repossess and sell it, they will make a bigger profit from such models.

* Automobile history: If your auto was salvaged or damaged in a accident, the damage it sustained will have make it difficult to sell and will decrease its resale value. Lenders will not be willing to pay as much for damaged cars as for almost-new ones.

* Mileage & Age: How old your automobile is and how long it was driven are also factors that impact its worth. The more the mileage, the less it will be worth to the lender.

* Vehicle Condition: Cars that have been maintained well will command higher resale prices, for obvious reasons.

* Upgrades & options: Interior upgrades, new tires and other manufacturer upgrades that you paid for will all make your automobile more valuable in the resale market.

* Vehicle location: Sometimes an automobile can be less or more valuable depending on where it is sold, especially if it was customized or built for specific terrain or certain weather conditions. For instance, a 4x4 outfitted for snow is much more valuable in a snow-bound area such as Michigan, than in a tropical region like Miami or New Mexico.

Another number you need to factor into your calculations is the wholesale value (or trade-in value) of your automobile. Lenders will calculate this value when determining how much they are willing to lend you.

A popular online research tool that is recommended for checking used car prices is the Kelley Blue Book. This online resource lets you input all the details about your vehicle and helps you calculate the precise market value a specific model or make. When using the Kelley Blue Book, don't leave out any details while describing your automobile. Include all upgrades or features you've added such as interior packages, sound systems and tires. These can greatly increase the value.

You need to provide all the information you have about your automobile online, so you can get an accurate evaluation. Performing this calculation online will help you estimate your automobile's value accurately and help you borrow the maximum amount possible on equity loans and car title loans online.

Because the lender has to spend money to repossess and sell the automobile should you default on loan payments, lenders will always offer you much less than your car's actual value to ensure that they will recover at least the cost as collateral.

Your lender should be willing to loan you from 25 to 50 percent of the wholesale value of the automobile you are offering as collateral. However, you should know that no matter how much your car is worth, some lenders will only lend you a fixed amount of money. If that is not acceptable to you, look for a one who is willing to offer you a percentage of your car's worth.

Assess the value of your used car and apply for car title loans online with resources and tools offered by a reputed lender. Visit http://www.123fundme.com to determine how much you qualify to borrow. Learn if you're approved in just a few minutes.

Phoenix car title loa

2009-03-04T06:31:00.001-08:00

MaxCashTitleLoans.com is your one stop website for Auto Title Loans in Phoenix. Perfect bad credit or no credit car loans. Its as easy as filling out the online application and waiting for a call that day. We have a friendly staff that will be hap... http://maxcashtitleloans.com/blog/auto...

Car Equity Loans: How To Understand Variable Company Policies

2009-03-04T06:28:00.000-08:00

An equity car loan is a debt instrument that allows you to borrow cash by using your car's equity as collateral. The two most important factors in determining how much cash you can borrow against your vehicle title are the wholesale value of a car and the lending company that you choose.

Within the title loan industry, most lenders will only lend up to a certain percentage of the car's value in cash. This is because they need to cover the cost of repossession and sale of the vehicle in case you default on the payments. You should determine the value of your car using online resources such as Kelly's Blue Book, so that you can get the maximum loan amount for your vehicle.

There are thousands of different lending companies throughout the country. These lenders differ between the policies that determine how much a borrower can receive. Usually lenders will approve an amount close 50 percent of the value of their vehicle.

Some set a limit at approving 25 percent to 33 percent, while a few lenders will approve up to 100 percent. It is very risky for the lender to grant a title loan for 100 percent of a car's value, and you need to know that they will pass on some of that risk to you in the form of even higher interest rates and fees.

Car equity loans are not usually recommended by consumer groups because of their higher interest rates and restrictive contracts used by some lending companies. If you do not read the fine print or use these loans responsibly, you can get into a debt trap that is hard to break out of.

Before you sign on the dotted line, read the agreement carefully and check the legal disclosures section to understand the interest rates, terms, additional fees, and the impact that all these charges will have on your personal finances.

Learn what happens at the end of the term. If you are not paying a percentage of the principal with every installment, you may still owe the entire amount you borrowed even after the term is over and have to pay a balloon payment or rollover the debt into a new agreement with higher interest rates.

Multiple rollovers can result in you paying triple-digit interest rates that increase the risk of you defaulting on payments and losing your vehicle. Read the agreement to find out how much you need to pay and when.

You should make payments strictly on schedule and without fail. Some loan contracts allow the lender to repossess the vehicle immediately in the case of a borrower missing a payment. Lenders will use all sorts of ways to safeguard their investment, ranging from adding "good intention" clauses to your agreement to ensure that you do not file for bankruptcy and intend to make your payments regularly.

They may ask that you give them a duplicate set of keys so they can repossess the car, if necessary, although this is prohibited in states like Oregon. Some lenders may go so far as to install a GPS system to track down and turn off the car when they need to repossess it. Some loan agreements will contain clauses that prevent you from taking legal action should your car be repossessed.

Equity car loan companies are not doing you a favor by offering you equity loans. They are profitable enterprises that are providing you a service. Be careful of companies that do not have your best interest at heart. Understand your rights as a consumer and exercise them.

Need competitive interest terms and flexible repayments for an equity car loan? Financers will modify the loan agreement terms and create a schedule that fits your needs. Get quick approval and cash delivery when you apply at www.123fundme.com.

Title Loans Medford Oregon.

2009-02-16T12:31:00.000-08:00

Northwest Title Loans in Medford, Oregon (or)

Name: Northwest Title Loans
Street: 1244 South Riverside Avenue
Medford, or 97501-7848
Phone: (541) 774-1790
----------------------------
www.merchantcircle.com
Northwest Title Loans
1244 S Riverside Ave
Medford, OR 97501
541-774-1790

Auto title loans in NH - Car Title Loans Could Go Down With Payday Loans In NH

2009-02-16T12:25:00.001-08:00

If New Hampshire’s state Senate votes to move forward with a crippling interest rate cap on small personal loan transactions, the payday loan industry will not be the only one to suffer. Car title loans, brethren to fast cash loans in the “alternative credit products” family, would also be fatally restricted under the limitation. These controversial products, which involve utilizing an auto title as collateral on a small personal loan, are quite expensive – some say by a lot.

The House of Representatives voted overwhelmingly in favor of a thirty-six percent cap on annualized interest rates. Currently, car title lenders and cash advance lenders alike charge between fifteen and twenty dollars per one hundred dollars borrowed, which tops out at five hundred twenty percent APR. In fact, some auto title lenders charge even higher rates for longer terms. These personal loans are generally extended for two weeks at a time, a fact which industry proponents say makes the APR figures misleading. But the many critics of these credit options call the rates predatory, regardless of loan term. Under the cap, lenders would be limited to charging a maximum one dollars and thirty-eight cents per one hundred borrowed – a ceiling that they claim leaves no room for profitability, let alone to pay employee salaries and for the necessary costs of running their storefront locations.

Similar caps in other American states have made the local cash advance and auto title lending industries extinct, and it is believes that the same thing will happen in New Hampshire if the Senate and Governor Tim Kaine approve the bill as anticipated. Currently, New Hampshire and Rhode Island are the only New England states that remain amenable to payday loans, and New Hampshire is one of only eight American states to hold no limitations on fast cash loan APR whatsoever. source

Car title loan Florida - A Quick Way To Settle Any Fiscal Need

2009-01-26T15:35:00.000-08:00

If you are living in Florida, you can easily afford a car with the help of car title loan. Car title loans are perfect ways to obtain money when you are in need of cash badly. Car title loans are easy to avail and in fact, you don't feel any hassle while repaying them. Another stunning point about these car title loans is that they are offered at less documentation process. Moreover, you can receive the cash at the same day, you apply for it.

Car title loans make use of a paid-off vehicle as collateral. The car loan provider expects the borrower to pay off the loaned amount within a month. This charge is normally for a sum that is far less than the value of the vehicle. If you fail in repaying the amount within time frame, the car can be sold to settle up the amount by the lenders. In fact, the car title means that you are giving the authority of your old car to the lender. In Florida State, the lender may maintain all the earnings of the sale even if it exceeds the loan amount.

If you are in need of urgent money, there are a lot of options to avail auto title loan in Florida. Some of these options are little customer loans, cash advances on credit cards and advances from employers and so on. Hence, you can fulfill your dream of availing the car applying for a car title loan Florida.
source

CarTitle Loans, Illegal In Most States, Even Riskier In Georgia

2009-01-26T15:33:00.000-08:00

Meet Scott. When builders in financial trouble stopped paying him the money he was owed as a brick and stone contractor, he became desperate. He needed a loan to buy him time while he tried to collect the money he was owed. Thinking he understood the risks, he used his wife's 2004 Ford Expedition to get an auto title loan of $2,000 at an interest rate of 25% per month — or 300% APR.

Oden didn’t like the situation. He didn’t even want anyone to see him walking into the place. But he saw it as short-term —- one or two months at most. That would buy him time, he hoped, to collect some of the tens of thousands of dollars he is owed from builders in financial trouble. If all else failed, he knew he could ask his dad for a loan.

“I knew how expensive it was going to be,” he said, “and I weighed all that in my head without thinking of a repo.”

But the ultimate cost of the $2,000 loan exceeded Oden’s worst-case scenario: The Expedition, with a retail book value of about $13,000 was repossessed and sold. He lost every penny of its value.

The AJC says that auto title loans are only legal in 18 states — and in only two Georgia and Alabama — the transaction is treated as a "pawn," as in you are technically pawning your car. The result? The "auto title lenders" can sell your car for more than you owe them — and keep the difference.
source

CAR TITLE LOANS ARE NO QUICK FIX FOR THE POOR

2009-01-10T12:01:00.000-08:00

Phil Kent, communications director for Fast Auto Loans, made several pertinent and interesting points in his Dec. 18 op-ed, especially noting the value of car-pawn loans in these credit-strapped times ["Consumer credit that is insane!"].

He also observes that the car-title pawn business is "an honest transaction between two willing parties."

Whoa! It's really more like taking candy from a child, or standing at the lifeboats on a sinking ship, keeping out everyone but those willing to sign on for a high risk of future financial ruin.

The child in this case is that part of us that comes to the foreground when we're desperate, that yields to wishful thinking, and that doesn't think too clearly.

Otherwise, we'd see that the full balloon payment that is due within a few months (or less) probably wouldn't be payable, and that we'd be trapped in a very expensive financial sinkhole.

According to the Center for Responsible Lending, "Although high-priced title loans are illegal in most states, the title lending industry has grown tremendously in recent years in states that have failed to take adequate steps to protect borrowers.

"Title lenders have made generous campaign contributions, and industry-friendly laws have passed in some states at breakneck speed."

Yes, there's a place for car-title loans, but not at interest rates annualized at more than 300 percent, and where the car at risk of repossession is the family's access to employment.

I hate to say it, but during this next legislative session in Virginia, any legislator who resists closing down this loophole on predatory lending will make me suspect that some personal advantage rather than community benefit is motivating him.

Karen Kallay

Fredericksburg

GROUP WARNS OF CAR TITLE LOANS

2009-01-02T10:06:00.000-08:00

A faith-based advocacy group is launching a billboard campaign today that seeks to warn consumers about car-title loans.

The Virginia Interfaith Center for Public Policy is spending about $2,200 to display its message for four weeks on two electronic billboards in the Richmond area.

Representatives of the organization of 22 faith-based groups say car-title loans, where a borrower's vehicle is used as collateral, are a form of predatory lending that come with high interest rates. Such loans are currently not regulated in Virginia.

"We have heard from a number of consumers who are struggling to make ends meet. They struggle even more when they get car-title loans," said LaTonya Reed, a policy analyst for the group.

The billboards are on Interstate 95 near Bells Road and on Mechanicsville Turnpike entering Richmond. They say "Hooked by a title loan?" with an illustration of a car being towed away and the telephone number for the car-title loan hot line, (866) 830-4501.

The hot line was established in October by the Virginia Partnership to Encourage Responsible Lending, a coalition of organizations including the Virginia Interfaith Center, and is supported by the Virginia Poverty Law Center. The cost of the billboard campaign is covered by a grant from the Consumer Alliance of Virginia.

The groups are seeking legislation at the General Assembly that would place regulation of car-title lenders under the Virginia Consumer Finance Act, which already governs loans up to $2,500 and caps the annual interest rate at 36 percent.

Phil Kent, director of communications for Fast Auto Loans of Virginia, defended the industry, saying it is an option for people who are struggling financially, lack credit or can't get a bank loan.

"It's very sad that they're doing a billboard campaign in the middle of a credit crisis. Don't they realize working people and poor people are hurting?" Kent said. "This is a lifeline for people who need cash."

Kent said nearly half of his company's customers are "satisfied, repeat customers," and that the industry follows truth-in-lending laws. He said legislation sought by activist groups are often intended to destroy the business altogether. "If there are rogue operators, just like in any industry, they can and have been punished in Virginia," Kent said. Source
Contact Melodie N. Martin at (804) 649-6290 or mmartin@timesdispatch.com

CITY TO REGULATE CAR TITLE LOAN FIRMS

2008-12-14T14:14:00.000-08:00

The Maplewood City Council on Tuesday added car title loan companies to businesses the city regulates under its short-term loan ordinance.

The council also expanded the definition of businesses the ordinance covers to include any other company possessing "the same or similar characteristics" as those specifically mentioned in the ordinance regardless of whether they are licensed or registered with the state. Larger financial institutions are the only exception.

The changes help the city keep control of these kinds of businesses, officials said.

On another matter, the council agreed to retain Anthem as its health insurance provider for its staff for 2009. The city sought premium quotes from several other companies offering similar benefits to Anthem, City Manager Martin J. Corcoran said. But those prices ranged from the 11.3 percent increase at Anthem to 67 percent more at another company. While the city will continue to pay the full premium for employees, a portion of the increase will be passed on to employees who will pay about $24 a month more to cover their spouse, $17 more a month for one child and $42 a month more for family coverage.
Source

Car title loans in line for scrutiny

2008-12-14T14:09:00.000-08:00

BY SUSANNAH CLARK

Car title loans will be getting attention at the General Assembly's upcoming session, as various faith-based and anti-poverty organizations have spoken out against lenders' excessive interest rates.

Del. Joe Morrisey, D-Henrico, is drafting a bill that would cap the annual interest rates of car title loans at 36 percent. Currently, most car title lenders have an interest rate of 25 percent to 30 percent per month, which amounts to an annual percentage rate of 300 percent to 360 percent.

"I think it's disappointing that these business are still able to take advantage of people in the commonwealth," Morrisey said. "I say it's unseemly. Others would uses a stronger word."

Fredericksburg resident Jeff Jones agrees. Clad in a bright-yellow life jacket, Jones spent last Friday afternoon flagging down cars next to the parking lot of Cashpoint Car Title Loans on State Route 3 to pass out fliers.

"What these businesses are doing is reprehensible," Jones said, referring to the high interest rates and misleading advertising. "They're targeting vulnerable people."

While Jones is a minister at the Unitarian Universalist Fellowship of Fredericksbrg, he said he is speaking as an individual, and not for the congregation.

Along with Jones, other representatives from the Virginia Partnership to Encourage Responsible Lending passed out fliers outside 10 car title lenders in seven cities on Friday, warning of the financial dangers of car title loans. They all wore bright-yellow life jackets.

The Virginia Partnership to Encourage Responsible Lending is a coalition of non-profits, including the Virginia Interfaith Center and the Virginia Poverty Law Center. Along with educating the public about high interest loans, the organization is also currently urging the General Assembly to amend the Consumer Finance Act so that it applies to car title lenders.

The Consumer Finance Act caps interest on small loans (under $2,500) at 12 percent annual percentage rate.

Currently, most car title lenders are exempt from the cap because they offer open-end credit.

While Del. Morrisey is drafting a separate bill for car title loans, the coalition is also advocating for payday lenders to be regulated by the Consumer Finance Act as well.

In 2002, the General Assembly passed the Payday Loan Act, which exempts payday lenders from most small loan regulations.

Since June 2007, Attorney General Bob McDonnell has successfully negotiated five settlements with seven automobile title lenders who have violated the open end credit policy. The settlements have provided $458,932.07 in refunds to 2,669 car title loan customers.

Spokesman David Clement-son said that the office of the attorney general is still constructing their legislative agenda for the upcoming session, and could not release any details yet.

Latonya Reed, policy analyst for the Virginia Interfaith Center, called car title loans a form of "predatory loaning."

"Car title loaning companies put out aggressive advertising that prompts people in financial stress to seek them out," Reed said. "It's about usury. The interest rates are truly excessive and and people fall into a hole."

Susannah Clark: 540/374-5000 , ext. 5617
Email: smclark@freelancestar.com

source

Kevin A. Wilson--Wanted: Detroit leadership

2008-11-15T14:38:00.000-08:00

What Detroit needs in its current crisis--what it has needed for a couple of months now, at least--is for someone to emerge from the executive ranks and communicate its case to the American people. There's a lot of hostility out there to "bailing out" what a lot of largely misinformed people see as an inept domestic industry, and that's not going to change unless someone in Detroit in a position of authority gets out front and tells the story.

If it can be done at all, it has to be done by creating popular support among people who are scared and angry about the business climate in general, and government bailouts in particular. That's not a job for people who define their jobs as managing the capital or even as building and selling good cars.

To borrow the title, and thesis, of Lee Iacocca's latest book, "Where have all the leaders gone?"

Personally, I was never much of an Iacocca fan when he was at Ford and then Chrysler. Too much the salesman/huckster, not enough the behind-the-wheel car guy in the mix there for me to warm to him. But when Chrysler was in crisis, he was out on the stump making his case for government loan guarantees. (Reminder: Chrysler not only paid the loans back, they did so early, and the national treasury profited on that deal.) He was not sitting in his office counting on his communications staff and lobbyists to get the job done. He made symbolic gestures, such as cutting his own salary to $1 (and stock options that paid out only when he pulled off the turn-around) that should be remembered just now in Auburn Hills, where news just broke that under the sales agreement between Daimler and Cerberus, several top-ranking executives are collecting "retention bonuses" worth millions.

Kevin A. Wilson is senior editor (special projects) for AutoWeek.

Iacocca went on, of course, to lead in the restoration of the Statue of Liberty and Ellis Island. While a lot of people were involved in those efforts he didn't just lend his name to it but went out and promoted the project.

Today, the car companies' communications folks are doing what they can with what they're given, but they are not given an Iacocca, or even a T. Boone Pickens or a Warren Buffett. General Motors has a Web site up at www.gmfactsandfiction.com where it at least addresses the most egregious misconceptions. Chrysler's folks produced a Web video to make the case for assistance. But that's all preaching to the choir--the people who are opposed to helping aren't going to the Web looking for arguments in Detroit's favor.

That's a job for a spokesperson or two or three hitting the stump--the talk-show and media circuit, congressional testimony--and explaining some things, at least clearing the air of some of the most commonplace misunderstandings of their situation. The issue there is credibility.

Over past decades, the domestic industry has burned through credibility the way GM burns through cash lately. GM chairman Rick Wagoner has been the sort of leader who wants what he accomplishes to do the talking--in part, I sense, because he knows the chairmanship of General Motors is a position that his predecessors have rendered nearly mute, so people regard whatever he says with skepticism if not outright cynicism. Showing is better than telling, but Henry Ford II's dictum of never complain, never explain is particularly ill-suited to these times.

GM's Bob Lutz has the personality and communication skills for this job, but he'd have to be doing it on assignment from the top, and he's got his own credibility issues with the global-warming camp after using a scatological label for the theory. That his own personal belief about it hasn't shaded his decision-making (what matters isn't what Lutz believes about climate change, but what the marketplace believes, and he's made product-planning decisions accordingly) is probably too nuanced an argument to bring into the current climate. Lutz fared well, I thought, in a recent interview with CBS's Lesley Stahl for 60 Minutes, but the topic was narrowly focused on electric cars, and the public comments on CBS's Web site showed that anything anyone from GM says is taken with a very large dose of salt, regardless of how well he made the case.

Ford CEO Alan Mulally has only worked in the auto industry for two years. He could have the credibility needed, earned from his years at Boeing. His company is the one in the least trouble at the moment, but that changes week by week in Detroit, and he could certainly speak to how much has been done to turn things around in recent years until the banking crisis melted all hope into a puddle at their feet. He would seem an unlikely hero at this juncture, but given that there are no obvious ones, so would anyone else.

Chrysler? CEO Bob Nardelli speaks only in business school jargon-ese. However persuasive he may be in boardrooms or one-on-one with politicians, he's not going to get the message to the American people. But perhaps he could delegate the job to vice chairman and president Jim Press, so recently departed from Toyota and therefore blessed with both credibility and perspective.

There may be more candidates for this "spokesperson" job, but no one is raising his or her hand. That is a real pity, because someone needs to get out there, and now.

And what, you ask, should the message be? I think you'd start with simply answering the most commonly uttered arguments out there. Every time someone says "25 years of mismanagement," there needs to be someone from Detroit who can say, "Hold on, we made a lot of bad decisions in the '70s and early '80s, but we've also had a lot of help going down this road." Every time someone says, "Detroit doesn't make cars people can afford," someone from Detroit needs to say, "Yeah? Who does? The fact is only the top 20 to 25 percent of the American consumers could afford to buy a new car at the average transaction price. That's not just Detroit cars, that's any cars, and a big, big part of the price is due to safety and emissions rules that government--society--insists upon."

Every time someone says, "Detroit brought this on itself," someone needs to be able to say, "The banking crisis brought this on us all. We had a recovery plan, we were working through it, even picking up some sales with strong new products such as the Fusion and the Malibu. The new cars are in the pipeline and would have arrived in plenty of time if Wall Street and Washington had avoided this collapse. If you think it's just us, look at Toyota's profit margin. Look at its stock price. Without this crisis in the financial sector, we'd have made it."

Every time someone says, "You guys make good small cars in Europe and Asia; why won't you bring them here?" someone needs to say, "Like the Saturn Astra no one is buying? Or like the Chevy Aveo that's leading its segment?" When some Wall Street wise guy says, "You made SUVs and trucks when you should have been making small cars," someone from Detroit has to say, "Would Wall Street have rewarded us for bypassing the large profit margins on those vehicles? Would it have backed us up if we cut the dividend and invested it in new products?" Every time someone says, "You guys fought CAFE increases," someone from Detroit needs to say, "We've had no coherent energy policy in this country for 40 years, and CAFE does nothing to influence consumer demand. You put it all on our back because Congress was afraid to tax gas." Not the most popular answer? Probably not, but it is more answer than we're getting now.

And then show us your cards--tell us what the plan was for Detroit's recovery, how it was already working today, how it should have worked tomorrow, how it can still work if the government--the citizens and taxpayers--support it.

For whatever reasons you want to posit, Detroit is unique in the world in terms of its relationship to the national government and politicians. There is an air of hostility between them. This isn't the case between Berlin and Volkswagen, between Tokyo and Toyota, between Paris and Renault. You can't imagine any one of those capitals standing by and not only watching, but even chortling and cheerleading, as its nation's biggest carmakers go down the drain.

True, America is not Japan or Europe. Detroit carmakers are not unique in resisting the costs of necessary change (people who say "Detroit" lobbied against regulation always conveniently forget that Toyota is a member of the same lobbying body). But because of our freedom-loving democracy, Detroit can't just make its case with government and regulators even in the best of times. And now it doesn't just have to convince a few people in Washington that it needs help.

As always, it needs to make its case to the public. And that takes someone who can hear the arguments, hear the emotion in those arguments as much as the reason and be persuasive in return. Confrontational won't cut it, but straight talk just might.

If there's anyone in Detroit who can do that--any company willing to put its people out there and let them do their best--the time is now!
Source

Payday Lenders Grouse About Proposed Ordinance

2008-11-15T14:34:00.000-08:00

Lobbyists representing check-cashing businesses, payday lenders and auto title loan shops are meeting with Memphis and Shelby County lawmakers to voice their concerns over a proposed zoning ordinance designed to curb their growth.

Representatives of businesses such as title loan shop TitleMax have approached council members over the past few weeks in response to new zoning guidelines that, if passed, would prevent those businesses from operating within 1,000 feet of each other. The new rules could become official soon if the proposed rule change is approved by the Memphis City Council and the Shelby County Board of Commissioners next month.

Cluster buster

As The Daily News first reported last month, city council member Bill Morrison came up with the idea for the legislation in an effort to break up what he says is the cluster effect those businesses produce.

In parts of the city, they line the street like collections of oversized neon ATMs, each of which hawks the alchemy of turning a debtor’s worthless post-dated check or the title to a car into instant pocket money.

The business owners who run those short-term lending enterprises have a variety of reasons they’re pushing back against Morrison’s proposal.

“The reasons they’ve given me is, No. 1, they say they create jobs,” the freshman council member said. “Which we can argue that they don’t. Another one of the arguments they’ve used is they’re taking over vacant buildings in neighborhoods. No. 3, they’re talking about how they’re already regulated and that this infringes on their right to compete.

“But we can argue about that, because I don’t think (being) 1,000 feet from each other infringes on anyone’s right to compete. We’re not regulating their fees. That’s not a conversation we’re having with them. This is a zoning ordinance.”

The language of the ordinance reads: “It shall be a violation of this development code for a person, corporation, or other legal entity to operate or cause to be operated any check-cashing, payday loan, or title loan establishment within 1,000 feet of a duly organized and recognized place of worship; a public or private elementary or secondary school; a public or private day care facility or kindergarten; a boundary of a residential or landmark district; or any other check-cashing, payday loan, or title loan establishment.”

Representatives of the fringe lending industry regard the zoning change as an unnecessary business restriction. Those business owners are expected to be present to air their concerns when the city and county government bodies discuss their final version of the ordinance.

Advocacy of a different sort

Former City Council member Dedrick Brittenum Jr. – an attorney at Farris Bobango Branan PLC – has approached council members recently on behalf of some members of the industry. He spoke briefly with Morrison on the day of a recent council meeting about the proposed zoning change.

Brittenum left the city council in 2007. When asked to comment, he directed a reporter to Jabo Covert, a government relations executive at Tennessee-based Check Into Cash.

Covert could not be reached for comment. Check Into Cash CEO Allan Jones was not familiar with the details of the proposed ordinance in Memphis, but said it was unfair to place his business in the same category as auto title lenders and businesses that cash payroll checks.

Unlike customers of most other short-term lending businesses, Check Into Cash requires that its customers have active checking accounts. Customers can get a maximum loan of $200 from a Check Into Cash store and would then pay a fee of no more than $30 on that $200 loan.

“Our clientele is not what they think it is,” Jones said. “Everybody that deals with us has to have a checking account. Our average consumer is a female schoolteacher with an unexpected car repair. One-hundred-percent of our people have active checking accounts that they’re reconciling every month. It’s firemen, policemen, nurses and (near them) is typically where our stores are located.”

In context

The chain’s Memphis-area presence is emblematic of most of its competitors. Most of the stores are concentrated inside the interstate loop with a smaller amount in suburban markets.

Check Into Cash’s local stores include a Downtown store about three blocks from Memphis City Hall and one in a strip center on the north side of Wolfchase Galleria near Lakeland.

Such stores are often a stone’s throw from traditional banks. The Wolfchase-area Check Into Cash, for example, is about half a mile east from a First Tennessee Bank branch that sits on the side of Wolfchase Galleria facing Germantown Parkway.

Those two businesses are not only separated by distance. They are divided by a world that traditional bank customers might never venture into, but that low- to middle-income customers know all to well. That world is characterized by post-dated checks written to cover unexpected expenses and by the burden of triple-digit interest rates on short-term loans.

Jones said it makes sense for his stores to be near customers.

“Say you had a payroll check and you wanted to get it cashed,” Jones said. “But if you take away that service from me and make me, as a check-cashing customer, drive halfway across town to cash it somewhere else – I don’t know how that benefits anybody. Who are they trying to protect?”

To paraphrase Morrison’s response: Count yourself lucky. Morrison did not specifically mention Advance America, the largest payday lending chain in the country, but his comments allude to the fact that the chain is feeling a squeeze like many of its competitors as lawmakers tighten restrictions governing the industry.

Morningstar Inc. analyst Jason Ren said in a recent report that Advance America will find it difficult to adapt as its current business model “is legislated out of business on the local, state and potentially the national level.”

“Quite frankly, this is a very lenient ordinance in my opinion,” Morrison said. “There are some places where they are simply outlawed. Period. They can’t even be in the state.”
SOurce

House Speaker Murphy: Legislative news

2008-10-25T12:28:00.000-07:00

By Speaker of the House Pat Murphy

PROTECTING IOWANS' FINANCES

We can't pass state legislation to fix Wall Street, but I'll work to make sure we're doing all we can to protect Iowa consumers from scams and ripoffs. First off we need to teach our kids to be smart about money. That's why we're requiring all K-12 schools to include financial management - "financial literacy" - as a curriculum component. Here's some other pro-consumer measures:

Crack Down on Predatory Lending Practices
In 2007 we passed legislation to crack down on car title loan companies that were charging up to 260 percent interest, preying on working families who could least afford those high rates. The legislation prohibits any loan secured by a car title from charging higher than 21 percent interest, the same as other types of consumer loans. Moreover, Rep. Bob Kressig of Cedar Falls successfully managed legislation to ban auto sales with rent-to-own contracts, because these types of contracts bypass the maximum 21 percent finance charge and other protections.

Mortgage Foreclosure Protection
We passed legislation to thwart foreclosure abuses by requiring disclosures, limiting fees, prohibiting conflict of interest situations, and granting a personal right to sue. In the future I want to make sure Iowa homebuyers have access to credible homebuyer information.

Identity Theft Protection
Identity theft has grown with the expansion of electronic banking. Recent state legislation, managed by Rep. Doris Kelley of Waterloo, requires financial institutions to provide notice to consumers after a security breach of their computerized personal information. Another new law allows consumers to get credit reporting agencies to freeze future release of their credit information until the consumer asks for the freeze to be removed.

Consumer Protection for Insurance
In 2008 we created an office of insurance consumer advocate and tightened insurance regulations to fight deceptive long-term care insurance sales practices. Also, we tightened regulation of the market for resale of life insurance policies to stop a relatively new scam that targeted the elderly. We extended to dental patients the right to have an independent review of an insurance claim after an insurance company denial; this type of review is already available for regular health insurance claims.

*********** REFORMING STUDENT LOAN PRACTICES

Last session I asked Rep. Vicki Lensing of Iowa City, chair of the House Government Oversight Committee, to review the operations of the quasi-public Iowa Student Loan Liquidity Corporation (ISLLC), an independent, nonprofit lender created by Governor Ray in 1979. Back in the 1970s, spurred by federal legislation, a number of states established similar operations, and over the past several years concerns have been raised - nationally and in Iowa - that some of these institutions have evolved cozy arrangements with private loan companies and with college financial aid offices, sometimes resulting in students not always getting the best loan rate available.

Because these lending institutions are established as independent nonprofit entities, they escaped some of the scrutiny that a state agency might face. Of particular note, until recently Iowa Student Loan paid processing fees to colleges - a common practice in a number of states - that some news reports suggested could result in students being directed to private loans even though better rates were available through federal loans. Here's the rub: national comparisons indicate that Iowa college graduates have among the highest debt load in the nation, while utilizing lower-interest federal loans less often than students in other states. That is simply unacceptable and must change.

I held several meetings in my office with student loan and financial industry representatives, where I made my displeasure clear. Then Rep. Lensing worked in consultation with lenders and colleges to enact a bipartisan agreement that tightened regulations and oversight without hamstringing the industry's ability to make loans to students, but at the same time working to make sure students get the best deal they can.
Source

Car Title Loans Are Liable To Leave You Taking The Bus

2008-10-11T13:25:00.000-07:00

You surely already know better, because you're a loyal Consumerist reader, but stay far, far away from the form of legalized usury known as car title loans! CNN has published an overview of the industry, noting that APRs frequently exceed 200%, and that added fees and loan "rollover" options help keep borrowers in a cycle of debt.

We thought one detail worth sharing with anyone who will listen is that some title lenders will disclose a monthly interest rate instead of an annual one, even though legally they're required to publish the APR. For borrowers who don't know any better, a 25% monthly interest rate doesn't sound that bad compared to many mid- and low-end credit cards these days, until you multiply that by 12 and realize your APR would be three hundred frickin' percent. http://consumerist.com

Why car title loans are a bad idea

2008-10-11T13:21:00.000-07:00

Cash advances are not a new concept in America's brand of capitalism. Many people have seen the commercials with some guy barking out, "Bad credit, no credit, no problem!" Or, "Don't worry about credit, I own the bank!"

Anytime some guy is telling you he owns the bank, run.

Even though these lenders have been around for a while, signing your car over for a high-interest loan has become a serious financial issue.

For those of you who are unfamiliar with the concept of car title loans, allow us to explain.

At times, the best of us get strapped for cash; we may have no credit or bad credit (just like they say in the commercials), which keeps us from getting small loans from a bank or some other more traditional means.

A title loan offers you cash from the lender, in return you sign over the title of your paid-for car to secure the loan. Typically, these loans are due back in full 30 days later. There's no credit check and only minimal income verification.

It sounds pretty straightforward, but borrowing from these places can lead to a repossession of your car and a whole lot of financial trouble.

Interest rates that make credit card companies blush

Car title loans have been lumped into the "predatory lending" category by many consumers. Non-profit organizations such as Consumer Federation of America (CFA) and the Center for Responsible Lending have issued detailed reports outlining some of the title loan issues that the public should be leery about.

One of the biggest issues with these loans is interest rates. Many people dislike credit card interest rates, which average between the mid to high teens for most Americans. Car title loan interest rates make complaining about credit rates seem ludicrous.

Car title lenders are in a different category than credit card companies or banks and work around usury laws. Thus, title loan lenders are able to charge triple digit annual percentage rates (APRs). Yes, triple digits. It's not an exaggeration to see 250% APR and higher on these car tile loans and only a handful of states have passed strict laws that prohibit exorbitant percentage rates.

Even if your credit card company is charging you a high interest of 25% APR, it's nothing compared to car title loans. AOL Autos: Most popular used cars

By federal law, title loan lenders have to disclose the interest rates in terms of the annual percentage. If you have to get a title loan, make sure they don't just give you a quote of the monthly percentage rate, they have to give it to you as an APR. If they are unclear about the rates, which many can be, just know that a monthly rate of 25% is equivalent to a 300% APR.

Fees and interest only payments

In addition to high interest, these car title loans usually include a number of fees that add up quickly. These include processing fees, document fees, late fees, origination fees and lien fees. AOL Autos: Safest cars

Sometimes there is also a roadside assistance program that borrowers can purchase for another small fee. Some lenders have even gone so far as to make the roadside assistance mandatory. The cost of all these fees can be anywhere from $80 to $115, even for a $500 loan.

Most of these fees are legal, except one that lenders sometimes charge, the repossession fee. Lenders are not allowed to charge you to repossess your vehicle, but some still do. AOL Autos: Top minivans

As if high interest rates and a mountain of fees weren't enough, lenders also give borrowers the option of interest-only payments for a set period of time. In these cases, the loans are usually set up for a longer period of time (compared to the typical 30 days) and the borrower can pay the interest only on the loan.

These types of payments are called "balloon payments" where the borrower pays the interest of the loan each month and at the end of the term they still owe the full amount of the loan.

The CFA reported that one woman paid $400 a month for seven months on an interest-only payment term for a $3,000 loan. After paying $2,800 in interest, she still owed the original $3,000 in the eighth month. AOL Autos: Most popular crossover vehicles

Rolling over and repossession

If you think most of the people who take out these loans pay them back in full after one month, think again. Because of the high interest and the fact that these lenders cater to low-income borrowers, many people aren't able to pay back their loans in the 30-day period. This is called "rolling over" the loan.

The terms of these loans are crafted to keep borrowers in a cycle of debt and bring customers either to the verge of repossession or to actual repossession. Not being able pay off the initial loan and then renewing it the next month costs borrowers even more money in interest, on top of the original amount they've already borrowed. AOL Autos: Used luxury cars

Let's talk about repossession for minute. The CFA reported that, of the people they interviewed in their 2004 study, 75% had to give the title loan lenders a copy of their car keys. Some companies started the cars to see if they worked and took pictures of the vehicle even before a customer filled out the loan application.

A company based in Arizona said they have GPS systems installed on the cars so they can track the cars and shut them off remotely if they don't receive payment on time. That may be an extreme case, but these lenders take a customer's promissory signature very seriously. If you can't pay, they will come looking for you and your car.

The concerns for having your car repossessed are obvious. How do you get to work, drop off the kids at school, pick up groceries or go out on the weekends without a car? As if those scenarios weren't bad enough, owning a car can be some people's biggest financial asset. If the car is taken away, so goes the money it was worth.

Some states have laws that force the lenders to pay you the difference of the loan once a lender has repossessed and sold your car, but some don't. It is possible to default on the loan and not get any money back for your car, even if you only borrowed a few hundred dollars.

This occurs because car title loans are also over-secured. Typically, the maximum amount most lenders will give you is 25 to 50 percent of what your car is actually worth. However, if you can't pay back the loan they may be able to sell your car and keep 100% of the profit. Some lenders won't take possession of a vehicle but instead take the customer to court for the money. They then tack on court costs and finance charges on top of the existing loan amount.

Alternatives

Many car title loan lenders defend their business practices by saying they offer loans to people who would otherwise not be able to gain financial assistance. Although this may be partly true, signing over one of your most valuable assets for several hundred dollars is not the only option.

Some credit unions, like in North Carolina, have begun providing loans that have low interest rates of about 12% APR, a fixed 31-day repayment plan (to keep from rolling over a loan) and set up direct deposit out of the borrower's paycheck so that loans will be paid off in full.

Other options may be paycheck cash advances from your employer, cash advances on credit cards, emergency community assistance, small consumer loans, or borrowing from friends or family.

If you find yourself contemplating a car title loan, check out these alternative options and read the information for yourself at www.responsiblelending.org or www.consumerfed.org. If you still need to sign over your car for cash, educate yourself on the decision and know the possible repercussions of these types of loans.
Source: www.cnn.com

Woman Paying Loan On Car She Doesn'T Even Have

2008-09-24T12:26:00.000-07:00

A Phoenix Woman Says She Is Stuck Making Monthly Payments For A Car She Doesn'T Even Have Anymore.

The total car loan is $15,000. That's how much Kassie Leusch decided to borrow in order to buy a family vehicle, but as it turns out the vehicle never should have been sold to her.

"I can't do nothing, nothing, there's nothing I can do," Leusch said.

Leusch feels completely helpless and desperate.

"I can't provide for my children to give them the life they deserve, it's not their fault mommy's suffering, that mommy can't get them a car," she said.

Leusch says her suffering started when she purchased a 2002 Toyota Sequia from a place called Classy Auto in Phoenix.

"I was so excited," she said. "Great car. Nice family vehicle."

Leusch financed her car loan through Arizona Federal Credit Union and she says making her $330 a month car payment was always a priority, but then, "I get up, my dad goes to go get gas and my car's gone! And my first reaction is, are you kidding me?"

Leusch tried to figure out what happened and discovered that her car was repossessed by a financial institution called Americredit.

But who is Americredit?

"I find out it's the previous owner's financial institution that repo'ed my car," Leusch said. "The dealership never had the title, never owned the car, shouldn't have sold it to me and now the dealership's out of business!"

In other words, Classy Auto sold Leusch a vehicle that technically wasn't even theirs. Now, Leusch doesn't have a car and to make matters worse, she's still responsible for the $15,000 car loan she got from her credit union to buy that vehicle.

She tried to explain her situation to Arizona Federal Credit Union, but she says they told her, "Keep paying your loan, you need to pay this off, you have a responsibility to this."

Leusch says that's funny because she believes Arizona Federal Credit Union had a responsibility to make sure Classy Auto had a title before they handed over a $15,000 check to the car company.

"If it was my fault then fine, yes, I eat the bill because it was my responsibility, but this isn't my fault," Leusch said. "I didn't do this."

And Leusch says having a vehicle is critical for her. She has two kids, one with spina bifida who requires weekly doctor appointments.

"I don't know what to do anymore," she said. "I sit here and think, oh my God, what am I going to do if Ashley gets sick? If Trent ends up at the hospital?"

3 On Yours Side went to Classy Auto, but it was permanently shut down.

After doing some digging, we found out the owner of Classy Auto was a guy by the name of Olugbenga Oduntan.

Now, we tried several times to get a hold of the owner of Classy Auto, but we've been unsuccessful. However, we did manage to find out that he owns and lives in a house in the West Valley. We knocked several times, but no one ever came to the front door.

We also contacted Arizona Federal Credit Union, which says Leusch is still responsible for the loan. It sent 3 On Your Side a statement saying, "As a matter of policy, Arizona Federal does not comment about the private financial matters of our members. We do, however, acknowledge that Ms. Leusch may have a legal claim against the seller of this vehicle..."

They go on to say, "... We are always driven to serve our members' financial needs and will do everything we can to reasonably accommodate those needs."

Leusch says that is a weak excuse and believes she is paying for someone's mistake. All she knows is she's left stuck without a car but still with the loan.

"I just need a vehicle. That's all I need so I can go to work, so I can provide for my children to give them the life they deserve," she said. "I'm just an innocent bystander. I just need a vehicle."

We have numerous agencies looking into the matter and we'll definitely let you know if there are any updates.

As for Leusch, she has reached out to an attorney and is still trying to figure out how she's going to get a car.
Source

City and County Seeing More Auto Thefts

2008-09-24T12:24:00.001-07:00

The Topeka Police Department Reminds Citizens To Lock Their Vehicles And Remove All Keys From Inside The Vehicle.

Police say several auto thefts are occurring each week that have had keys left inside the vehicle, including spare keys that were hidden inside. Police say it's an increase that has been noticed over the last few weeks.

The Topeka Police Department reminds citizens to remove all keys from your vehicle...even keys you believe may be hidden. Criminals look for opportunity, so the Topeka Police Department encourages you to remove the opportunity by locking your vehicle and removing all keys from it.

Additional precautions you can take include:

Never leave your motor running when unattended.
Don't loan your car to a stranger or casual acquaintance.
If you have a garage, use it, and remove the key! If you don't have a garage, park in a driveway instead of the street if possible.
Steering wheel or steering-column collar locks make visible deterrents, as well as mechanical challenges.
Never leave a spare key in the vehicle.
Don’t leave the title in the car.
Keep valuables out of sight, i.e. cellular phones, pagers, backpacks, purses, CDs, valuable clothing, etc. Valuables in plain view are an open invitation for thieves.

A Shawnee County Sheriff's spokeswoman says there have been a number of auto thefts in recent weeks as well. They, too, remind people to not give criminals an opportunity for thefts by locking your vehicle, locking your garage doors and removing anything valuable from inside the vehicle.
Source

Business Booming For Some Credit Companies

2008-09-24T12:22:00.000-07:00

Because of the subprime mortgage mess, the days of getting credit with no questions asked are over. Or are they? Some credit companies normally blasted by consumer groups as predatory lenders are getting a boost from the bad economy, and they don't do credit checks.

All you need is a car title, some references, proof of employment and proof of residence, and you pretty much have a loan. Twenty minutes, a few questions and you're out the door with money in hand at Money Train Title Loans.

Matt Allen, vice president of Money Train Title Loans, says with the country's failing economy, business there is booming. "They're getting turned down at banks and credit unions," he said.

Not there, according to Allen. In fact, just this year the company has lent 14 times what they did during all of last year.

Allen credits the pinch at the pump and the drag of the economy for helping business. "People losing their jobs, going from one job to the next, the price of everything going up, the price of gas going up," are all factors he says.

But experts warn if you use these types of lenders to read the fine print. At Money Train you could be paying an annual interest rate of 240 percent, and that doesn't include finance charges. The state of Utah does not cap the interest rate these businesses can charge.

The title loan company we were at today has those interest rates prominently displayed, but others may not. That's why consumer groups strongly urge you to know exactly how much you will be paying before you take out the loan. source

E-mail: lprichard@ksl.com

Find Your Fast Car Loans

2008-09-02T11:08:00.000-07:00

by Lee A. Beattie

Fast car loans are available to individuals with a bad credit score or who have been rejected elsewhere for a loan. While supplying a loan to such people the lender only considers their ability to pay right away and in the future.

Bad credit car dealers specialize in pre-approved bad credit car loans, instant car loans and cheap car finance to give you the consumer the lowest attainable rates available when you attain your purchase.

Are you seeking a car loan that’s fast and easy even if you have a bankruptcy can be a pesky chore. Bad credit car loans are available in all fifty states and applying is simple and don’t forget if you have access to the internet the online process of getting these types of loans can merely be useful if you are in this predicament.

If you are employed, have proof of identity, and proof of residency, you will discover that lenders can process your application speedily.

There are never any charges for applying because your loan application is processed immediately only make for certain this is the case when drawing near these types of dealers. Bad credit payday loans have become popular in UK in last few years. Anyone can apply for this loan at whatever time of the day online at your convenience.

People with bad credit are also approved for car loans in secured or unsecured selections simply keep in mind the rates between the two loans are very different. You must have good repaying capacities to convince the lender that you can afford that new car you are attempting to finance .

Bad credit used car loans are short term loans whose repayment length start and defines the whole duration of the loan be 2-7 years respectively. The repayment period is normally set on factors like the use of collateral, monthly repayment, amount of loan or quite perhaps your expecting to refinance.

One common loan that is considered are bad debt consolidation loans because they are designed for clearing debts at higher interest rates proceeding in mind the demand for early elimination of the debts.

Auto financing firms provide business auto loans, leasing, and financing services for new and used vehicles and typically the larger dealerships can offer better rates due to in house financing and with a wide assortment of lenders to opt from. Choose an auto finance company that suits your business demands.

Auto title loans are typically thought for a short term use with the payment due inside anyplace from 14 days to a month the day that the loan was put out to you. If you happen to not have the monetary resources to pay off the loan you would have to roll over the loan into another payment period.

Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial conditions are unstable, then maybe get the car loan quotes so your guaranteed and interpret what your getting yourself into. Should you resolve you do want a payment protection insurance, ask about exclusions and small print which could make it impossible for you to claim from the insurance.

Once again if you do need a loan payment protection plan, check out the exclusions and small print which might make it challenging for you to benefit from the plan. Additionally, it’s crucial to be sensible of the sum of money the unsecured loan will cost you in total.

The likeliness of having yourself puzzled with a bad loan is very high so educate yourself and check all quotes and likely rates prior to signing any deals. Instead get yourself a pre approval letter before setting about your vehicle search. Fast car loans enable you to become an owner of a car as early as possible. Fast car loans are planned in such manner that it accommodates the demands and requirements of each and every person.

Secured fast car loans are offered up against the borrower’s holding like a home and the loan amount depends on equity in collateral. Fast car loans are small loans, ranging from $500 to $1000 often times but ensure with the dealer or lender for ranges that can be offered up. Fast car loans are approved fast because they are projected for this use. There are many a means that a loan seeker can learn to receive fast car loans rapidly.

Borrowers can as well expend different valuable objects as security against the loan amount. With these loans, you can borrow the amount equivalent to the value of the car.

Getting a fast car loan is an important decision, therefore before you make the commitment, check with a financial adviser that can suggest whether or not you can afford each monthly repayment without default for the duration of the loan based on your circumstances.

Failing to meet the repayments may cause you financial difficulties, create a risk of losing your home and spoil your credit history, making it complex and less affordable to be allowed credit in the future. Furthermore by repaying the loaned amount on time the fortune to improve their credit score will improve enormously and will afford you more opportunities in the future to be accepted for more numerous loans.

About the Author:

If you would like much more information on this topic and Debt Relief or if you are in need Credit Repair Counseling, Beatlands Credit Repair has many credit repair topics and tips Visit the Uber Article Directory to get a totally unique version of this article for reprint.

Online Loans - Obtain Finance in Clicks

2008-08-24T12:28:00.000-07:00

Often the loan processing is hindered by slow processing time and other dealing hackles. This leaves a bad impression on the person experiencing loan criterion. But now with the onset of online application, borrowers have secured chances of loan obtaining in a few clicks. This is why the online loans are gaining precedence these days. You can easily overcome your financial problems as they are offered a lot of lending options to choose from.

Entire of the loan processing has taken a drastic change with inception of online loans. It has changed the trend of availing finances. Now you can register an online loan application. This application is readily reviewed by the loan provider with the necessary details in the space provided. These are purpose of the amount and some other personal information. Well after that the loan amount gets approved instantly without being late.

Like any other conventional loans, online loans are offered in secured as well as unsecured form. A secured loan is acquired by pledging any of your assets. They can be your home, real estate, important business papers, car, etc. The loan amount offered under the lending option is based on the equity value of your collateral.

On the other hand, an unsecured loan option is obtained without any pledging-placing of asset. In collateral-free condition, you may find this form of lending difficult at processing. However, this paves the way for borrowers like tenants and non-homeowners to avail online loans. As well as, homeowners, who do not wish to attach any collateral, can also apply for these loans. With the absence of collateral, the interest rates go a slightly higher.

Rate of interest online loans is comparatively low as compared to other loan provisions. With cut throat competition among the online lenders, your chance of securing online loan at competitive rate is not a rarity. Different lenders offer different rates, you can compare those offers to cull out the best possible one.

Bad credit individuals can also find the best available deals on the loans here.

In all, online loans are e-monetary assistance.

Ashley P Lewis is a debt consolidator and advisor and has been dealing with various finance programs. If you want to know more about Online Loans, Fast Loans, Online Personal Loans, Fast Online Loans you can visit http://www.fastonlineloans.org.uk/

Car title loan practices alarm officials

2008-08-17T15:21:00.000-07:00

By Bob Campbell

Staff Writer

A Midland woman's nightmarish experience with a car title loan company has led District Attorney Teresa Clingman and Sen. Kel Seliger to question state consumer credit regulations that allow the strong arm collection of more than 300 percent of a loan's original value.

Linda Lewis, a 53-year-old caregiver, borrowed $6,300 on her 2004 Toyota Camry to pay for her stepson's funeral and from last August to July paid more than $12,000, declared bankruptcy and called on a former employer for the last $4,000-plus to gain her freedom.

"I was paying them $1,300 a month just for the fees to keep my car," Lewis explained. "I didn't like the way they treated me. This man would jump up and down laughing and bowing his head and grinning. I didn't think that was right with all the money we were spending."

When asked what advice she has for other prospective car title borrowers, Lewis said, "I would say don't do it because it's a rip off.

"They just want to take your money or your car. You'll wind up losing your car and it's not worth it. It's not good that they are cheating people like this."

Clingman was dismayed to learn the practices of car title loan, "payday loan" and other such places are legal.

"I was shocked that these companies have had special legislation to carve out legality for just these situations," said Clingman. "These outfits are popping up all over town to prey on the unsophisticated and desperate.

"It puts the least prepared and poorest among us in an absolutely untenable situation. The mere fact they say on their paperwork that this is an expensive way to borrow money does not convey strongly enough what these people are getting into."

Clingman said the loan offices adhere to state usury laws prohibiting more than 10 percent interest on the principal but levy unlimited service charges in the guise of credit service organizations "CSOs" who help customers with bad credit improve their ratings.

"These folks get into a trap and can never pay off the loan," she said. "Their payments are so tremendous that they're in a swirling eddy, if you will. They're sinking and end up losing their car."

Seliger, an Amarillo Republican who represents the Permian Basin, said the 81st Legislature may need to take action next year in Austin.

"If someone is borrowing on a car, it more than likely means they can't borrow otherwise and the chance of getting in trouble on the loan and losing the car is pretty good," Seliger said. "There are a lot of questions. Is it a deceptive practice? Do people know everything they need to before borrowing? If someone is being treated unfairly or dishonestly, it calls either for prosecution or legislation."

Bankruptcy attorney Sydney Weaver said payday loan companies who make customers write post-dated checks for interest and fees and "roll over" ever increasing amounts are as objectionable as car title lenders controlled by big banking chains.

"I've seen people pay up to 1,000 percent interest," Weaver said. "People use these loans as stopgaps and can never get out because the Legislature hasn't seen fit to tackle this. I'm working on six cases of auto fraud where dealers signed forged names on contracts.

"They got the cars back and sold them again after payments had been made because they said they couldn't get the credit approved."

Weaver said when a walk-in office loans money on a car title, furniture or other property, it often requires the borrower to surrender ownership of the property and in effect "rent it back" while service charges, late fees and rollover amounts are being tallied.

"Our population is 40 percent Hispanic and these agreements are written in English," the lawyer said. "If I primarily talk Spanish, I have no idea what you're writing down. The documents say you have sold them this property and they are now renting it back to you.

"Certain elements have to be proved to use the federal RICO (Racketeer Influenced and Corrupt Organizations) statutes, but I think if somebody wanted to go after them it might not be that difficult to prove," Weaver said.

"There is always going to be a group of citizens who don't make a great deal of money and are prime targets. These people are drowning and anytime someone puts in a stopgap measure legislatively, they just bypass it."

Rudy Aguilar, director of consumer protection in the state Office of the Consumer Credit Commissioner in Austin, said it was a setback when the 5th U.S. Circuit Court of Appeals ruled for defendants Ritemoney Ltd. and SNM Inc. in a 2004 class action lawsuit by car title loan customer Betty Lovick.

He said the Texas Comptroller's Office and his agency have changed standards to force federally chartered and then state chartered banks out of the business and then the companies invoked Chapters 342 and 393 in the Texas Finance Code to become CSOs.

"We've been dealing with payday lenders for 10-12 years and have been through a series of structures," Aguilar said. "There are 1,700 payday locations in the state and some very large payday operations in many states."

In the appellate court's ruling, Justice E. Grady Jolly dissented that he could not discern all the facts. "I respectfully dissent because I sense something strange may be going on here and there has been no discovery," wrote Jolly.

"When the broker is getting 90 percent of the profit on a transaction, it is not unreasonable to think perhaps the lender is somehow being benefited; perhaps it is, in effect, receiving a usurious rate of interest from whatever arrangement it has with the broker.

"Perhaps the broker is paying a flat sum to the lender or a percentage of its seemingly excessive nominal fee. This may amount to usury or may suggest a conspiracy to commit usury. Or perhaps nothing untoward is going on. It may even be probable this is a completely legal and legitimate operation."
Source
Bob Campbell can be reached at bob@mrt.com.

Limits urged on auto title loans

2008-08-11T12:59:00.000-07:00

A late-night television ad for fast cash caught the attention of Eugenia and Maurice Muhammad about a year ago. Just turn over their car title for a short time, and they would have the money to make ends meet, the ad promised.

Soon after, Maurice drove to the storefront lender on Gallatin Pike, and left with about $600 he immediately regretted. But it was too late — the auto title loan nudged the couple into new debt, and a few months later, their car was repossessed in the middle of the night.

Situations like the Muhammads' are fueling an effort among consumer advocates to add new regulations to Tennessee's auto title loan industry.

The field is part of a wider universe of loan practices that promise easy credit and fast cash, and which critics call "predatory lending." The nation's weakening economy could cause more Tennesseans to turn to such services to make ends meet.

But as states have sought to regulate title lending and other fast-cash loan options, the industry has poured campaign donations into coffers of lawmakers across the country, including Tennessee, according to a recent report from the National Institute on Money in State Politics and filings with state Registry of Election Finance.

Consumer advocates are hopeful for reform, nonetheless. Webb Brewer, a Memphis public interest lawyer who drafted a bill to cap fees and interest charged by such businesses, said Tennessee is "way out on the fringe in allowing abuse of what I think are desperate borrowers."

"If this were put under a spotlight, then I think there would be a lot of support for it," he said.

Rip-off or positive impact

There are sharp differences in views of the title loan industry. Eugenia Muhammad, 31, doesn't think title loans should be allowed.

"It's just a big rip-off, it really is, and they prey on those who really can't afford to pay bills and live," Eugenia Muhammad said.

In recent years, consumer advocates have been sounding the alarm about high-interest lending. That field includes such businesses as:

• "Payday loans" meant to tide borrowers over until their next paychecks.

• Tax refund loans, short-term cash advances in anticipation of federal income tax refunds.

• Auto title lenders, who take vehicle titles as collateral and repossess the car if the borrower defaults.

Billy Mitchell, a vice president with Atlanta-based Community Loans of America, the parent company of the Muhammads' lender, told lawmakers last month that title lenders are good for the community. Despite what critics say, the lenders don't prey on the poor and the elderly, he said.

"Title lenders provide positive economic impacts so far as jobs, so far as money that's lent and spent in the communities," said Mitchell, who also serves as a Georgia lawmaker.

Mitchell and a company spokesman did not return calls seeking comment specifically about the Muhammads' situation.

Nationally, political contributions from high-interest lenders are on the rise, according to a July report from the nonpartisan National Institute on Money in State Politics. In 2000, industry donors gave $1.5 million nationally to state races. In 2006, they gave $6.2 million.

In Tennessee, donations from the industry have generally risen over time, totaling almost $600,000 between 2000 and 2006. Among all 50 states, that's the sixth-highest level of contributions, according to the institute report.

Rachel Weiss, an institute spokeswoman, said that when an industry is such a focus of legislation, "it's not unusual to see that industry try to gain some leverage."

"One of the main ways that they can gain leverage is through campaign contributions," she said.

Over the last year, title lenders have been donating generously to Tennessee lawmakers and party caucuses. Tracy Young, the chief executive officer of TitleMax, has given more than $26,000 since June of last year, according to state campaign finance records.

Young did not return a call seeking comment.

'No one's business'

The legislation being studied over the summer would effectively cap the fees and interest at 44 percent a year. Mitchell, of Community Loans of America, told the committee that if the new legislation passed, "make no mistake about it — it would shut down the industry."

He accused industry critics of misleading lawmakers, and said most borrowers are responsible and pay the loans off while a small segment of customers is getting in financial trouble or trying to game the system.

"I come in here, I'm out of here in 15, 20 minutes, I pay my loan, and it's no one's business what I'm doing. That is an option in America that should be available," he said.

After the subcommittee heard most of the testimony, Rep. Curt Cobb, a Shelbyville Democrat, said lawmakers would reconvene later "and come up with some recommendations, or not."

Three days later, he received a $500 campaign contribution from the political action committee of Tullahoma-based payday lender 3D Financial, according to the PAC's most recent state campaign filing.

Cobb said campaign contributions don't affect how he votes on bills, pointing out that he co-sponsored the 2005 legislation regulating the industry. He said he'd consider changes to the law, and that campaign contributions would not have any effect.

"When I go in there, I try to keep an open mind," he said. "I don't try to base my decision off of things like that."

Contact Theo Emery at 615-726- 4889 or temery@tennessean.com. source

Car title loans snare victims at 300% rates

2008-08-11T12:46:00.000-07:00

By STEPHEN FRANKLIN

Chicago Tribune
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 her gas, electric and mortgage payments. But she always tried to pay something toward her auto title loan, since she feared losing the car that has given her freedom.

“I cried a lot of nights,” said Mobley, who lives in suburban Dolton, Ill.

From the more than $1,000 she borrowed in a series of loans, 2½ years later she wound up paying more than $4,000, according to officials with the lender, Community Loans of America.

Among the cashed-out economy’s trapdoors, the auto title loan can be one of the most costly as well as risky. When you fall behind on an auto title loan that typically charges 300 percent annual interest, you can lose your car even though you may have paid far more than you borrowed.

Of the 16 states including Kansas and Missouri that permit high-interest auto loans, Illinois is the only state where there is no limit on the interest rates lenders can charge, and it is the only state without consumer protection linked to auto title loans, according to the Woodstock Institute, a Chicago-based community think tank.

Hoping to exert control over auto title firms, the state set down rules in 2001 covering loans up to 60 days. But most lenders shifted their loans to 61 days or longer to evade the rules, and the state hasn’t changed the law, according to the institute.

Auto title loan companies say they are providing a service to people in need, but some consumer advocates say they can operate too aggressively.

“In Illinois auto title loans are absolutely unregulated. And that creates a cowboy mentality. They think they can get away with anything and often they do,” said Alon Alop, a lawyer with Legal Assistance Foundation of Metropolitan Chicago.

He points to a coming Cook County Circuit Court case involving an auto title loan company that seized a woman’s car hours after assuring her that she could wait until the next day to pay off the loan. She had arranged to sell her car the next day and use part of the proceeds to repay the loan.

Since they began spreading across the U.S. more than a decade ago, auto title loan firms have expanded and even begun doing business online and often at twice the 300 percent annual rate charged at their stores, according to the Consumer Federation of America.

But auto title firms are starting to face more controls, said Jean Ann Fox of the Consumer Federation of America.

Iowa last year, for example, capped auto title loans at 36 percent annual interest following similar moves by Oregon, Florida and Kentucky.

Tennessee began monitoring title loan companies for the first time in 2006, and the number of firms soon dropped from about 900 to 700 because many firms were not used to being regulated, said Greg Gonzales, commissioner of the state’s Department of Financial Institutions.

Until then the firms were allowed, for example, to keep whatever they gained from selling clients’ repossessed cars, even if the money gained from sale far exceeded the clients’ loans, Gonzales said.

Auto title loan firms set up business in 2004 in Kansas by “operating under a loophole” in state law, saying they were offering a revolving line of credit, said Kevin Glendening, an official with the Kansas Bank Commissioner. Under pressure from the state, the firms reduced interest rates on loans from 460 to 300 percent yearly, he added.

But Glendening, who was concerned by a state survey which showed that the companies were repossessing 2½ cars a day, has been unsuccessful in getting the state to restrict the firms.

An Alabama Circuit Court two years ago ruled that the 300 percent interest charged by auto title firms in that state violated the Equal Protection Clause of the Fourteenth Amendment. A similar battle has erupted in Wisconsin over high interest rates as well as firms’ requirement that borrowers join auto clubs that cost as much as $150 a year.

“These are people who borrow in desperation,” said Peter Koneazny, an attorney with Milwaukee Legal Aid.

Wisconsin Supreme Court Justice Louis B. Butler Jr. wrote in a ruling that “charging 300 percent for a loan to those who can ill-afford it is ridiculous, unreasonable and unconscionable.”

But Bob Reich, president of Atlanta-based Community Loans of America, brushes off such criticism. His company is the nation’s largest provider of auto title loans.

Like most auto title lenders, he said such loans are meant only for a short term that will not lock borrowers into heavy debt. The average loan from his company lasts six months.

But that’s not what happened for Mobley, of Dolton.

She had planned to pay her loans on time. Instead, she kept paying as the loans rolled over. Desperate to escape the burden, she contacted Dolton officials who put her in touch with Lynda DeLaforgue of Citizen Action of Illinois. She contacted officials with Community Loans of America, the parent firm of Illinois Title Loans Inc.

“The fact that she was paying down and getting new loans made it a more complicated situation. This is clearly a rarity,” Reich said. Company officials looked into the case and forgave the loans.

And then there’s Joe Ledford of Pontiac, Ill., whose debt problems have trapped his car. Fearful of having his 2003 Dodge Neon repossessed, he has kept it in his garage for months. He is 30 years old and lives on Social Security disability benefits.

Facing eviction, he took out a $965 loan at 304 percent annual interest in July 2006 with Title Cash of Illinois Inc., which is owned by an Alabama-based firm that has 330 stores in 13 states.

That would have worked out to a $1,688 payment in three months. But Ledford didn’t have enough for the final payment of $1,206, and the loan has swollen.

Ledford said he has tried to reach a compromise, but John Johnson, the regional manager for Title Cash of Illinois, said Ledford has “not made a sincere” attempt.

Johnson also is a firm believer in the service that auto title lenders provide.

“We know the customer is desperate when they come to us and that is why we don’t do any credit check,” he said. “If we don’t help them, nobody’s going to help them. We help way more people than we hurt.”

Loan basics
What is an auto title loan?

It is a short-term loan secured by the title to a vehicle. The borrower keeps the car while the lender holds the title, and often a key, as security. Interest rates vary.

What if you don’t pay the loan on time?

The lender can renew the loan, thereby pushing up the amount due in interest and fees. Or the lender can repossess the car.

What do you need to know about such loans?

Typically they involve a balloon or much larger payment on the last installment. So the borrower should make sure such a payment is affordable.

Learn the company’s rules about late payments and repossessions. Compare company interest rates and check with state officials for records.

Rosa Mobley never imagined her debts would swell so large.