Beware of Car Title Loans

Edmunds.comEdmunds.com Member, Administrator, Moderator Posts: 10,316
edited September 2014 in General

imageBeware of Car Title Loans

Car title loans are easy to get, but they can also send consumers into a spiral of debt that ends in the loss of their vehicles. Beware of predatory practices.

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  • glam1glam1 Member Posts: 8
    Seems like any kind of loan is risky. Too many predators out there.
  • randyclaprandyclap Member Posts: 1
    Title loans scare me. In Rio Rancho I try to be sure that I trust the place I'm going to and that I know other people that do title loans with them.
  • shatzigurlshatzigurl Member Posts: 1
    I was diagnosed with cancer and out of work, I was naive and ignorant and made a bad choice of getting a TITLE LOAN. I made the payments for as long as I could. I won't go into the long story but one evening a tow truck showed up at my house. The car was not there because it really was @ the mechanic's place. Anyway, This guy was very rude when I would not tell him the location of my car. I told him that I was going to call the "TITLE LOAN OFFICER" the following day. When I told him this, he stated that there was no need because he had, "Bought the loan". This puzzled me. I never signed a contract with this man. Nowhere in the contract did it mention this. I understand "collection agencies" settle outstanding bills. But, I didn't sign a contract with this tow truck driver, who owned a one man operation. I realize that this is irrelevant. Also, I am no attorney, But, I am no dummy either. I don't think anyone has any right to take my car anymore. If the "TITLE LOAN" company "SOLD" MY DEBT, They should no longer care and as for the "LONELY TOW TRUCK DRIVER", He should only have a right to collect the money that I borrowed. Is anyone with me? Do I make any sense? Or do I sound like a fool? I do not think I know any more than anyone else, I think true wisdom is worth more than gold. I am asking for true wisdom and as much knowledge that I can get. Please??? Thanks so much and God Bless!! Shatzigurl
  • christophernchristophern Member Posts: 1
    Only becasue i was desperate. I took the loan. I was told by the power 106 commercial that the weekend i went down there i would recieve a 50$ gas card and the first months payment waived. We signed the documents and recieved the check. After that we got this coupon book in the mail that stated we could use 5$ per month on this coupon card but first we had to redemm it by showing we had recieved a loan. Next we were told because we lived in O.C and not L.A. we get the second month for free and not the first. I was then greeted by there collection Dept last night (Eddie) that if i do not have the money by Nov, 12, 2013 then they have no choice but to get the car. Eddie was very rude on the phone and pissed me off. I tried to reason with him leting him know that i got paid on the 15th and if they could work with me. Eddie got baligerant on the phone with me and told me maybe i should have read my contract. Wich i stated to him I read that a month ago and why did they not send a reminder card out like most companies. I have left a message for Eddies manager. Lets see if i get a call back. I would not wish this loan on my enemy if i was not so desperate to stay afloat would not ever get a loan from them. Commercial is a lie and personally feel like the are scam artist.
  • TitleLoanscTitleLoansc Member Posts: 6
    Hey,

    very interesting to describe about car loan.
    Here's loans are typically short-term, the lender minimum check credit and that the only consideration for the loan is the value and condition of the vehicle.
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