Bitcoin Forum

Anyone interested in providing me a loan in BTC with a car title securing it ?

I am looking for:
1,000 BTC for as long as you can provide it @ 16% per 30 days**
(**calculated per day, NON compounding, ie. 30 days 1,000 BTC = 160 BTC Interest)
I also need the ability to pay it off in a day's notice (since interest will be calculated daily) and can provide a refund with interest with a day's notice as well.

What I am offering for Security:
I will put the title of my BNR32 Skyline GT-R up to secure the loan for whatever the term, preferably ending on or before May 31, 2012 (when I plan to drive it again).
Car is located and has been registered & insured in Alberta Canada for the past 3 years+ (4 years April 18).

http://members.shaw.ca/bitlane/mygtr.jpg

At current market rates, the car is worth a hell of alot more than $4,200 and unless BTC Quadruples (x4) in price and I default, you will never lose money on this deal.

I am not sure how this could work with multiple parties, unless a single lender collected all funds, then presented to me so that I only had to deal with a single person and not split the car title up amongst 20 people ....lol

I look forward to hearing from anyone interested in this. Feel free to stop by in person if you are local.
Cheers,
bitlane.

You're putting the title up how?  Do you plan on mailing it to the lender?

Hopefully I can find someone close to home......then use some sort of 3rd party to hold the title and a Legal signed agreement with the Lender.

It's too bad that I couldn't find someone with a 'boot' to throw on it...lol....to secure re-payment.

How are you going to split the car if you get multiple lenders and you default ?

Make one person use the car 1 hour then the next person that invested double uses the car for 2 hours ?

Or maybe sell the car at market value and hand out the USD as BTC ?

How do we know you are not just going to head off in the car yourself ;) :D

Also would be better if you put "bitlane" written on a paper next to the car so we know you own it and it is not your friend's car or some random Internet picture.

Thanks !

That was one of the first issues I addressed in the OP when posting....read it again. A single lender or 'entity' would be preferable.

Actually, I have had lenders confirm all my personal info, including my real name, matching address and if so inclined, a Google Earth shot can be seen with the car in front of my home with License plate info clearly visible.

I also welcome local visitors ;)

..nearly forgot. Due to my job (being self-employed since 2001) it's pretty easy to track me down on the Interweb and confirm everything (all info), as I provided to current/past lenders, so that it didn't seem like I was 'spoon-feeding' or trying to hide anything from anyone. I let them exercise their own 'Google-Fu' ;)

Dont know if Canada is like tghe us but the lender could just put a lien on the title

I don't know how it works in this case, however you can put a lien on a vehicle however it transfer to whoever he sells it to.

I know how that all works, but the whole Canada thing complicates things a smidge.