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Author Topic: Car Title Loans aka Pink Slip Loans?  (Read 1394 times)
chsados
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January 26, 2012, 07:26:56 AM
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Is anyone doing this?  I'm not sure how it is usually done but I know it is a legit form of a loan agreement.  
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Kluge
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January 26, 2012, 07:40:50 AM
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I've accepted collateral, but have so far never demanded a title. The last deal I did had (by his addition) associated lawyer costs covered by the lendee in case of damages collection due to contract violation.

It's not particularly efficient, and often not an option with BTC loans due to the parties involved being so far away, and frequently in different counties.

Fun fact fwiw: BTC loans without title demands are often lower in cost than typical US car title loans, and certainly aren't nearly as punitive in fees (for the few lenders who employ a fee system).

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January 26, 2012, 01:36:03 PM
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I would be willing but it would have to be in dollar's and you can trade out to BTC if you so desire latter.  That way I can make it legal with my lawyer.

Why?  How much did you want and for what exactly that it would require vehicle entitlement?  Or were you just asking for curiosity sake Smiley

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chsados
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January 26, 2012, 05:12:10 PM
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I was just curious.
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January 26, 2012, 09:16:50 PM
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I am sure this will start to happen. Although, locally at first.

Please, remember the current system of "Title" loans is to gouge the borrower. Please keep, the rates low. Especially since, the lender will have 'Real' collateral that can be used as a lien on the vehicle to obtain said collateral.

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July 29, 2014, 03:40:37 AM
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Actually I am curious about this as well.  Title Loans (typically) are outrageous and really just unfair to someone who is in a bind, but has legitimate collateral (The Title to their car, assuming the car is worth $5,000 or more)  Does anyone know if people are doing this as an alternative to 'Title Loan Shops', I think this would be a great opportunity for lenders to make money, and people who get caught in an emergency, can receive help financially, and something as valuable as a car to back it up.



(Note: I have no idea, but I think it's in everyone's best interest to never loan/borrow more than 15-20% of the vehicle's 'Actual Value") Smiley

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July 29, 2014, 07:35:51 AM
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Actually I am curious about this as well.  Title Loans (typically) are outrageous and really just unfair to someone who is in a bind, but has legitimate collateral (The Title to their car, assuming the car is worth $5,000 or more)  Does anyone know if people are doing this as an alternative to 'Title Loan Shops', I think this would be a great opportunity for lenders to make money, and people who get caught in an emergency, can receive help financially, and something as valuable as a car to back it up.



(Note: I have no idea, but I think it's in everyone's best interest to never loan/borrow more than 15-20% of the vehicle's 'Actual Value") Smiley
There's another issue in that a car title loan would take a long time to go through in Bitcoin time. Bitcoin ecosystem (or whatever trendy word you prefer) operates at ~10x normal speed - literally everywhere, it's expected. Even online with fiat, a car title loan is a relatively unexplored idea just because of the time required when someone can be approved for a credit card in a matter of minutes from the start of applying.

I don't think we're going to see really cool things happen again in "p2p" finance until pawn shops start really getting involved - but whichever entity involves itself, there needs to be central physical locations when dealing with government paperwork, and the person accepting the title should really be qualified to check whether or not the title's even legitimate.

Overall, though, I think it's really more of an issue with the antiquated system of property control we have, where governments keep everything on computers but people have to shuffle paper around. Smart contracts are a very reasonable solution to this and could have real-time enforcement of contract rules. For instance, if a lendee defaults, the car could give a warning, then, as soon as that lendee shuts his car engine off next (or have it done immediately if the engine's already off), lock the lendee out until he satisfies the contract requirements, with the lender having his privkey now accepted to engage the car's ignition (and unlock the doors, though I'm at risk of going off-topic, here), so repo is relatively simple assuming the lendee doesn't obliterate the car (in which case, it would maybe have to go through the horrible court process, though there are better solutions here, too).

There's nothing really preventing this from happening right now, just waiting for significant implementation, but it'll happen eventually, no doubt, and when lenders can have that REAL crypto-enforced security rather than a piece of paper representing a claim which needs to be proved to a court a thousand miles away (if even in the same country), rates can come way down. It may be a long-enough wait, though, where it'll really be our kids and grandkids accessing these new opportunities, not us so much, unless we're weird early adopters who buy a "smart contract car" literally just to test the lending opportunities out. Cheesy Smart contracts have many, many more benefits than just lending, though, so again - just a waiting game.

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July 31, 2014, 06:07:59 PM
 #8

Thats a good point, 1 of two things would have to happen, either the title loan shop needs to have BTC to lend, or someone with BTC to lend needs to open a title shop. I think the physical store is a must, to sign whatever, I think there is a big place for lending bitcoins which can be beneficially to both the lender (financially) and the borrower (who is stuck in a jam).   But I don't know

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August 03, 2014, 04:42:18 PM
 #9


These places that offer car title loans are used to people defaulting on their loans and not reading the fine print.
Had a co-worker(Was not bright) that took one of these out and he ended up paying twice the cars value.
They catch you on a ton of fees once you default,which I would think a large amount of people seeking these loans do.
Otherwise they would be dealing with the banks.
The guys they sent to our job site to get his car looked like they where just released from jail,rough hung over types.
Would stay away from this is if you can,its better to go without than get caught up in their interest fees.

If you do read the fine print before signing anything,especially if they say you dont need to read it!
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