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Author Topic: Car Title Loan - 1,000 BTC @ 16%  (Read 1578 times)
bitlane
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February 16, 2012, 08:24:52 PM
 #1

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).



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.

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imsaguy
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February 16, 2012, 08:59:58 PM
 #2

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

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bitlane
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February 16, 2012, 09:38:24 PM
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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.

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February 16, 2012, 09:40:08 PM
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You're putting the title up how?  Do you plan on mailing it to the lender?
Hopefully I can find someone close to home......


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 Wink Cheesy

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 !
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February 16, 2012, 09:45:46 PM
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How are you going to split the car if you get multiple lenders and you default ?
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.

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.
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 Wink

..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' Wink

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February 17, 2012, 12:04:45 AM
 #6

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

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February 21, 2012, 03:49:29 AM
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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.

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imsaguy
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February 21, 2012, 04:12:48 AM
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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.

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