Equity CAR loans?

[SoCalDem]

Today I heard a couple of guys on a local (KTLK) talking about this creative way to "raise some cash"..for "maybe some medical care you need"..

They then went on to explain how you could call a number and get an equity loan on your CAR...:wtf: and "the interest is not too bad either" chimed one of them.. "about $6.00 a DAY"..double:wtf:

That's $180 a MONTH for INTEREST.. for a loan on something that depreciates with every mile, every day & every door-ding..

This is worse than payday loans..

They must have been talking about these people:

..............................
Car Equity Loan
www.needcashnow.com Car Equity Loans In An Hour! Bad Credit OK. Call 1-800-562-6627
.................................................................................
Car Cash Loan
www.carcashauto.com Own Your Car? Get Cash Now! No Hassles Or Gimmicks. 866-398-4332

[Swamp Rat]

1. Loan sharks + disaster capitalism. eom

[ixion]

4. exactly.

And it should be illegal, just like garden-variety loan sharking is illegal.

[ProdigalJunkMail]

2. yay...second mortgage on the car

you got with a second mortgage...it's like holding a mirror while looking into a mirror...you can see infinity.

sP

[JVS]

3. You still have to have a fairly new car in order to get one of those loans.

[prairierose]

5. Have you never heard of this?...We have tons of them here...

in the poor part of town where I live, they are about 2/block. Some of these are, I believe, owned by banks just as the payday loan predators are. Wells Fargo owns the second largest payday loan group in the country. It is amazing that people think this is normal. When the mafia had loansharking the interest rates were much lower and they only broke your legs; they did not try to destroy you entirely the way these guys do.

[SoCalDem]

6. We have payday loan places, but I had never heard the term "car-equity" loan

until today:(

[Statistical]

8. Most payday places around here also issue "title loans".

Just slightly different forms of the same economic slavery.

[customerserviceguy]

7. Some states have these, some don't

And you're right, they prey on the same customers of the payday loan scammers.