Title Loans and Payday Loans...

[Red97GTP]

Ok here's the situation. I'm selling a car to a friend of mine. He does not have the cash for it so he wants to get a loan from one of these quick loan places. He needs to have a vehicle title to attatch the lien onto. He wants to do this with my car. However, I absolutely will not sign the title over to anybody else until my pocket is full of money. So I tried calling the place up, and they're closed. The place kept telling him to bring the car and the title to the loan place to see it and they'll handle the rest. I have a bad feeling that they'll try to put the lien on the title while it's still in my name. I just don't want to get screwed over. Anybody have any advice... other than don't use a place like that, you're gonna get screwed, etc? Something helpful. I've done my homework, I've sold cars before, I just want to make it a clean deal.

Thanks!
Brian

[Voodoo Chick]

In this case, the only valid advice is, don't do it. If he doesn't have the money, he needs to find some way of getting it without taking you down in the process. Good luck to you.

[Red97GTP]

I think on Friday I'm gonna call them and get the real scoop. I may even go there in person.

[rally_scort]

in all reality, either he thinks hell get a good amount of money with a title loan, or hes barely falling short of your asking price.Dont expect them to give you a bundle, id put my money on ~$600 max.If he owes you more than that, its still not going to help the situation.My old buddy took his 97 explorer to them for a title loan and he got $475.He also didnt pay it off within the first month and there came the 300% interest.Ended up owing damn near $2800 after a couple months and told em to come get the explorer :rolf

[Windsors 03 Cobra]

Who ever is on the title gets the loan and gets the lien and thats that.

Got my 99 Heep for $200 from someone who had "cash for your eyes" come get it.

[DirtyMax]

Those places are like 300% interest. I hope he really likes that car... JK


Who ever is on the title gets the loan and gets the lien and thats that.


Word. And if he defaults, they take you to court.

[GRAMPS SS]

300%....that's way the hell out of line....nothing is worth paying that...IMO

[Red97GTP]

Update... He called the place back today and asked more questions, like I told him to. He can't get the loan with my name on the title. Time to go to the bank! Thanks for the advice guys.

Brian

[lordairgtar]

Have him try Citi-fi. They'll loan to anybody.