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Title Loan

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Posts: 7
Credits: 244.6
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This site is great and very information, but I didn't seem to find that much info on Title loans, so I hope someone can help me. I have a title loan. The interest payments were supposed to be monthly (i assumed), but actually are every 2 weeks. I live in IL and have filed a complaint with the IL AG Office, and am waiting to hear back. My main concern is not losing my car as it seems these people are snakes. Heres the story I had some payday loans which I paid off. After paying them off, I closed my bank account and opened new one to avoid any unwanted deposits or debits. After I closed it, I informed this company that I had via email and voicemail (I don't have an address for them) and never heard anything back. I sent the email for 3 days (until payday). The email stated that my payment was returned. I again forwarded my original email letting them know that I had to close my account and wanted an address to send a money order while I opened a new account. I received 2 emails back, 1 saying to call to discuss (and when you call, no one picks up and you get disconnected) and the 2nd one stating that I owed $916 and a payment needed to be made Western Union. I have continued to try to contact these people with no luck. I have not sent the payment because I think they have messed up. I am nervous and I don't want to lose my car. Do title loans fall under the same laws as payday loans? Does the lender have to have a liscense in IL to loan in IL? Should I get an attorney? Any help is appreciated!




DOLLARSandSINCE


Posts: 1078
Credits: 13796.9

Sub: #1 Man I hope the Feds pass some good laws soon especially making i
Thu, 08/14/2008 - 13:27

Man I hope the Feds pass some good laws soon especially making it illegal to back a PDL with a title. Do they have your title? What company loaned you money and for how much? How much have you paid back?




johnson7610
Posts: 7
Credits: 244.6

Sub: #2 The company is called Tulip Investments. The loan was for $1900
Thu, 08/14/2008 - 13:36

The company is called Tulip Investments. The loan was for $1900. I have only paid back $459. $459 was suppossed to be my monthly payment, but apparently it is suppossed to be paid twice a month (I can't seem to find that wording anywhere). I do have the money to pay my next payment, but they won't give me an address.

That is the funny thing, I don't have the paperwork right in front of me, but the loan docs, are the exact same as a payday loan, they reference a finance fee and then 1 payment amount.




johnson7610
Posts: 7
Credits: 244.6

Sub: #3 Sorry, yes they do have my title.
Thu, 08/14/2008 - 14:02

Sorry, yes they do have my title.




johnson7610
Posts: 7
Credits: 244.6

Sub: #4 I don't want to be a pest, but does anyone have answers to my qu
Thu, 08/14/2008 - 23:39

I don't want to be a pest, but does anyone have answers to my questions above? I know that there are a lot of knowlegeable people on this site and I am just hoping someone can anwswer. Thank you




SOAPLADY


Debt Samaritan
Posts: 17188
Credits: 474436.63869987

Sub: #5 Have you read over your loan docs yet?? That should list the te
Thu, 08/14/2008 - 23:50

Have you read over your loan docs yet?? That should list the terms of your loan and when it is due.

IMO, you cannot stop paying since this is a secured loan. Without making payments, they will have a legal right to repo your vehicle.




DOLLARSandSINCE


Posts: 1078
Credits: 13796.9

Sub: #6 Basically they have your title so you are kind of at their mercy
Fri, 08/15/2008 - 05:35

Basically they have your title so you are kind of at their mercy. I suspect the outfit is shady at best and maybe even breaking some laws but it is like the old saying "possession is 9/10ths of the law" meaning they have possession so they have already won 9/10ths of the battle. What I would do is try to scrape up the money and settle this thing ASAP. They are not going to take partial settlment either. You will have to scrape up the payoff amount which you will need to contact them to find out what it is. Hopefully you can get one of these bozos on the phone. I think that is the easiest route and would cost you the least amount of money. I suspect you signed a bunch of documents and attached your title which means they pretty much got the best of you.




johnson7610
Posts: 7
Credits: 244.6

Sub: #7 Thank you for the responses. I did read through my loan docs, b
Fri, 08/15/2008 - 07:09

Thank you for the responses. I did read through my loan docs, but they really I finally got a hold of someone there, who was extremely rude to me. I have the money to pay this payment, and am going to take the rest out of my 401k account. I just hope no one else gets caught in a trap like this, it is horrible.

Thank you again for your responses, it is just nice to talk to someone about this.




DOLLARSandSINCE


Posts: 1078
Credits: 13796.9

Sub: #8 I am just curious what the payoff amount is that they gave you.
Fri, 08/15/2008 - 07:46

I am just curious what the payoff amount is that they gave you. It shouldn't be over $1600 in my opinion. Basically you borrowed $1900 and two weeks later you paid $459 which would live you with a balance if $1441 plus some interest. $141 is a huge amount of interest for two weeks of time on $1900. That would be a 200% apr loan.




Unregistered

Sub: #9 "'Possession is 9/10ths of the law' meaning they have possession
Sat, 08/16/2008 - 10:44

"'Possession is 9/10ths of the law' meaning they have possession so they have already won 9/10ths of the battle."

Unless it's already been repossessed, Johnson retains possession. You got it totally backwards dude.




DOLLARSandSINCE


Posts: 1078
Credits: 13796.9

Sub: #10 They have his title clueless err. getalclue which is possession.
Sat, 08/16/2008 - 23:57

They have his title clueless err. getalclue which is possession. It is only a matter of time before they have the car if he defaults....




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