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Old 08-25-2020, 03:42 AM
 
2 posts, read 338,139 times
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Yesterday I read an article on this meter and it got me thinking. I've checked around the internet and the info differs. As far as I understand you can't face a lawsuit for not paying off car title loans. The lender only has the power to take possession of your vehicle. But no one tells what happens if the lender cannot get access to the vehicle. For example - if I crash the vehicle, will I face the lawsuit from the insurance company or from the lender in order to cover up the expenses to repair it?

My main plan is to take a car loan right now and invest n a small business. The citation with the pandemic is getting worse with every day and it looks like my current employer will be forced to lay off some people. I need to act in advance. I've also checked this locator https://directloantransfer.com/blog/...loans-near-me/ and there is a bunch of different lenders with different measurements and interest fees. I've never done this before so I'm looking for some quality advice on the subject. Maybe someone even did this before and could share his experience or at least lender name. It would be much appreciated
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Old 08-25-2020, 03:50 AM
 
90,292 posts, read 87,606,456 times
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are you saying you are committing bank fraud by telling the bank the loan is for a car and not buying a car with it ?

the answer is obvious .
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Old 08-25-2020, 04:16 AM
 
Location: The Triad (NC)
31,696 posts, read 72,218,236 times
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Quote:
Originally Posted by samlarson View Post
But no one tells what happens if the lender cannot get access to the vehicle.
The Repo Man will snatch it back.


https://www.youtube.com/watch?v=2Mxs6A1byIo
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Old 08-25-2020, 04:21 AM
 
90,292 posts, read 87,606,456 times
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Quote:
Originally Posted by MrRational View Post
The Repo Man will snatch it back.


https://www.youtube.com/watch?v=2Mxs6A1byIo
it does not sound liker he is using the auto loan for a car . it sounds like it will be used to start a business which is bank fraud .


Quote:
Originally Posted by samlarson View Post

My main plan is to take a car loan right now and invest n a small business.
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Old 08-25-2020, 04:45 AM
 
Location: The Triad (NC)
31,696 posts, read 72,218,236 times
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https://www.youtube.com/watch?v=abYqnuhkJqo

Quote:
Originally Posted by mathjak107 View Post
it does not sound liker he is using the TITLE loan for a car.
A title loan requires having a car with value and clear title to pawn against....
It ASSUMES they'll keep and maintain the car and probably includes language saying so.
Quote:
it sounds like it will be used to start a business which is bank fraud .
I didn't see that. But what they might do with the borrowed money shouldn't matter.
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Old 08-25-2020, 04:48 AM
 
90,292 posts, read 87,606,456 times
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Quote:
Originally Posted by MrRational View Post
A title loan requires having a car and title to pawn against....

It ASSUMES they'll keep and maintain the car and probably includes language saying so.



I didn't see that. But what they might do with the money shouldn't matter.
if it really is a title loan against a car title that exists and is not totaled out i agree .

but somehow i think this title is against a car that is a wreck and not what is being claimed to the bank . .....there are to many missing bits of information here.

i wonder if the car actually has to be inspected first by the lender or they just accept your word the car is in fine shape ?
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Old 08-25-2020, 05:00 AM
 
Location: Central Florida
2,807 posts, read 3,819,156 times
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Quote:
Originally Posted by mathjak107 View Post
if it really is a title loan against a car title that exists and is not totaled out i agree .

but somehow i think this title is against a car that is a wreck and not what is being claimed to the bank . .....there are to many missing bits of information here.

i wonder if the car actually has to be inspected first by the lender or they just accept your word the car is in fine shape ?
They'd be stupid if they didn't require some kind of verification ... and I don't think they're stupid.
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Old 08-25-2020, 05:02 AM
 
90,292 posts, read 87,606,456 times
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Quote:
Originally Posted by WellShoneMoon View Post
They'd be stupid if they didn't require some kind of verification ... and I don't think they're stupid.
we hope! lol


so i don't follow the op's whole scenario and why he is asking then .

it says here they will typically inspect the car but i wonder if non local lenders still do .

it also says some lenders require a gps trackler on the car so they can locate it if need be

https://www.investopedia.com/article...quirements.asp
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Old 08-25-2020, 07:25 AM
 
6,096 posts, read 4,475,440 times
Reputation: 12780
Sounds like he wants to get a title loan on an existing car to buy a business and then not pay off the loan.

OP, I'm sure there is something in the contract that they will come after you and sue you if you don't pay the loan and hide or wreck the car.

Just curious, what type of business did you want to buy?
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Old 08-25-2020, 09:23 AM
 
17,695 posts, read 3,320,816 times
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Fortunately this is not a new fraud idea and legal venues are open to the lender.
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