Title loan has me by the balls and now I may have to sell the Disco
#11
05-04-2014, 02:05 PM
Super Moderator
Triar,
I suggest you cut your losses now and get a more reliable (non-Rover) vehicle. Based on what I read, you have a major longer-term financial issue to fix when you are saying that you cannot even pay off a $2,000 loan. Getting another "cheap ***" Rover could dig yourself deeper in the hole even if you were able to sell the current Rover and use the funds to pay off the loan.
I suggest getting a cheap and reliable car for a few years and save up until the time when you have savings to cover the purchase of a Rover as well as funds for emergencies such as unexpected living expenses or Rover expenses.
I hope you will understand that I am not trying to sound judgmental or critical. I was able to have fulfill my passion for hobby cars (VWs, Porsches, Rovers) due to some forward planning to ensure saved funds are available for the unexpected life and hobby expenses that come with having such older vehicles which are prone repairs.
I recognize your passion for Rovers. I love reading your posts and ideas for fixing or modifying the beloved Discovery. I advise staying within your financial ability in order to take care of yourself first. It will probably suck hearing this from me. I made financial mistakes in my youth and have come to learn that discipline is the delaying of gratification. It will be more gratifying when you have enough saved funds to get a truly reliable Disco in the future, including saved funds for making improvements or unexpected repairs on the new vehicle.
I suggest you cut your losses now and get a more reliable (non-Rover) vehicle. Based on what I read, you have a major longer-term financial issue to fix when you are saying that you cannot even pay off a $2,000 loan. Getting another "cheap ***" Rover could dig yourself deeper in the hole even if you were able to sell the current Rover and use the funds to pay off the loan.
I suggest getting a cheap and reliable car for a few years and save up until the time when you have savings to cover the purchase of a Rover as well as funds for emergencies such as unexpected living expenses or Rover expenses.
I hope you will understand that I am not trying to sound judgmental or critical. I was able to have fulfill my passion for hobby cars (VWs, Porsches, Rovers) due to some forward planning to ensure saved funds are available for the unexpected life and hobby expenses that come with having such older vehicles which are prone repairs.
I recognize your passion for Rovers. I love reading your posts and ideas for fixing or modifying the beloved Discovery. I advise staying within your financial ability in order to take care of yourself first. It will probably suck hearing this from me. I made financial mistakes in my youth and have come to learn that discipline is the delaying of gratification. It will be more gratifying when you have enough saved funds to get a truly reliable Disco in the future, including saved funds for making improvements or unexpected repairs on the new vehicle.
x2. The most expensive Rover is a cheap one
#12
05-05-2014, 05:10 AM
#14
05-05-2014, 09:31 AM
TReK
I was completely unfamiliar with this "title loan" concept. I guess it's not legal in CT. I don't know. But I came across this in wikipedia; "In 2008, voters in New Hampshire rejoiced at a victory that capped APR at 36%."
All I can say is WOW.
Maybe the NH state motto should be amended to "Live free or die in debt."
I read a little more in wiki about NH and these loans. "Some companies claim their average loan amounts to be between $300 and $500, and had to shut down their store fronts in that state, or their business entirely, because their business could not survive on a low APR for low loan amounts. Since then, the law has been reversed and new growth in the title loan industry has emerged, allowing title loan lenders to charge 25% interest a month, or roughly 300% APR.[11]"
300% APR. Didn't we used to call this loansharking?
All I can say is WOW.
Maybe the NH state motto should be amended to "Live free or die in debt."
I read a little more in wiki about NH and these loans. "Some companies claim their average loan amounts to be between $300 and $500, and had to shut down their store fronts in that state, or their business entirely, because their business could not survive on a low APR for low loan amounts. Since then, the law has been reversed and new growth in the title loan industry has emerged, allowing title loan lenders to charge 25% interest a month, or roughly 300% APR.[11]"
300% APR. Didn't we used to call this loansharking?
Last edited by Paul Grant; 05-05-2014 at 09:43 AM.
#15
05-05-2014, 10:02 AM
Recovery Vehicle
I was completely unfamiliar with this "title loan" concept. I guess it's not legal in CT. I don't know. But I came across this in wikipedia; "In 2008, voters in New Hampshire rejoiced at a victory that capped APR at 36%."
All I can say is WOW.
Maybe the NH state motto should be amended to "Live free or die in debt."
I read a little more in wiki about NH and these loans. "Some companies claim their average loan amounts to be between $300 and $500, and had to shut down their store fronts in that state, or their business entirely, because their business could not survive on a low APR for low loan amounts. Since then, the law has been reversed and new growth in the title loan industry has emerged, allowing title loan lenders to charge 25% interest a month, or roughly 300% APR.[11]"
300% APR. Didn't we used to call this loansharking?
All I can say is WOW.
Maybe the NH state motto should be amended to "Live free or die in debt."
I read a little more in wiki about NH and these loans. "Some companies claim their average loan amounts to be between $300 and $500, and had to shut down their store fronts in that state, or their business entirely, because their business could not survive on a low APR for low loan amounts. Since then, the law has been reversed and new growth in the title loan industry has emerged, allowing title loan lenders to charge 25% interest a month, or roughly 300% APR.[11]"
300% APR. Didn't we used to call this loansharking?
#16
05-05-2014, 10:07 AM
TReK
I think this is an example of LESS regulation allowing predatory lending practices rather than more. We've done nothing to protect people, especially the poor, from these unethical practices. It all started back in the early 1980's when interest caps were removed by certain states like SD and DE. It's accelerated over the last 30 years to the point where we had the mess we had in '08. And, still, there are no adequate protections for consumers when it comes to these predatory lenders. It's a disgrace. It's smart thieves taking advantage of people with a less than sophisticated sense of finance.
#18
05-05-2014, 10:46 AM
TReK
Look at the mess with net neutrality. The way the internet has existed is about to dramatically change. It's tough to expect the FCC to look after its citizens when the commission is made up of former industry executives. The revolving door for lobbyists and government officials is absurd.
The saddest thing I've read in days was a Harvard study that said millennials are not expected to turn out for the '14 elections. WTF!!! I guess these kids are satisfied with living at home and renting zip cars to get around. Democracy is not a spectator sport and with things the way they are I just get more and more downhearted by the absolute cynicism of young kids today. Frankly, they haven't earned the right to be so cynical.
I'm in my mid fifties and remember a much different America, not the one the Tea Party pines for but one where we were actually trying to achieve something, something more than owning a cool iPhone.
Aldous Huxley was right, the powers that be have won and they did it by mollifying us with toys while they cleaned the shelves of everything meaningful.
#19
05-05-2014, 11:35 AM
I guess I'd be considered a Millennial. Although, I do try to attend guest lecture's at my college and vote in Nevada and Las Vegas elections, along with the presidential election of course. I did just come of age, though, and I have only voted a handful of times. Although I rarely do see anyone remotely close to my age at any sort of election or lecture, my parents don't even attend fwiw, I only see what we classify as elderly now.
Aldous Huxley's book, The Brave New World, is frighteningly similar to the present, but I'm sure as time goes on, his fiction book will become increasingly accurate. I agree with you Paul on every aspect, we don't have anything that matters anymore, no concrete foundation, just things, anything really, too.
Aldous Huxley's book, The Brave New World, is frighteningly similar to the present, but I'm sure as time goes on, his fiction book will become increasingly accurate. I agree with you Paul on every aspect, we don't have anything that matters anymore, no concrete foundation, just things, anything really, too.
#20
05-05-2014, 11:40 AM
Baja