I was told I was doing a great job, that I would be promoted to manager of the store. I worked 6 days a week for 3 months straight by myself, ran the place, did all the management duties, traveled when they needed me to, etc. Some of the customers are awesome, and some are just plain scary (you don't want to be a female and work by yourself, not always safe), the collection calls are a nightmare!! That's essentially what your day consists of is collection calls all day long!!! You will work hard with no appreciation from management. Otherwise you will work your a** off working by yourself, 6 days a week, no other days off because there's no coverage for you to have a day off. Consumers, and even local repossession agents, have brought lawsuits for these violations.Warning: Very high turnover rate!! If you have no family (husband, kids, etc) and no life then you might be ok. Thus an entire industry that should be regulated by the various states, is instead running rampant in a kind of repossession Wild West. The repossession forwarders must be licensed, but they are not. State licensing laws typically define a repossession agency as any entity that engages in business or accepts employment to locate or recover collateral, for money. The repossession forwarders often do not bother to get licensed in the states they operate in. This new way of doing business is driving responsible repossession agents out of the business, and is creating physical danger to both consumers and repo agents. The repo forwarder locates the vehicle, and hires the local repossession agency itself to go take the vehicle. Today, many national lenders use national “repossession forwarders,” and no longer even have any contact with the local repossession agency. Traditionally, lenders and banks would hire their local repossession agents directly. The repossession industry has changed models. about Every Day in Texas, 93 People Lose Their Cars to Auto-Title Lendersįiled Under: Blog Repo Forwarding – A Danger To Consumersīy Alec Trueblood, Trueblood Law Firm, Consumer Attorneys serving Texas, Washington, and California “Being a single mom and working a minimum-wage job, it’s really hard to come up with that kind of money,” Garcia said.
#LOANSTAR TITLE LOANS REPOSSESSION FULL#
The full loan amount plus interest and fees-almost $1,900-was due in 30 days. After appraising her vehicle, LoanStar Title Loans offered to loan Garcia $1,500. A family member suggested that she borrow against her car, a reliable 2003 Chevy Cavalier worth $2,100. After a relationship fell apart, Garcia found herself in a financial hole, unable to pay her bills. Garcia’s experience is typical, advocates say. It’s the first time the state has collected consumer data from the payday loan and auto-title lending industries.ĭuring the first half of 2012, auto-title lenders seized vehicles on about one out of 10 of their loans-more than 17,000 vehicles in all. Naivi Garcia doesn’t think of herself as a statistic, but she’s one of the many Texans-an average of 93 each day-who have their cars repossessed by auto-title lenders, according to reports from the state Office of Consumer Credit Commissioner. about 5 Shocking Facts About Car Title Loansįiled Under: Blog Every Day in Texas, 93 People Lose Their Cars to Auto-Title Lenders If you can’t make the payment, the lender either takes the vehicle or offers you the chance to renew the loan, for an additional fee. After a brief period (usually 30 days), the full amount borrowed must be repaid, plus any fees.
There are no credit or income checks and you may be able to get money in a matter of minutes. Qualifying is usually easy – you just need to own the car outright. Here’s how a title loan works: A lender takes your car’s title as collateral for a short-term loan. Yet those negatives haven’t stopped the auto title loan industry from thriving, particularly by targeting consumers who live on the financial edge. Not only are interest rates sky high, but people who can’t repay their debt may have their car repossessed.
Auto title loans are actually a risky, expensive form of lending. “Unlock the cash in your car!” “Get cash fast!” “No credit check needed!” The ads for auto title loans make borrowing against your car sound like a foolproof solution to your financial problems.
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