Lender takes all in repo cases

Atlanta Journal-Constitution ^ | 01/30/05 | Alan Judd, Carrie Teegardin, Ann Hardie

[Rebelbase]

"The people who would get a loan under these conditions are the same people who blow their welfare/SSI checks at the casinoes every month."

True, but when considered as a whole they make up a tiny fraction of a 1 percent, IMO. I'm in poor neighborhoods all the time. The major contributing factor, IMO, is lack of education, the debilitating affects of being up to your eyes in debt while living weekly from paycheck to paycheck and the last resort these places offer for those with lousy credit.

[Rebelbase]

Very true. It's either borrow the dough, drive the car and do the drugs or let the crackman front for you while he "borrows" your car for a day/night and you walk home from the crack house.

(generic you, not "you")

[Glenn]

this industry is largely set up to prey on people in active addiction

Oh, please. I lived in small town Georgia from 1985-2000. I saw these businesses spring up in the mill towns. People who were making a subsistance wage and were always one broken arm or cold winter snap from being poor were their customer base. If you were an addict and pawned your title knowing there was no hope of paying it off, then you were a small part of their business.

The last thing I want the government doing is protecting meth-heads from themselves.

[wideawake]

Then by your implied definition the interest 15% on credit card is a usury if the risk "uncompatibly" smaller (like 1%). Is it?

Absolutely.

Of course, there is no such think as 1% risk on an individual. Think logically - if a company like GE or IBM borrows money at 4% and a country like Switzerland borrows money at 3.5%, what private individual would qualify as a 1% risk on an uncollateralized loan?

A lot of people out there are extremely irresponsible and a huge credit risk, for one thing and for another, a lender always runs the risk that someone will declare bankruptcy and they will lose their entire loan.

If the terms of the loans are not being accurately disclosed or explained to the customers, then he should be punished. But otherwise, caveat debtor.

[Lazamataz]

That's the experience of your observations; mine looks different.

Plus I'm in Za Beeg Ceety.

[Protect the Bill of Rights]

There is a line between a market driven industry and consumer exhortion.

Of course, there is the aspect that no one out a gun to these people's heads and forced them to pawn the titles.

That being said, the hypocrisy of the our governments amazes me.

By laws passed "for our own good":

We must wear seatbelts.
We must carry auto insurance.
We must not use cell phones while driving.
We must not allow smoking in a business we happen own.
We cannot light up in public places-parks, the beach, etc.
We must be carded to by a mixed drink regardless of our age. (In Alpharetta, were this man lives, everyone must be carded--even if they are seniors. If you take 80 year old Grandma out to dinner, Grandma cannot have that glass of wine if she forgot to bring her ID. That may have changed, I stopped eating in Alpharetta when they passed that stupid law. Took my $$ elsewhere.)

The hypocrisy is our governments pass laws restricting our activities "for our own good" yets turns it's head when oversight is needed. It's all about the $$$$$$.

[UnbelievingScumOnTheOtherSide]

It's so subtle you all missed it.........

It's a hit piece on Zel Miller.

[UnbelievingScumOnTheOtherSide]

There's no hypocrisy.

The states have a monopoly on the numbers racket.
Loan sharking is a bone they've tossed to business because they can't think of a moral reason not to.

[Feldkurat_Katz]

The name of Rod Aycox pops up in other articles such as this:

http://www.knowledgeplex.org/news/43114.html