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How horribly wrong could this deal go?

P

PAB

Banned
As y'all know, I tend to have a bit of an odd life. Today, I got a phone call from a guy.

He needs to borrow about $10k. He's willing to pay my normal interest rate (25% a month) and secure it with collatteral.

The collateral isnt something I can readily turn into cash. Its a 98 Peterbilt 379. The truck is EASILY worth $10k, except theres a few problems.

1. I can give him the money with papers drawn up and I can hold an open title.

Problem: Dupe titles supersede open titles.

2. I can give him the money with papers drawn up and I can retitle the truck in my name.

Problem: I'm not named insured on his insurance.

3. I can give him the money with papers drawn up and I can take his title and spend $50 for a lien on it. If he crashes the truck, I get paid first from his insurance company.

Problem: He takes a load out of state and South Carolina DOT cops impound it on a safety violation or some beauacratic BS. I'm in big trouble. Plus, theres no way I can get it back from wherever the hell the thing gets impounded at.

Even if I get a lien on his title, I still have to get a court order to change my lien to owner.

And if I do that, I've still got to repo it - provided I can find the damn thing.

I cant think of a singluar way to have my ass covered 6 ways from sunday. Anyone?
 
Guys, this is getting as bad as the Syringer threads where he couldn't post anything, no matter how legitimate, without everybody screaming SPIDER all over the place. Remember how fast that became a bannable offense? You're driving down the same road.
 
Originally posted by: HotChic
Guys, this is getting as bad as the Syringer threads where he couldn't post anything, no matter how legitimate, without everybody screaming SPIDER all over the place. Remember how fast that became a bannable offense? You're driving down the same road.
Click to expand...

****SPACE AFTER THE FIRST DISS NOW AVAILABLE*****
 
The only way to cover your ass here is to not loan him the money.

And I am willing to license this space out. 😀
 
Originally posted by: PAB
He's willing to pay my normal interest rate (25% a month)
Click to expand...

So someone that can afford $2500 per month in interest needs to borrow $10,000?
 
Originally posted by: HotChic
Guys, this is getting as bad as the Syringer threads where he couldn't post anything, no matter how legitimate, without everybody screaming SPIDER all over the place. Remember how fast that became a bannable offense? You're driving down the same road.
Click to expand...

Yeah, right around 2 years, right? 😉
 
25% per month? That's 300% annually. There are usury laws in this country ya know.
 
Originally posted by: Vic
25% per month? That's 300% annually. There are usury laws in this country ya know.
Click to expand...

After two months I call it and he either pays up or I take the collatteral.
 
Originally posted by: PAB
As y'all know, I tend to have a bit of an odd life. Today, I got a phone call from a guy.

He needs to borrow about $10k. He's willing to pay my normal interest rate (25% a month) and secure it with collatteral.

The collateral isnt something I can readily turn into cash. Its a 98 Peterbilt 379. The truck is EASILY worth $10k, except theres a few problems.

1. I can give him the money with papers drawn up and I can hold an open title.

Problem: Dupe titles supersede open titles.

2. I can give him the money with papers drawn up and I can retitle the truck in my name.

Problem: I'm not named insured on his insurance.

3. I can give him the money with papers drawn up and I can take his title and spend $50 for a lien on it. If he crashes the truck, I get paid first from his insurance company.

Problem: He takes a load out of state and South Carolina DOT cops impound it on a safety violation or some beauacratic BS. I'm in big trouble. Plus, theres no way I can get it back from wherever the hell the thing gets impounded at.

Even if I get a lien on his title, I still have to get a court order to change my lien to owner.

And if I do that, I've still got to repo it - provided I can find the damn thing.

I cant think of a singluar way to have my ass covered 6 ways from sunday. Anyone?
Click to expand...

another PAB thread does anybody care..............
 
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