How horribly wrong could this deal go?

[freebee]

Cingular.

Sunday is 7th day.

Verizon > Cingular.

 

[Canai]

No way, I hate verizon!

 

[kamikaze27]

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?

If HE crashes the truck? Are you listening to yourself?

 

[intogamer]

get something that is worth while including the interest

so $12500+ in your posession

Maybe 15000?

 

[Stumps]

Originally posted by: PAB

Originally posted by: Vic
25% per month? That's 300% annually. There are usury laws in this country ya know.

After two months I call it and he either pays up or I take the collatteral.

I once knew a person like you....we used to call him "Story"

At the sound of the chime, turn the page



Bllliinnggg....

 

[rockyct]

Oh man, it's even more fun watching it happen in real time.

 

[LEDominator]

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?

Usury? Anyone? Usury?

Also, no offense to anyone but I would imagine that truckers aren't exactly the most financially savvy type with regard to interest and whatnot which makes you using him all the worse. You are an asshole for trying to screw over people.

 

[MmmSkyscraper]

Stop posting.

 

[rockyct]

Originally posted by: LEDominator

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?

Usury? Anyone? Usury?

Quit spoiling the fun. We all know the guy won't pay but will drive his truck into a lake.

 

[hans007]

anyone willing to pay you 25% interset a month, is not gonna pay that interest. you are buying the truck

 

[PAB]

Originally posted by: hans007
anyone willing to pay you 25% interset a month, is not gonna pay that interest. you are buying the truck

Tell that to my stockbroker. I used to lend him money at 20%

 

[shocksyde]

Originally posted by: PAB

Originally posted by: hans007
anyone willing to pay you 25% interset a month, is not gonna pay that interest. you are buying the truck

Tell that to my stockbroker. I used to lend him money at 20%

Why the HELL would you use a stockbroker that needs to borrow money? Ha! You're awesome.

 

[compuwiz1]

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