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I mean, I don't know, man... I was just reading through some ad about car loans where they basically tell you that you get to keep the car while paying it off, so my buddy and I gave them a call and that's exactly what they described to us. But now we've run into someone who actually went through with it—driving around in a car like that—but honestly, it feels like you're just driving their car because the contract says you're putting the vehicle up as collateral when you're really just selling it to them. So, I guess, if someone misses, like, two payments or something, is there any way to protect yourself so they don't just snatch the car away? Like, could you report them to the authorities or something? I don't know, maybe...
So, wait... I’d be using my car as collateral? Like, I still get to drive it and everything, right? But technically, while I'm paying off the loan, they hold the title? I guess that makes sense, maybe.
So, I was thinking... does anyone here actually have experience with those sketchy ads for car loans? You know the ones, where they offer you cash for your ride but let you keep driving it? Apparently, they make you sign some kind of sales contract where you technically sell them the car, then they give you power of attorney so you can still use it. But get this—they only pay you like a third of what the car is actually worth. Then, once you pay everything back (which usually ends up being more than you originally owed), the car is supposedly yours again. I don't know, sounds a bit fishy to me. Is that just straight-up loan shark stuff, or is there actually some legal way they pull that off?