So I bought a scrap car about 2 weeks ago. Guy had a title loan against it of a few hundred. I went with him to the title store, once I knew title was legit, I paid him.
This title place is the type that lets you keep your car, they keep the title (I'm assuming most, if not all, are that way). Being that it was running when he took the loan, but shortly after blew a head gasket, it got me to thinking...
Could title loan places be a source for vehicles? Has any one ever looked into it? As usual with a lot of my ideas I am just now thinking about this, 2 weeks after the fact.
Since he had no way of hauling it to a yard and apparently didn't realize yards will pick up, (although it could be that he couldn't anyways, since he had no money to get the title released) what if he had defaulted on the loan and they re-poed it? What would they want with a car that doesn't run/isn't worth repairing? Plus the tow bill to get it. Only thing they're interested in is getting their money/interest and moving on to the next.
I think I'm going to contact a few title stores.
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