Investing General Discussion
- Thread starter Furious
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
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Whats that old children's song? "One of these things is not like the others..."
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,966
- 132,437
Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,966
- 132,437
Read it. They will even do this on cars that aren't paid off yet.
"lets people with terrible credit scores tap into the equity in their depreciating used cars at a 30% interest rate - even if it's not paid off - in which case the entire auto loan is transferred). "
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,966
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Fogel
Mr. Poopybutthole
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,966
- 132,437
Fucker
Log Wizard
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This is a title loan with the extra baggage of allowing collateral that the borrower does not own. I don't know how they expect to monetize that. It's one thing to do a title loan on a vehicle the borrower owns, but doing a loan on a vehicle owned by another bank is 100% going to end in tears.
Title loans themselves are redneck financial misadventures, and this has several layers of risk piled on top of it.
I guess Cuban has a fetish for clapped out old Nissans, because that's all he is going to end up with out of this.
Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
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30% APR is how they monetize it. Just need enough people who pay it to cancel out the ones that don't. Wait till Shaniqua doesn't pay and they take her tricked out Escalade to cover the $5k she borrowed against it.
Fucker
Log Wizard
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I know how it all works, but it is a bonehead idea for a lot of reasons. They will also be buying notes off of what will primarily be BHPH lots, which are already wildly overpriced. They will be getting collateral that is not worth anything close to what they are loaning on. And then the issue of collecting, repairing, and selling the vehicles they will end up with. I know their goal is to make money off the credit cards, but their customer base doesn't operate that way.
All this risk before they even get to the borrowers themselves, which are mega high risk and have a very high % of skipping out on loans. BHPH lots make their money off of down payments and a few months worth of payments. Their business plan is to repossess and resale those cars.
They are going to lose their asses on this.
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,966
- 132,437
Asshat Foler
Chief Philosopher
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Lambourne
Bronze Baronet of the Realm
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Yeah China making some noises again. Netherlands just export controlled a (Chinese owned) chip maker in the Netherlands, which they're not happy about. Trade war is back on the menu it seems.
TJT
Mr. Poopybutthole
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Haus
I am Big Balls!
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Well I found the "Put a small bet on this and forget about it" stock on my list which is actually benefitting from this latest game of brinksmanship by China and the US.
This is in my "fun and games gambling" side portfolio. I put around a car payment on it back when it was around $.60. General theory is that the US is going to realize it HAS to start handling it's own Rare Earth stuff sooner or later so RE stocks should benefit.
This is in my "fun and games gambling" side portfolio. I put around a car payment on it back when it was around $.60. General theory is that the US is going to realize it HAS to start handling it's own Rare Earth stuff sooner or later so RE stocks should benefit.
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sole
Molten Core Raider
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I did the same with TMQ after the gubmint took a stake, wish I had got in before but it got a nice pop today.
Looking around, CRML, LAC, WWR, etc., have been getting a lot of action as of late. Well played sir.