Many people rely on title loans when money is tight, regardless of their infamous predatory nature and high interest rates. However, getting that loan is much like playing Russian Roulette — and with similar odds. According to a recent PEW study, one out of every nine title loans results in a repossession, with the titled vehicle eventually heading to auction.
Recently, I received a notice that a large title loan vendor was to auction off over 500 vehicles. My curiosity got the better of me. Armed with the auction run list and a VIN history tool, I decided to take a look at what ends up at these auctions and how they get there.
“Aaahh Steve? My rig caught on fire.”
At first I thought about oil rigs in the Gulf of Mexico engulfed in an endless torch of black smoke and molten metal.
Then I realized that the repo driver was talking about his own truck. In all my years of dealing with repo companies, I had never known an auto recovery company, big or small, that was neglectful enough to turn their money maker into an ashen shell.
Before noon I would be awakened by another surprise.
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- Bullnuke Well, production cuts may be due to transport-to-market issues. The MV Fremantle Highway is in a Rotterdam shipyard undergoing repairs from the last shipment of VW products (along with BMW and others) and to adequately fireproof it. The word in the shipping community is that insurance necessary for ships moving EVs is under serious review.
- Frank Wait until the gov't subsidies end, you aint seen nothing yet. Ive been "on the floor" when they pulled them for fuel efficient vehicles back during/after the recession and the sales of those cars stopped dead in their tracks
- Vulpine The issue is really stupidly simple; both names can be taken the wrong way by those who enjoy abusing language. Implying a certain piece of anatomy is a sign of juvenile idiocy which is what triggered the original name-change. The problem was not caused by the company but rather by those who continuously ridiculed the original name for the purpose of VERY low-brow humor.
- Sgeffe There's someone around where I live who has a recent WRX-STi, but the few times I've been behind this guy, he's always driving right at the underposted arbitrary numbers that some politician pulled out of their backside and slapped on a sign! With no gendarmes or schoolkids present! Haven't been behind this driver on the freeway, but my guess is that he does the left lane police thing with the best of 'em!What's the point of buying such a vehicle if you're never going to exceed a speed limit? (And I've pondered that whilst in line in the left lane at 63mph behind a couple of Accord V6s, as well as an AMG E-Klasse!)
- Mebgardner I'm not the market for a malleable Tuner / Track model, so I dont know: If you are considering a purchase of one of these, do you consider the Insurance Cost Of Ownership aspect? Or just screw it, I'm gonna buy it no matter.The WRX is at the top of the Insurance Cost pole for tuner models, is why I ask.