THE BLOG

13
Jul

Car Title Loan Collections

Car Title Loan Collections

A new trend in car title loan and payday loan collections to track down debtors? Using social media such as FaceBook, Pinterest, Twitter, Instagram, etc. Payday loan and car title loan lenders are monitoring borrower’s social media accounts for clues as to a borrower’s ability to pay and where borrower’s are employed.

California Title Loan Business Startup

Start a Title Loan Biz

Text messaging, email, “friending” are all becoming popular with car title loan and payday loan collectors today.

Consumers just don’t have a clue! They’re revealing all kinds of private information enabling car title loan and payday loan collectors to get their money. Even the IRS is at it according to media reports.

Whether laws are being broken to collect on these outstanding debts is open to debate. Federal Trade Commission regulations don’t explicitly refer to social media. The FTC did address how text messaging can and can’t be used to lawfully collect debts. Regardless, it’s unlawful for a bad debt collector to harass a debtor or violate a debtor’s privacy. This often happens when debt collectors reach out to the relatives and friends of a debtor.

Horror stories abound of car title loan lenders sending text messages and making phone calls during which the debt collectors failed to disclose that they were car title loan debt collectors, threatening to sue and garnish wages from the debtors they were contacting, and revealing individuals’ debts to friends, families, and coworkers.

If you’re a payday loan or car title loan lender in need of new ideas for collecting bad debt owed to you and you’re tried all the typical skip tracing methods, read our Title Loan Collections Chapter in our “How to Start a Car Title Loan Business Bible.”

10
Jul

Car Title Loan Software

Car Title Loan Software for Your Business

Are you in the car title loan business? Or, do you want to start a title loan business but have no clue what loan management software is available? Do you know there are “off-the-shelf” software solutions for running a car title loan business?

We opened our first car title and payday loan store in California in 1997. We’ve “played” with all the loan management software solutions in the industry. We even screwed up and built our own; long since scrapped.

To start a car title loan business you need some straight talk about car title loan management software from a resource not having an agenda. Consider investing in our “Car Title Loan Training Manual” (300+ pages).

Our 300+ page title loan industry manual includes a lengthy chapter devoted to auto pawn and car title loan software. Not only do we thoroughly discuss the features to look for, but additionally, we include a complete list of the top title loan software solutions available in the marketplace today. This software chapter includes a list of the major players with phone numbers, web site addresses, and investmant requirements. We also include links to each auto title loan software company allowing you access to their free software demos.

Our team has more than 20 years experience with car title loans, payday loans and check cashing. Order our Auto Title Loan Training Manual today, read it, then pickup the phone and call us for free counsel.

We offer 2 methods to invest in our “How to Start a Car Title Loan Business:”

  • Immediate download in Adobe Acrobat: $277.95
  • We’ll print and ship it to you: $397.95


Available immediately in Adobe Acrobat or invest in the printed and shipped version. Need more info? Have a question?

Help@AutomobilePawn.com

09
Jul

Car Title Loan Profits

Car Title Loan Profits

Every entrepreneur wants to know how much money they can make in the car title loan industry!

Triple digit annual percentage rates (APR’s) are typical for car title loan stores. A  Missouri State Auditor’s Report revealed the average to be 200% to nearly 400%. Illinois approached 300%. Wisconsin averages 300%. Typical fees on a $500 loan are 25% per month; $125 month interest only. These are typical rates for car title loan companies having stores in states having fee caps. When operating in states not having prescribed statutes, you will experience even higher APR’s.

Car Title Loan ProfitsIt’s not uncommon for car title loan stores to minimize their APR calculations by failing to compute them properly. This is not necessarily intentional. Many operators simply don’t know how to calculate an APR correctly. This is not recommended. It can lead to serious problems, particularly after you become extremely successful. You will become a target. Your solution is to invest in vcar title loan management software. Our “Car Title Loan Bible” has a lengthy chapter devoted to this subject. Learn what to look for when choosing your car title loan software and check out all the vendors offering software.