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Author Topic: I clicked on a random car loan  (Read 21623 times)

LoanChimp

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Re: I clicked on a random car loan
« Reply #30 on: April 28, 2009, 11:28:13 am »
These used car loans are making an incredible first impression... :D
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JammingJAY

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Re: I clicked on a random car loan
« Reply #31 on: April 28, 2009, 11:32:40 am »
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The old rule has changed: it seems that people now do have a right not only to their own opinions, but to their own facts.

I'm now trysexual. The GLBT folks are so behind (no pun).

JammingJAY

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Re: I clicked on a random car loan
« Reply #32 on: April 28, 2009, 12:04:22 pm »
Man the deadbeats hate CPS. I read satan, harass and class action lawsuits.

Sweet, because speaking of lawsuits when I plugged prosper in I got..

http://www.ripoffreport.com/searchresults.asp?q5=prosper&Search=Search&q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search!

Nothing, that's right folks nada zippo.

Wonder why?

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The old rule has changed: it seems that people now do have a right not only to their own opinions, but to their own facts.

I'm now trysexual. The GLBT folks are so behind (no pun).

112233

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Re: I clicked on a random car loan
« Reply #33 on: April 28, 2009, 12:07:38 pm »
Can I filter on cars sold by the chop?
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misssalaska2000

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Re: I clicked on a random car loan
« Reply #34 on: April 28, 2009, 12:09:47 pm »
Quote from: 112233 on April 28, 2009, 12:07:38 pm
Can I filter on cars sold by the chop?

That show was like a train wreck.  I kept watching because I couldn't stop.  The salesmen who came in thinking they could be the next "big shot" was probably the icing on the cake.  So many douches!  So little time per episode!
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ira01

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Re: I clicked on a random car loan
« Reply #35 on: April 28, 2009, 12:55:36 pm »
Quote from: ferengi31337 on April 28, 2009, 08:20:10 am
And the answer is:  maybe.

Quote
If one of the Open Market loans underlying one of your Notes becomes delinquent, the loan seller may refer the Open Market loan to a collection agency at any time, or elect to initiate legal action to collect the Open Market loan, repossess or foreclose upon any collateral securing the Open Market loan, or sell an Open Market loan to a third party debt buyer at any time.

So what does this mean -- when the borrower goes 1 day late the seller can decide to sell the loan to a JDB (no doubt a subsidiary of the seller) for 1 cent on the dollar?
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112233

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Re: I clicked on a random car loan
« Reply #36 on: April 28, 2009, 01:58:02 pm »
Quote from: ira01 on April 28, 2009, 12:55:36 pm
Quote from: ferengi31337 on April 28, 2009, 08:20:10 am
And the answer is:  maybe.

Quote
If one of the Open Market loans underlying one of your Notes becomes delinquent, the loan seller may refer the Open Market loan to a collection agency at any time, or elect to initiate legal action to collect the Open Market loan, repossess or foreclose upon any collateral securing the Open Market loan, or sell an Open Market loan to a third party debt buyer at any time.

So what does this mean -- when the borrower goes 1 day late the seller can decide to sell the loan to a JDB (no doubt a subsidiary of the seller) for 1 cent on the dollar?

the seller still being prosper. Im not sure why they referring to themselves in the 3rd person like this.

Quote
Bidding
Open Market listings: Bidding on yield
...
If enough lender members bid at a yield resulting in a price acceptable to the loan seller, Prosper will buy the loan and issue corresponding Notes to the winning lender members. As long as the borrower makes all payments as scheduled, the cash received by the lender will provide the final yield-to-maturity that was bid in the auction
http://www.prosper.com/help/investing.aspx
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ira01

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Re: I clicked on a random car loan
« Reply #37 on: April 28, 2009, 02:56:45 pm »
Quote from: 112233 on April 28, 2009, 01:58:02 pm
Quote from: ira01 on April 28, 2009, 12:55:36 pm
Quote from: ferengi31337 on April 28, 2009, 08:20:10 am
And the answer is:  maybe.

Quote
If one of the Open Market loans underlying one of your Notes becomes delinquent, the loan seller may refer the Open Market loan to a collection agency at any time, or elect to initiate legal action to collect the Open Market loan, repossess or foreclose upon any collateral securing the Open Market loan, or sell an Open Market loan to a third party debt buyer at any time.

So what does this mean -- when the borrower goes 1 day late the seller can decide to sell the loan to a JDB (no doubt a subsidiary of the seller) for 1 cent on the dollar?

the seller still being prosper. Im not sure why they referring to themselves in the 3rd person like this.

Quote
Bidding
Open Market listings: Bidding on yield
...
If enough lender members bid at a yield resulting in a price acceptable to the loan seller, Prosper will buy the loan and issue corresponding Notes to the winning lender members. As long as the borrower makes all payments as scheduled, the cash received by the lender will provide the final yield-to-maturity that was bid in the auction
http://www.prosper.com/help/investing.aspx

It's not clear to me from that that Prosper is the "seller" being referenced.
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pjz

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Re: I clicked on a random car loan
« Reply #38 on: April 28, 2009, 03:14:27 pm »
I noticed that 3 out of the 4 most funded CPS loans the delinquent amount is the same as revolving credit balance. Also the number of current credit lines is just 1 for most of them. I would think these are all people with past bad credit history trying to reestablish credit but have failed. Based on this failure CPS is dumping these loans on Prosper. IMO buying these loans are equivalent to buying an old Prosper loan which is a month late. That is you have about 1 in five chance of getting another payment and 9 out of ten that they will eventually default.
« Last Edit: April 28, 2009, 03:20:20 pm by pjz »
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NewHorizon

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Re: I clicked on a random car loan
« Reply #39 on: April 28, 2009, 03:25:52 pm »
Anybody know CPS's definitions of "current" and "late"?
I couldn't find anything which says they're the same as Prosper's definitions.

ETA: n/m.  I mouse-over the word "current' and it says "A payment was made within 30 days of its due date".  (Prosper's definition is within 15 days).
« Last Edit: April 28, 2009, 03:29:17 pm by NewHorizon »
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ira01

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Re: I clicked on a random car loan
« Reply #40 on: April 28, 2009, 04:14:13 pm »
Quote from: NewHorizon on April 28, 2009, 03:25:52 pm
Anybody know CPS's definitions of "current" and "late"?
I couldn't find anything which says they're the same as Prosper's definitions.

ETA: n/m.  I mouse-over the word "current' and it says "A payment was made within 30 days of its due date".  (Prosper's definition is within 15 days).

Great -- so all they have to do is post a 14-day listing as soon as the loan is two weeks late (but still "current" under that terminology), and Prosper lenders will have no idea that the last payment made may actually be the last payment ever made.  With every detail, it looks more and more likely that Prosper will simply be the way for the auto finance companies to obtain full (or nearly full) payment on loans already headed for the junk heap (with Prosper lenders holding the bag once again, of course).
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Nora_Lenderbee

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Re: I clicked on a random car loan
« Reply #41 on: April 28, 2009, 04:18:24 pm »
Who's going to repo the cars if a borrower defaults? If CPS gets the car, will they pay back the Prosper lenders?

Are the cars collateral for the prosper notes, or just for the CPS loan? Could CPS have already repo'ed the car and then put up the listing?
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cowdog

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Re: I clicked on a random car loan
« Reply #42 on: April 28, 2009, 04:20:38 pm »
Many if not all of these look like hard money loans to me.

Usually with real hard money loans, a portion of the loan is withheld and payments are made for a period of time so it looks like a track record has been established, then the paper is sold once it has a good payment trail.

When this is said and done, 40% defaults are gonna look good.

 ;D
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Urbi_et_Orbi

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Re: I clicked on a random car loan
« Reply #43 on: April 28, 2009, 04:22:33 pm »
Nominate for lobby?
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

Beerbud1

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Re: I clicked on a random car loan
« Reply #44 on: April 28, 2009, 04:24:13 pm »
Second for lobby!
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