Prospers.ORG Prosper Forum

Advanced search  

News:

Welcome to Prospers.ORG!   Login here

Pages: 1 2 3 [4] 5   Go Down

Author Topic: I clicked on a random car loan  (Read 21732 times)

ira01

  • Hero Member
  • *****
  • Karma: +145/-10657
  • Posts: 48349
    • View Profile
Re: I clicked on a random car loan
« Reply #45 on: April 28, 2009, 04:25:24 pm »
Logged
If you're not outraged, you're not paying attention.

bankomatic

  • Hero Member
  • *****
  • Karma: +125/-59
  • Posts: 14939
  • Tyrant and Slave Master
    • View Profile
Re: I clicked on a random car loan
« Reply #46 on: April 28, 2009, 04:33:06 pm »
Quote from: bankomatic on April 28, 2009, 09:22:09 am
Well the company who is supposedly dumping loans is publicly traded.

http://www.google.com/finance?q=NASDAQ%3ACPSS

They aren't having a very good year, heh.

CPSS is up 15% today, I wonder if investors think that CPS has finally found the market for it's terrible loans where they get 100 cents on the dollar. Hell, if I see lots of bids on disaster loans offered by CPS I may buy the stock  :ninja:
Logged

JammingJAY

  • Hero Member
  • *****
  • Karma: +1/-3
  • Posts: 3843
  • Y35 \|/3 ÇÅ[/]'7!
    • View Profile
Re: I clicked on a random car loan
« Reply #47 on: April 28, 2009, 04:36:00 pm »
Quote from: ira01 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).

So after you win the bid on the listing it shows up late on your portfolio. Prosper streamlined!

 :D

+lobby

Logged
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).

Urbi_et_Orbi

  • Hero Member
  • *****
  • Karma: +197/-117
  • Posts: 9355
  • "Lock Him Up" - Suspended Since 9/3/2009
    • View Profile
Re: I clicked on a random car loan
« Reply #48 on: April 28, 2009, 04:36:54 pm »
I think that's called disintermediation.   :ninja:
Logged
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

JammingJAY

  • Hero Member
  • *****
  • Karma: +1/-3
  • Posts: 3843
  • Y35 \|/3 ÇÅ[/]'7!
    • View Profile
Re: I clicked on a random car loan
« Reply #49 on: April 28, 2009, 04:37:47 pm »
Quote from: bankomatic on April 28, 2009, 04:33:06 pm
Quote from: bankomatic on April 28, 2009, 09:22:09 am
Well the company who is supposedly dumping loans is publicly traded.

http://www.google.com/finance?q=NASDAQ%3ACPSS

They aren't having a very good year, heh.

CPSS is up 15% today, I wonder if investors think that CPS has finally found the market for it's terrible loans where they get 100 cents on the dollar. Hell, if I see lots of bids on disaster loans offered by CPS I may buy the stock  :ninja:

+1
Logged
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).

onthefence

  • Hero Member
  • *****
  • Karma: +0/-3
  • Posts: 5736
    • View Profile
Re: I clicked on a random car loan
« Reply #50 on: April 28, 2009, 05:18:08 pm »
Psst.  Hey, buddy.  Want to buy a used car loan?


I can make you are real deal right now.
I promise it's a steal.
Logged
Lobby permission granted

Faithful_Steward1

  • Full Member
  • ***
  • Karma: +0/-0
  • Posts: 119
    • View Profile
Re: I clicked on a random car loan
« Reply #51 on: April 28, 2009, 05:24:41 pm »
Who cares what crap they put up there?

Looking back it was dumb enough for me to lend unsecured loans over the internet, but no one with half a brain would do this as we're entering a depression. But if this enables Prosper to survive long enough for me to get the rest of my money out I'm happy.
Logged

mtnchickatstore

  • Hero Member
  • *****
  • Karma: +0/-0
  • Posts: 1210
    • View Profile
Re: I clicked on a random car loan
« Reply #52 on: April 28, 2009, 06:07:35 pm »
Quote from: Faithful_Steward1 on April 28, 2009, 05:24:41 pm
but no one with half a brain would do this as we're entering a depression.

I was thinking that when I saw anton's bid ;)
Logged

brianguy

  • Hero Member
  • *****
  • Karma: +0/-1
  • Posts: 6968
  • aka DAN
    • View Profile
Re: I clicked on a random car loan
« Reply #53 on: April 28, 2009, 06:43:01 pm »
Quote from: JammingJAY on April 28, 2009, 11:25:48 am
OMG....

There is a 4.24% premium to get on this one.

http://www.prosper.com/invest/listing.aspx?listingID=414856

 :D :D





w/ no payment history for the TRAILBLAZE   :ninja:

trail blazing indeed... yikes
Logged

brianguy

  • Hero Member
  • *****
  • Karma: +0/-1
  • Posts: 6968
  • aka DAN
    • View Profile
Re: I clicked on a random car loan
« Reply #54 on: April 28, 2009, 06:47:02 pm »
Quote from: msava on April 28, 2009, 08:23:01 am
How did the borrowers know Prosper would be up and running today? Was there some secret communication to borrowers?


a)  Prosper was down the whole weekend for "upgrades" - then they spent an extra day at it since it still wasn't working after being down Saturday + Sunday.  clearly gave the appearance of major changes afoot.

b)  rumors were already rampant they'd be making a comeback soon prior to a)

c)  an email went out early this morning (5am) to lenders (at least in CA) sayin "hey come get some!!!!!!"

d)  website is back up this morning with a different look and feel, even the pages for existing loans had quite a few changes, which I'm sure piqued everyone else's curiousity even more and got them clicking.
Logged

bamalucky

  • Hero Member
  • *****
  • Karma: +426/-426
  • Posts: 42798
    • View Profile
Re: I clicked on a random car loan
« Reply #55 on: April 28, 2009, 06:59:11 pm »
Guess who dumps cars at Alabama'a largest auto auction?

http://www.alautoauction.com/
Logged
There are no stupid questions, just stupid people.

Urbi_et_Orbi

  • Hero Member
  • *****
  • Karma: +197/-117
  • Posts: 9355
  • "Lock Him Up" - Suspended Since 9/3/2009
    • View Profile
Re: I clicked on a random car loan
« Reply #56 on: April 29, 2009, 12:46:43 pm »
When one of the auto loans fails to fund, I fully expect the seller to kep re-listing the loan until they can get it funded.  If it was a solid loan, why would they re-sell it in the first place.

Anyway, since the VIN number is not listed, how will lenders be able to see the individual listing history for any specific vehicle-loan?
Logged
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

Chamatrain

  • Hero Member
  • *****
  • Karma: +0/-1
  • Posts: 6378
    • View Profile
Re: I clicked on a random car loan
« Reply #57 on: April 29, 2009, 01:00:18 pm »
Quote from: bamalucky on April 28, 2009, 06:59:11 pm
Guess who dumps cars at Alabama's largest auto auction?

http://www.alautoauction.com/

That's interesting.  CPS and Larsen.  Looks like they both are pushing similar types of sub-sub-prime loans. Kind of like Countrywide Financial?
Logged

Urbi_et_Orbi

  • Hero Member
  • *****
  • Karma: +197/-117
  • Posts: 9355
  • "Lock Him Up" - Suspended Since 9/3/2009
    • View Profile
Re: I clicked on a random car loan
« Reply #58 on: April 29, 2009, 01:04:04 pm »
At least now we know the names of likely future loan sellers on Prosper.
Logged
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

czach

  • Guest
Re: I clicked on a random car loan
« Reply #59 on: April 29, 2009, 01:13:22 pm »
Quote from: Senator on April 28, 2009, 08:09:19 am
Will the car be repo'd when this loan goes late?

It might, but that doesn't mean you would get paid :-)

CZ
Logged
Pages: 1 2 3 [4] 5   Go Up
« previous next »