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Author Topic: Hello, I am a reporter  (Read 33177 times)

Caladia

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Re: Hello, I am a reporter
« Reply #15 on: May 08, 2008, 09:19:10 pm »
Quote from: xraider on May 08, 2008, 07:27:45 pm
Please do tell who you write for.

I think it's Auto Finance News
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Skeith27

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Re: Hello, I am a reporter
« Reply #16 on: May 09, 2008, 01:26:34 pm »
Yes, Auto Finance News is the publication. And I am trying to find out what this is like on both the lender and borrower side. Seems this is mostly a lender forum, but I think I'm getting the general impression of your experiences from the links and posts. I guess what I really want to know is who would want to borrow money for an auto on this site, as opposed to something like GMAC, and why?

I also like the whole idea of the mass populace becoming a competitor to financiers. In my own opinion, I think it's only a matter of time before there is some sort of co-op effort to make a site like Prosper or Lending Club, run by the people. Then again I always like to get into grandiose ideas.

Speaking of which, is anyone here a former user of Lending Club?

Oh, and thanks for the link to LendingStats.com, that will be very handy.
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beerbud1

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Re: Hello, I am a reporter
« Reply #17 on: May 09, 2008, 01:34:27 pm »
A used car buyer would come here and someone who doesn't want a legal lien on the car would come here for a car loan.
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NewHorizon

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Re: Hello, I am a reporter
« Reply #18 on: May 09, 2008, 01:56:09 pm »
Quote from: Skeith27 on May 09, 2008, 01:26:34 pm
I guess what I really want to know is who would want to borrow money for an auto on this site, as opposed to something like GMAC, and why?

The text in some of the listings behind the link I posted above give a few of the reasons.
Also, I noticed a couple listings that were fully funded by one lender at below-market rates.  (HR at 6.5%!)  These are probably people - a friend or family member, perhaps - who agreed to help out the borrower and used Prosper as a convenient loan, um, vehicle (if you'll excuse the expression).

Quote from: Skeith27 on May 09, 2008, 01:26:34 pm
is anyone here a former user of Lending Club?
http://www.prospers.org/forum/lendingclub_talk-b44.0/
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biblio1

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Re: Hello, I am a reporter
« Reply #19 on: May 09, 2008, 01:59:50 pm »
My impression has been that most are looking to finance a private party deal rather than through a dealership.
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onthefence

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Re: Hello, I am a reporter
« Reply #20 on: May 09, 2008, 02:10:44 pm »
Well Penelope's friend helped finance his truck trailer here.  That might be interesting to you.  http://www.prosper.com/lend/listing.aspx?listingID=23734
Penelope still hangs out on these boards so try PMing her to see if you can set up an interview.

You can get some borrower's perspective here:
http://www.prospers.org/forum/borrowing_general-b6.0/

And if you haven't noticed, Prosper's own forums are heavily moderated to keep only happy shiny people & comments.

Also something of interest from the lender side is that prosper plays with the numbers to overstate the estimated ROI.  Right now they are sitting on a load of 4+ month late loans.  As long as they remain unsold, prospers stats look better.
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onthefence

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Re: Hello, I am a reporter
« Reply #21 on: May 09, 2008, 02:14:28 pm »
The other nice thing about these boards is you don't have to get Prosper's permission to talk with or interview their hand picked selections.  You can just ask them directly.  I suspect a number of people will be receptive.
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threnody

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Re: Hello, I am a reporter
« Reply #22 on: May 10, 2008, 12:26:43 am »
Part of the loan I received was to pay off a car loan.  I didn't have good credit and also had a BK; I was paying 18.89% thru the dealership.  I also paid off 2 other bills with this loan.  Link to my loan:
http://www.prosper.com/lend/listing.aspx?listingID=158782

I am also a lender with 5 loans but haven't bid for quite awhile.
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Skeith27

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Re: Hello, I am a reporter
« Reply #23 on: May 12, 2008, 01:07:41 pm »
Has anyone here used another lending site, like LendingClub? How did it compare? I'm just starting to look into why they aren't doing any more loans.
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NewHorizon

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Re: Hello, I am a reporter
« Reply #24 on: May 12, 2008, 01:25:00 pm »
Quote from: Skeith27 on May 12, 2008, 01:07:41 pm
Has anyone here used another lending site, like LendingClub? How did it compare? I'm just starting to look into why they aren't doing any more loans.
I don't understand...
Did you miss my post about the LendingClug forum on this board?
http://www.prospers.org/forum/lendingclub_talk-b44.0/
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dandelion.ranch

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Re: Hello, I am a reporter
« Reply #25 on: May 12, 2008, 03:59:24 pm »
If you had an unsecured car loan, you would save money due to not having to have full coverage insurance...
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Mtnchick

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Re: Hello, I am a reporter
« Reply #26 on: May 12, 2008, 04:31:43 pm »
Quote from: dandelion.ranch on May 12, 2008, 03:59:24 pm
If you had an unsecured car loan, you would save money due to not having to have full coverage insurance...

You would be an idiot not to have full coverage on a car you owe money for.
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Mark12547

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Re: Hello, I am a reporter
« Reply #27 on: May 12, 2008, 05:58:13 pm »
Quote from: Mtnchick on May 12, 2008, 04:31:43 pm
Quote from: dandelion.ranch on May 12, 2008, 03:59:24 pm
If you had an unsecured car loan, you would save money due to not having to have full coverage insurance...

You would be an idiot not to have full coverage on a car you owe money for.

Even if one maintains full coverage, one could at least raise the deductibles and thus save some on the premiums.
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dandelion.ranch

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Re: Hello, I am a reporter
« Reply #28 on: May 12, 2008, 06:02:51 pm »
Quote from: Mtnchick on May 12, 2008, 04:31:43 pm
Quote from: dandelion.ranch on May 12, 2008, 03:59:24 pm
If you had an unsecured car loan, you would save money due to not having to have full coverage insurance...

You would be an idiot not to have full coverage on a car you owe money for.

well, yeah, you'd be an idiot, but i could see that being in someone's list of reasons.
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"What a strange world that is! I had no idea it existed. I don't even know what half these pepole are talking about but they sure do trash each other. They even post who is late with loans. Too scary for me. It is like the dark side..." -some random idiot

Mtnchick

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Re: Hello, I am a reporter
« Reply #29 on: May 12, 2008, 06:08:52 pm »
Quote from: Mark12547 on May 12, 2008, 05:58:13 pm
Quote from: Mtnchick on May 12, 2008, 04:31:43 pm
Quote from: dandelion.ranch on May 12, 2008, 03:59:24 pm
If you had an unsecured car loan, you would save money due to not having to have full coverage insurance...

You would be an idiot not to have full coverage on a car you owe money for.

Even if one maintains full coverage, one could at least raise the deductibles and thus save some on the premiums.

I don't know of any lender that has a requirement on deductibles - is that common? I've financed through pretty much every major manufacturer and a bank (USAA) and I've never had a requirement on deductibles.
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Classic comment from Urbi to a poster who said they were leaving:

"Once again, we note that your threats are hollow and you come across like a sad, lonely blowhard.

I doubt anyone here gives a shit about you.  We pretty much all know that you are a vile and unethical parasite of a human being with an abnormal craving for attention."
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