System Makes Payments Easier

The money is transferred directly into that account when the customer makes the payment.

The one downside of the product is 7-11 stores do have some geographic limitations. For example, there are none in Georgia, one of the largest buy-here, pay-here states.

But the company is common in some of the biggest markets, such as Florida. About 50 percent of the nation's population lives within a mile of a 7-11 store.

And PayNearMe is adding another provider that will give it more than a 1,000 more locations.

"The footprint keeps getting bigger," said Danny Shader, the firm's CEO.

Even if a customer doesn't live near a 7-11, a sizable segment work in fields that wind-up near the stores, such as long-haul truckers.

An advantage for dealers looking to sell their paper is PayNearMe provides a payment mechanism independent of the dealer. That means a contract's owner can change hands, but the customer keeps paying at the same 7-11.

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Dealers Take Down Payments, Fail to Deliver Cars

 

Two former used-car dealers in Hartford, Conn., were arrested and accused of stealing a total of 250,000 from 72 customers.

Rafael Ortiz Sr., 42, and his son, Rafael Ortiz Jr., 21, were arrested on Oct. 25 by the Hartford Police Dept. on larceny and racketeering charges following an investigation into several incidences at City Motors between Dec. 2010 and March 2011.

According to the Connecticut Department of Motor Vehicles, employees at City Motors had been accepting down payments from customers without ever delivering a vehicle, and also selling the same vehicle to multiple customers

The Hartford DMV revoked City Motors' license in March for failing to meet state legal requirements.

They began an investigation into City Motors, in cooperation with Hartford police, in April after several complaints that the lot had been emptied with several customers expecting cars they had purchased.

According to police, many customers paid Ortiz and his son in cash or by check, but were repeatedly told the car was not ready.

Some customers had brought cars in for repairs, and never got them back.
The dealership promised disgruntled customers a refund in the first week of April, but the lot was cleared out by then.

After warrants were issued for Ortiz and his son, they fled to San Juan, Puerto Rico.

Members of the Hartford Police Major Crimes Division and Hartford Police Intelligence Division brought both suspects back to Connecticut.

"They left no stone unturned in seeking out these fraudulent perpetrators and ensuring their extradition back to Connecticut for prosecution," said Daryl K. Roberts Hartford's police chief of the successful hunt for Ortiz and his son. "A job well done by all."

Upon their return to Connecticut, both men were charged and later arraigned Superior Court in Hartford. Bail has been set at 350,000 for Ortiz, and 200,000 for his son.

Pedro Segarra, Hartford's mayor, offered comments to ensure the victims that this matter would be resolved.

"(Ortiz and his son) will now be held accountable for their actions, which, I hope will help bring some sense of closure and justice to their victims, 72 innocent consumers," he said.

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Turn your Auto Notes into cash

Fine For Late Bad Credit <b>Auto Loan</b> Payments

Before the introduction of bad credit auto loan provisions, it was very difficult for bad credit borrowers to get understood or sympathized from anywhere. A bad credit score simply tells the fact that the applicant has faced a history of financial mismanagement and might not be able to handle the discipline required to pay back the payments regularly. Even if the applicant can pay back, the low credit score was enough to judge the fact that he/she couldn’t. However, special lending or bad credit auto loan facilities have made it easier for them to get the finances required to purchase their own car.

One major problem with these bad credit auto loan facilities is that the interest charged is higher than that of other conventional loans. The reason is that the high interest represents the risk of the lender and due to lack of other incentives, the lender wishes to make his/her money back as soon as possible. However, this high charging has made loan payments difficult for most applicants and there are several borrowers who have experienced or are on the verge of making defaults. Default means skipping a monthly payment on a bad credit auto loan. As it is taken to be a offense by the lending institution, there is a punishment for it also.

The punishment can vary from lender to lender but the most lenient punishment that one could find is getting fined. However, the amount of the fine also varies from lender to lender and also depends on the bad credit auto loan terms. If more than half the term has passed then the fine is low but if the loan has just started then the repercussions could be huge. The fine usually is anything starting from ten dollars and is generally between ten to fifty dollars at the start.

Tags: Bad Credit Auto Loan

This entry was posted on Tuesday, October 26th, 2010 at 11:38 am and is filed under Bad Credit Auto Loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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