>"car equity" brings up a lot of hits on Google. This is the first one.
yeah. this was a big deal for people working on activism for poor communities in this area. they're like cash advance/pay day loan sharks and a lot of people around here were losing their car over it. frequently, they were taking out much smaller loans, but the interest rate was absorbitant and it sunk them quickly when an emergency hit or the job they thought they'd land didn't pan out or they must made a bad decision betting on the ponies.
> >Strapped for cash, James Haga of Marion, Va., took out a $1,600 loan
> >last year, using his truck as collateral. In August, when he
> >couldn't keep up with the escalating balance, Haga's Ford was repossessed.
>
>http://www.indystar.com/apps/pbcs.dll/article?AID=/20070101/BUSINESS/701010387
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