Would you like to get your repossessed car back? For free? A Utah company that gives loans based on car titles recently bought $75,000 worth of repossessed cars, and it’s giving them back to their original owners.
Consumers have to contact Money Train, the Salt Lake City-based title loan company making the offer. To find out if they have your car, check their website.
Matt Allen, the company’s vice president, describes the offer as market research.
“We simply want to find out why these customers had gotten into such a position,” Allen told Salt Lake City’s ABC affiliate.
If that sounds totally bogus to you, consider this: Money Tree gets an F from the Utah Better Business Bureau. The company has not responded to eight complaints filed by consumers, including allegations of false advertising, questionable billing practices, breach of contract and bad customer service.
We tried calling Money Train, but no one answered and the voicemail box was full.
[Resource: Top 10 Debt Collection Rights for Consumers]
In addition to trying to improve its poor reputation, the car give-back promotion appears to be tied to Money Train’s “30-day No Repossession Guarantee.” While the wording on Money Train’s website makes it hard to tell exactly what the guarantee means, it seems to say that the company will give borrowers a 30-day grace period on late payments before taking back their cars.
“If you can’t make your payment on time, if other conditions have came up that prevent you from making your payment, just give us a call!” the site says. “We realize that you need your vehicle to live, work, and to function in everyday life, which is why we will do our absolute best to understand, and sympathize with you situation.”
Of course, “sympathizing” is a long way from “we promise not to come in the middle of the night to steal your car.”
Image: David Dennis, via Flickr.com