Karen Consumer

Friday's Market Action and the Problem with Wells Fargo's Car Equity Loan

I thought bailing out the banks was insane. That now looks like relatively good idea compared to an equity loan on my car. I had no idea any bank was willing to do this at any time ever. I know of [in Texas] several pawn shops and places that will give you a short term loan on your car title (notice the car is payed off), but never an equity loan on a car that is still being paid on.

How long till Wells Fargo needs another shot of TARP or another tasty bank takeover if this is their business plan?