For years, I’ve been a specialty lender and broker, with an expertise in consumer products. As readers of my column know, I am a believer in the free market and that borrowers can think for themselves. They don’t need the Nanny State “helping” by putting consumer lenders out of business.
Alas, that’s exactly what the CFPB just did with its proposed rules last week. If the rules stand, and I believe they will, it is the death sentence for payday lending and auto title lending in their present forms.
In the midst of this, an aggressive buyer has emerged for auto title lender businesses. I have no idea what they are thinking, but they want to buy auto title lender businesses, and they want to do it now.
If you’ve had enough of fighting the CFPB, or fearing for your auto title lender business, of struggling with the activists and regulators, it appears you may have an exit strategy. The buyer is serious.
It’s always possible the CFPB’s rules for auto title lending may not go through, or be revised. It’s possible that the rules won’t be put into effect until after the next election, and we have a President who isn’t anti-capitalist and anti-lending.
What we do know is that if you are an auto title lender, you have had a target on your back for some time, and that is not going to change. As an auto title lender, you are hated by the media, the activists, and the government.
So, we don’t look a gift horse in the mouth. If you’ve been looking for an exit strategy for your auto title lending business, send me a note to PDLCAPITAL66@GMAIL.COM