Author Topic: LC into car loans & mortgages  (Read 3142 times)

Fred

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LC into car loans & mortgages
« on: April 02, 2015, 02:33:08 AM »
April fools' joke?  Can somebody confirm?

Quote
... we also plan to offer car loans, student loans, mortgages ... the entire suite of credit products.

http://www.forbes.com/sites/jeanbaptiste/2015/04/01/exclusive-interview-lending-club-ceo-plans-expansion-into-car-loans-mortgages/

LoanShark

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Re: LC into car loans & mortgages
« Reply #1 on: April 03, 2015, 09:49:02 PM »
LC definitely wants to make auto and mortgage loans, but besides this I haven't heard anything concrete.

Im not sure if mortgages are really suited for Peer to Peer right now... the prevailing rates aren't much better than T Notes and I'm not sure about locking my money away for 30 years anyhow.

Car loans are a MAJOR pain in the butt from a servicing perspective.  If LC does car loans, they'd need a repo operation.  I read some other interview with Laplanche where he seemed to just think they could outsource it to vendors...not so sure.

Securitized lending has a "local" element.  Its tied to the physical world.  I'm not sure it suits lending club. 

Personally, I'd like to see them offer credit card debt.  Maybe I could get 1% every time big spender swipes his card. 

kya

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Re: LC into car loans & mortgages
« Reply #2 on: April 03, 2015, 10:06:53 PM »
most major auto lenders "out source" the repo part of the operation

Fred93

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Re: LC into car loans & mortgages
« Reply #3 on: April 04, 2015, 03:20:23 AM »
most major auto lenders "out source" the repo part of the operation

My favorite movie: Repo Man.

nonattender

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Re: LC into car loans & mortgages
« Reply #4 on: April 04, 2015, 05:35:53 PM »
Love Harry Dean Stanton.  Fifth-cousin, mother's side - though, in Eastern KY, that describes probably 99% of everyone within 100 miles. :)

https://www.youtube.com/watch?v=XBoS51pU-kc

(We sent an Ohio Stanton to Lincoln, in Civil War.)
« Last Edit: April 04, 2015, 05:39:48 PM by nonattender »
A little nonsense now and then is relished by the wisest men.