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Can someone give Scott Tucker a loan?

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#1
CruzanTom

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He needs a few bucks, I am sure he will pay it back with "fair" interest.

 

9th Circ. Upholds $1.3B Award Over Payday Loan Scheme

Law360 (December 3, 2018, 8:15 PM EST) -- A Ninth Circuit panel on Monday upheld a $1.3 billion award against pro race car driver Scott Tucker's loan companies, rejecting his arguments that his customers would not have been deceived by the loan terms because he included fine print clarifying the payment schedule.

 

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In October 2016, U.S. District Judge Gloria Navarro found a number of payday loan companies associated with Native American tribes and controlled by Tucker had deceived and overcharged customers in violation of the Federal Trade Commission Act and the Truth in Lending Act. The court ordered Tucker to pay $1.3 billion in restitution.

Tucker appealed that decision and told the Ninth Circuit panel in August that the loan contracts weren't deceptive. They included all the information required of a so-called TILA box, the standardized format for disclosing the rates and terms of a loan agreement required under the Truth In Lending Act, he said.

 

https://www.law360.c...campaign=sports


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#2
Steve Scheifler

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Now he’s being called a “pro race car driver”. Then again, he probably paid himself a fortune to drive so technically I guess it’s accurate.
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#3
EMatoy

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The Netflix show on this was interesting. Seems to match what is reported from the courts too.
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#4
Marc Cefalo

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The Netflix show on this was interesting. Seems to match what is reported from the courts too.

 

also dinner with racers had a podcast interviewing him.  both the dirty money netflix series with him and the podcast painted a picture of scott being a total d'bag.  


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#5
Bench Racer

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#6
Sphinx

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For those without Law360 access, https://www.salemnew...86fba93304.html



#7
38bfast

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I know its a crappy way to make money, off the less fortunate. But if he disclosed his rates and terms to all his customers up front, his customers made a choice. Now if he went beyond what he advertised I see issue with that. I don’t know all the fine details of his case. I have seen what his advertised rates and terms are and would never ever sign up to that deal.
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#8
Jim Drago

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I know its a crappy way to make money, off the less fortunate. But if he disclosed his rates and terms to all his customers up front, his customers made a choice. Now if he went beyond what he advertised I see issue with that. I don’t know all the fine details of his case. I have seen what his advertised rates and terms are and would never ever sign up to that deal.

While I agree. You have to watch the netflix deal on how he did it.  He had every thing legally required in his documents. But it was on a cluttered page and the phrases were one line at a time scattered through the page where it hardly made sense. It was clearly deceptive. Also the way he had the payments set up while slimy was brilliant.. The people didn't know they were in trouble until they thought they were on their last payment.. Only to find out they hadn't paid any towards the principle yet :(


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#9
Steve Scheifler

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I’ve never seen stats on what percentage of people made those “renewal” payments before realizing that nothing was going against the principle, but it must have been a lot. Everyone in the company knew that was the problem for years so it’s not as if a few were screwed then the issue corrected.
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#10
OrangeCrush86

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What's the Netflix show called?


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#11
Danny Steyn

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What's the Netflix show called?

 

Dirty Money - episode 2 is Tucker - the rest of the shows are equally "distasteful"


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#12
Sphinx

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There's a special place in hell for those who prey on the poor to keep them in the cycle of poverty and economic ruin.  Sorry, but I'm not agnostic about this - the effects of this carry on for generations and hurt those who don't have a pot to pi$$ in.  Legal or not, these peddlers have no conscience and their customers don't have the sophistication or education to not be preyed upon.  The rest of us subsidize these profits by these peddlers through entitlements that these poor debtor folks rely on.  One way or another, society pays for the scumbaggery of folks like Tucker.


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