Recently, reader Jake contacted Paul. Jake is the new owner of the “Yenko” Malibu featured back in April of this year (here). The story hardly stops there.
Upon exchanging a few emails with Jake, I realized I knew who he was and we had had numerous conversations. Jake (his real name) works in the hospitality industry and I had met him during late 2011 while I was transitioning to a new work location. We had had numerous car related conversations at that time.
Jake had owned a ’79 Malibu as his first car. Upon finding this one, he was able to acquire it quite reasonably. He said it certainly reminded him of the ’79, despite the ’79 having been a four-door sedan.
I won’t say how he was able to acquire it, but here’s a hint. He keeps an eye on such things as he knows a bargain might present itself.
Jake is less than excited about the phony “Yenko” markings all over it. While he respects the effort put into creating them, it will disappear at whatever point in time he paints the car.
The interior does not contain the original seats; Jake and I both suspect they come from a later model Pontiac Grand Prix. Jake commented the previous owner had not bothered to connect the power seat motors to anything, thus the seats are fixed in position. He strongly suspects he’s about the same size as the previous owner as he has had no need to adjust the seats.
Jake said the first thing he noticed about the car, other than its color, is how the Malibu does not want to pull itself when the engine is cold. The choke has been disconnected and the EGR has been plugged. The Malibu’s 120 horsepower 267 cubic inch V8 likely isn’t helping matters, either.
Sadly, there is also some pretty recent body damage. As long as a decent fender can be found in the salvage yard, the repair should be fairly straightforward.
Jake is a trained automotive technician and I have no doubt the Malibu will be cruising around Jefferson City yet again.
As stated in the first paragraph, the story does not end here. Jake has multiple vehicles. Stay tuned for a full story on another car Jake has. The only hint is that it’s far less common than a 1980 Malibu.
I’m shocked to see the AC compressor still present and wearing a belt. I would have bet that whoever put the 4bbl manifold on there would have yanked it out and threw it in the scrap bin. Of course it looks pretty dodgy as I can see a 134a adapter fitting on the low side and the standard R-12 cap on the high side. Good possibility it has a mixture of both and a lack of r134 compatible oil.
Holy interest rate Batman! The interest paid is triple the loan amount. Using a credit card would have been a better deal.
I’m assuming it wasn’t an option.
I do believe that violates Missouri’s usury law, which is capped at 1-1/2% per month.
Problem is, many state usury laws only apply to institutions governed by the states’ banking commission. “Buy here, pay here” lots often didn’t have to play by these rules, but the rules are changing…and since I work with making sure that banks comply with regulations, it affords me job security despite my distaste for making everyone suffer the actions of the abusers.
Funny, that’s what I do for a living too. I feel like I have job security for the rest of my life, business has never been better. Shout out to Chris Dodd and Barney Frank for spearheading a massive new federal bureaucracy that is in the process of terrifying the banking and finance sector.
It’s been a very long time since I looked at MOs usury statute, but there were very few exceptions to getting around it, no? I’m guessing this is basically an owner-financed transaction then…
But 25% come on! Did you also have to give him your left nut too??
I just looked at that contract again, because my tired eyes missed the fact that the APR on ths del is 304%! WTF? I’ve never in my life seen anything like that before in my life, and I’ve been a consumer finance law attorney for a long damn time!
Jake, I’m sorry but you need to report Mo Car Title Loans to the Mo Div. of Finance and to the CFPB immediately.
Stainsey, Jake did not hock the car there; he purchased it due to a default by the previous owner.
I won’t comment either way on this business entity, but I must reiterate Jake was in the right place at the right time to be able to purchase this car.
Right, and I’m glad for him that he got the car he wanted!
But, the dealer charged him an illegal rate of interest on the loan; there’s just no way he should be paying $1400 in interest for a $600 car in just 1 years time, that’s all I’m saying. The only way the deal makes any financial sense is if the FMV of the ‘Bu, in its current condition, is around $1500-1800, which its not.
With usurious rates like that, it’s no wonder the previous owner defaulted.
No Stainsey that’s from when the previous owner took out the title loan. The paperwork was still in the glovebox. I paid $900 cash for the car.
I have some questions about the car
Gah! The torque-less 267, the scourge of my teenage years!
Since Jake apparently realizes that this car has been slathered in cheese, and will have some fun with it, then I say why not?
The 267 won’t be around long. The Blazer seen in the second to last picture has severe rust; Jake is toying with an engine transplant.
When these A/G body Malibu coupes were new, I was hoping to see hot rodded versions from GM or on built as Street Machines. But, Gas Crisis 2 hit.
Wasn’t until these were 10 years old that they appeared at Drag Strips, and even then, the 80’s Monte Carlo SS’s were more popular as ‘street mahcines’.
I think I want to be a car title pawn agent in my next life!
You certainly wouldn’t want to have been one in the afterlife.
Brillantly said.
How did he ever get a loan that high on that car? You think 25% a month (304% APR) interest is bad? I bailed out a friend of mine who took out a payday loan at 948% APR! You write them a two week postdated check for the amount borrowed plus two weeks interest accrued. Either pay up in full within two weeks to get the check returned or come up with the interest and write them another post dated check to replace the first. This goes on in perpetuity until the amount is paid in full or the borrower ducks out. The beauty of it is that if they don’t pay the county Sheriff is your collection agent for writing bad paper and you get Mr. Judge to make them pay. All you need is a wad of cash and bulletproof glass to set yourself up in business. Whoever got this crap made legal has his own level in Hell.
Wow! I really feel sorry for the person who has to frequent the payday advance places. I knew the interest rates were high, but no idea this high. A country like the US allows this? Just goes to show how low our nation has sunk.
And yet, saver interest rates are near zero. I’m getting .20 % on a money market with several thousands. All this is just designed to enslave the lower middle class.
The government officials that passed legislation, along with the “capitalists” that run these businesses, should indeed burn in hell.
The law of unintended consequences strikes again. The legislatures and courts add layer upon layer of debtor protection in normal lending channels so that nobody can make money on lending to high risk borrowers. Then someone comes up with an idea like this. At some point, the law will catch up and clamp down on these operations, then somebody will come up with another way. Some people still want to borrow, no matter how bad the terms, and others will find a way to make it happen – for a price.
Your righ, he should just be able to go to the money tree and get what he wants….
Why dont you loan him the money?
This is regulated by the states. Oregon was crawling with them until it drastically reduced the max int. rate allowed, and it totally killed their business model. They’re basically all gone now.
What’s wrong is that these car title loan places/pawn shops are everywhere now….. recently drove from Tallahassee to Atlanta via a mess of backroads and in some one horse towns that ‘s all you’d see… in some cases, 3 or 4 establishments PER town!
I have an idea, why don’t we make everyone that makes over 250000 thousand dollars a year live completely tax free. Imaginge how many little people would benifit from such a plan. Within a few years, we may all be crowding the bleachers at Barrett Jackson, even apearing on “Speed”.
No the sheriff will not be at your door collecting on this because you wrote a bad check. The check advance places knowingly except a worthless instrument when they take your check they know the funds are not in the bank to cover the check if they were you wouldn’t be there getting the loan. Since they are knowingly accepting the worthless instrument there’s not a thing that can be done to prosecute about it
It’s financial service for those who cannot avail the more usual (less usurious) means of credit. And quite frankly, if you let your credit rating get to the point where these are your only outlets, I don’t have a hell of a lot of sympathy for you.
First question: Do you REALLY need that loan to buy something? Second question: Do you REALLY need what it is you want to buy.
Note: I realize that there are situations where good, financially responsible, individuals end up needing this kind of service. I also realize said situations are about as common as a snowball in hell.
I dunno if this is really a proper forum for political discussion, but…
The majority of bankruptcies in the US (62% according to this article) are driven by medical debt- and 3/4 of the people filing have health insurance. It’s quite easy and common to have your credit rating trashed through no fault of your own, even for hard-working, responsible people.
http://www.jdsupra.com/legalnews/medical-bills-a-leading-cause-of-bankrup-95028/
“When these A/G body Malibu coupes were new, I was hoping to see hot rodded versions from GM or on built as Street Machines. But, Gas Crisis 2 hit.
Wasn’t until these were 10 years old that they appeared at Drag Strips, and even then, the 80′s Monte Carlo SS’s were more popular as ‘street mahcines’”
OK How do we know it was the 267 and not a 305? You conviently fogged out the VIN. Yes I know. I’ve said it a thousand times. Which one was a bigger POS? My experience says that most V-8 coupes were the 305/4V version.
The new for 78 A/G Body was always popular with the racers from day one. Not exactly sportsman material but the semi-pro/pro racers were quick to scoop them up because of the lighter weight. And I think these coupes were close to the original 64-65 Chevelle in size and style which is also a reason they were popular from the start.
Back in the late 70’s Chevy had a concept car based on the Malibu that they called Black Sterling. A two tone Coupe with an ElCamino SS/Diablo front spoiler and bucket seat interior. Later on some southern Chevy dealers duplicated this concept and created the Malibu M80. Who ever did this Yenko tribute had some imagination. What if you took a Turbo’d SBC from a 2nd gen Yenko Camaro and stuffed it in a Malibu(or ElCamino)? Better yet. What if you stuffed a Pontiac 455 HO into a 78-81 GrandAm coupe and called it a Royal BobCat? I could think up all types of tributes between the A/G Body and anything from the 60’s.
Here’s a pic of Black Sterling.
Do a google of Malibu M80 to get the full story.
BTW I pioneered some parts for the than new 78 A/G back in 1978. I can truely say I was the first to autocross one, with my 78 ElCamino. 20 years later I was the very first to take a G-Body to the SCCA Solo2 National Championship. You see, these were not only popular drag racers but also very competent road racers as well.
Well, I did start to see Malibu project cars in mid 80’s Hot Rod and other mags. But, used to see late model mid sized cars on the street hopped up before the Gas Crisis, pre-’74. Young drivers had extra cash for mods then, instead of just gas.
Also, those that did have $ for a new car got F bodies or Cutlasses. The Monte SS came after ‘malaise era’ and was a hit.
The Black Sterling was a concept car that never saw production, and only the El Camino still had an SS version, until they added MC SS front end.
Still, if I had the cash then, I’d have gotten a 305 4 bbl Malibu and drive it like heck,
” and only the El Camino still had an SS version, until they added MC SS front end. ”
Chevy/GM did not add the MCSS nose from the factory. Those were done by ChooChoo Customs in Chattanooga.
The ElCaminoSS/GMC Diablo was just an appearance option where as the MCSS was a complete package that consisted of the MCSS only L69 305HO.
It would have been possible for Chevy to build a BlackSterling/M80 just by digging into the parts bin. They already offered the LM1 350 in the Malibu 9C1 and with the addition of some 3 series gears they would have had a MalibuSS that would have been on par with the 83 MCSS. Same 180HP,THM350 and 3.42. Maybe a weight advantage towards the Malibu. Did you ever wonder why the 83 MCSS only came in blue or white,had only the bench seat interior and 6 available options? To keep the costs down is the correct answer. Dig back into some of Pauls DS’s for more answers. In other words the profitabilty of the A/G-Body keep GM afloat during the early 80’s. Even a small limited run of special models dug into the profits which is why GM didn’t build them.
IDK about the young punks with money back than buying a Camaro over a G-Body. I know I bought a MCSS because I couldn’t swing that extra $25-$30 a month difference a Z/28 would have cost me. IMO I got the same car. Only one with a lot more function in it.
I have run the vin number and block casting numbers myself and it is indeed the wimpy little 267.
Here’s a pic of some M80’s
I read only m-80s came with bucket seat and center console, is this true?
A Malibu “TUDOR” ? That is a new one for me!
Yes, I just noticed that myself….
We are wallowing in ignorance.
Its a house and car!
Whenever I see that, it makes me wonder if the manufacturer also made a Colonial…or a Georgian…or an Arts-and-Crafts…
After looking at the promissory note, I’m reminded of how the idea of the Consumer Financial Protection Bureau gained traction in Congress…and believe me, I’m no fan of this newly-created Federal agency.
It amazes me that we can regulate how many decongestant pills I can buy in a single day, but we can’t prevent transactions like this…and even worse, we can’t teach people simple math skills to help them know that this is simply a horrible deal. I’m no genius, but I’m pretty sure I could have figured out the economics of this deal while I was still in high school.
Heck! I could’ve figured out this was a REALLY bad deal in middle school for crying out loud! If the APR was lower, this would have been a nice deal for a 4-speed-stick ‘bu.
Well, look how many people buy lottery tickets, it’s basically a math tax. Can’t do math, here’s a special tax for you.
I never buy a ticket, but my odds of winning are only marginally worse that way.
Visiting this site always makes me smile. My first “official” company car was a 78 Grand Am which shared this body with the Malibu. Beyond the sentimental, I remember it mostly because it would run with the Trans Ams my more experienced Poncho compatriots drove at the time, and because no one outside of a manufacturer rep even knew the damn car was being sold. My late start into the “business” gave me some perspective, but after chasing delinquent accounts for 18 months, you quickly lose patience with even the most deserving of clemency. What always astounded me was how far the local manager would bend to avoid a repo. If you had a GMAC contract 78-80 in the Portland area – and kept us apprised of the circumstances – you needed to be 180 days in arrears before we sent the hook. There are BANKERS and there are bankers. What is industry standard now?
Holy God, but I thought the 9.9% interest on my Ford Five Hundred was high…
I have friends who make a lot more money than I do routinely frequent the pawn shop, title loans and check cashing places and keep pawning their DVDs or their laptops near the end of the month so they can have grocery money until the next payday and they then go back and get it out of hock. They’re always broke and can’t seem to break the cycle. If the bills work where they can keep their stuff, they’ll go spend and then get right back into hocj again. I’ve stopped giving them rides or helping with their laundry for quite a while now. I don’t mind helping someone out, but when it becomes a way of life and a chore for me, I’ll back away.
I dont know much about 1980 Malibus…..but I have a guy I can call……..