Title loans company have right to repo, but I believe debtors have also a right to protect their property.?
I recently took out a $2,000.00 title loan on my 2004 Ford Explorer and found myself in a position where I cannot replay the loan back. I understand the title loan company needs their money but I need my car. I did not have a job when I took the loan and still can't find suitable job. The tilte loan company recently wrote to me about handling the car oveer to them and I don't want to do that. They claimed that I owed them close to $3,695.00. I want to know what within my rights I can do to protect my car. I purchased the car for $ 8,000.00 and giving it back to them will kill me. I want to repay them back but they want me to give them so much that I don't have. What can I do at this time to protect my car? I want to repay them. Please reply with advise. don't tell me I need to repay the loan. I know that already. A Hunch you are full of shit. Top Contributor let me tell you something. I do not agree with your judgement. I would never give the car back or sell it. Her what I fail to mention. the title loan company failed to put a lien on the car. I still have my title on my hand and I can do what ever I want with it but it is the principle. I want to repay them period there is no question about that./
Asked By: It'sjustme - 1/22/2013
Best Answer - Chosen by Asker
The title loan company didn't need to put a lien on your car because they are holding the title you signed over to them. They by all meaning of the term own your vehicle, because you signed the back of the title over to them. Now that you are in default, they will go ahead and process the title... More
Answered By: Eileene - 1/22/2013
Additional Answers (2)
If you "need" your car, you should not have used it for collateral on a loan... More
Answered By: A Hunch - 1/22/2013
When you sign a title loan, it's no longer "your property" by definition. When you use property as collateral for a loan, and default on the loan, your property guarantees the loan, simple as that... More
Answered By: ? - 1/22/2013
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