Anonymous
Anonymous asked in Cars & TransportationBuying & Selling · 1 decade ago

What happens if you don't pay a title loan and they DONT come take your car?

I got a title loan this summer and when I couldn't pay it, I told them to just come get my car to pay it off...Well, they said they don't want my car because it is broke down...So, they made a settlement with me and I still haven't been able to pay it. (Yes, stupid. I know.) What is going to happen, will I get in trouble with the law?

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  • Anonymous
    1 decade ago
    Favorite Answer

    If you're delinquent on your vehicle loan (in breach of contract), the vehicle CAN be possessed at ANY time. Just because they haven't doesn't mean they won't. Even so, until they do, unless you obtained the loan fraudulently, you're freely entitled continued use of the vehicle as its current owner.

    As a contractual leinholder, the bank or finance company can (and likely) will take independent actions, up to and including referring your account to their own collections department, a collection agency, and/or report your delinquent obligation to any or all of the credit reporting agencies.

    You continue to owe the loan regardless of the vehicle's disposition or who happens to possess it. Only if it's repossessed and subsequently sold to recoup the outstanding balance does any thing change. The lender is empowered by your power of attorney to sell the vehicle on your behalf and any amount they obtain for selling the vehicle (less repossession, storage, and sale fees) is applied to the outstanding balance. If it's insufficient to cover the entire balance, you continue to owe the lender as a non-secured debt. If they happen to sell it for more than you owe, they're obligated to refund the difference to you.

    The one thing you CAN'T do is sell the vehicle. Because of the lien, the title is "encumbered"; and it must become unencumbered before you can (legally) assign ownership to someone else. Indeed, you usually don't even have access to the title until the lien is satisfied. Some people have applied and received (through loopholes) replacement titles, claiming the original was lost or destroyed and falsifying (committing perjury) whether or not any liens (encumbrances) exist, but most eventually get caught and are prosecuted for both perjury and/or theft or fraud once they sell the vehicle.

    Best of luck. I hope this helps.

  • 3 years ago

    1

    Source(s): Easy Car Loan Approval - http://CarLoan.trustdd.com/?qbtq
  • Anonymous
    3 years ago

    2

    Source(s): Vehicle History Report http://sparkindl.info/InstantVehicleHistoryReports
  • 3 years ago

    Max Title Loan

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  • 3 years ago

    Ace Title Loan

  • 4 years ago

    you cant sell a car, if they have the title, and that is against the law, if you have a loan on the car and sell it to someone that don't have a cue, also how will the new owners transfer the title into there name at the DMV. come on this much I do know if you don't you will get a few calls but other than that keep it moving and let them come get the car, and go get another one from a buy here pay here joint, but don't sell the car with no title you will go to jail, it is against the law.

  • Anonymous
    5 years ago

    I pawned my title in need of some little extra cash. I was living with my mother at the time and now I don't. I'm assuming if you don't make payments they will come and tow your car at the address that was put on the title max papers/system, right? I actually called them and told them my situation and they told me where I was staying, I told them at a friends house. I'm guessing they want the address so if I don't make payments they will come and tow my car right?

    Can they still hunt you down and look for you and take my car away if I'm not living at the current address anymore???

  • 4 years ago

    This Site Might Help You.

    RE:

    What happens if you don't pay a title loan and they DONT come take your car?

    I got a title loan this summer and when I couldn't pay it, I told them to just come get my car to pay it off...Well, they said they don't want my car because it is broke down...So, they made a settlement with me and I still haven't been able to pay it. (Yes, stupid. I know.) What is...

    Source(s): don 39 pay title loan dont car: https://biturl.im/UEr8H
  • Anonymous
    5 years ago

    The absolutely free reverse vin check sites generally provide fake information. To get real information, money will have to be paid. The free searches provide fake information so they can get your email address to send spam.

    Stay away from shady reverse vin check sites, most likely you won't get any information after you make the payment. Not to mention you won't get a report and you won't get an answer if you try to call for a refund. Stick with a reputable reverse vin check site like http://www.reversevincheck.net that has been around since 1995.

  • 5 years ago

    i have a title loan n i got fired n couldnt pay the loan. the car has been put in storage and because the cant find the car they are threating court. they said after they go to court they can send a sheriff with a warrent to make me give up the car or if im caught driving car and pulled over i will go to jail for being in possession of a stolen vehicle.....any truth to this or just a scare tactic?

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