The best and simplest way to stop a car title loan repossession is to communicate and work with your title loan lender when a financial emergency comes up. It’s the same strategy you would take if there was a situation where you fell behind on any other type of conventional loan. Believe it or not, finance companies don’t want to conduct a title loan repossession. The same is true when they need to foreclose on your house or take your car if you fall behind on the monthly car payments.
If you fall behind on your car title loan payments it’s crucial to reach out to your customer service representative. That means you need to work with the lender on a daily basis to avoid a title loan repossession. Let them know you are doing all things possible to get back to current on the title loan payments.
What To Do If You Are At Risk of A Title Loan Repo
You should always make your car title loan payments directly with the lender instead of getting them automatically deducted every month by going online. If you do, you might get caught in another sharp loan scam that involves car title loan repossession laws. Online title loan lenders will never ask you to write checks unless they’ll get a signature and copy of the check. They sure won’t ask for a fee or other information upfront. And it is almost unheard of for them to charge you for fees with car title loans online. You are the customer!
You can choose to provide the lender with whatever information they need to stave off a title loan repossession. If you ask for your money upfront, then they might take advantage of that. Tell them you will pay money fast to avoid late fees. You can always tell them you can finance a car payment for a while or that you want to pay it off fast in which case they might work with you. But, in the future, they can always work with you and figure out a payment program that works for you.
Tips To Prevent A Car Title Loan Repossession
When you borrow money for a title loan near me or with a lender online, you can dramatically reduce the amount of paperwork you have to file. You can try and apply online, but if you’re extremely busy you’d have problems. I recommend that you make your application in the morning and send it to your lender the same day. Of course, you have to have a direct deposit checking account with the online title loan company or a check to them from your own checking account. It’s also important to know the current title loan state regulations before contacting an attorney.
How to Know Your Lender Is Going To Repossess Your Vehicle
The first tip is to explain to your title loan company exactly what your financial situation is. Are you facing a foreclosure or dealing with a major financial issue? Most borrowers are surprised to find out that a lender will work with them on arranging alternative payments and payoffs to avoid defaulting on an auto title loan.
Ask them to hold on to the car for you till they can cover the debt, but you won’t be able to sit in your car and pay them for 90+ days! Besides, you’ll have to take the vehicle to a safe and secure location and leave it for repossession. Needless to say, you need the money to get to work. You’ll lose your mind with the number of incredible fees they charge to do these things and the mistake (which is common) you can make by not reading the fine print they slip into the loan papers.
Don’t Wait For A Title Loan Repo
Don’t wait until you have no alternatives but to send them money because, in all probability, it will cost you more money and add a load of paperwork that you must fill out and sign. Check with your state repossession laws and find out what legal protections you have. In the long run, it will cost you more money, in time and trouble. Go get your money from the bank! But if you must, do it online and contact your lender to avoid a title loan repossession!