I took a car title loan out on my car at Titlemax in Sept. of 07. I still have about 0 left to pay back! What can I do if I cant pay it all by Sept.? Can I refinance the loan for the amount owed, and turn around and give it back to them? Or do they keep my car???
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{ 6 comments… read them below or add one }
Whether or not you realize it, you used your car as collateral when you signed onto the loan. They always advertise "keep your car!" in their commercials, but if you default, you lose your car at the end of the term.
Find any way you can to pay this off, quickly.
If you don’t pay according to the terms of the agreement, they have the right to take, and sell your car to pay off what you owe and the costs of getting, and selling your car. Read the contract you signed with them, it’s all written out.
They’re about to get a free car. Lucky for them.
Here’s the solution: You better pay. Get 4 or 5 jobs if you need to. There are 168 hours in a week, and there are help wanted signs every place of business that I walk into. $400 is not much money.
If you sign a contract and you did not pay the loan off on time according to the contract, Titlemax have the right to take your car and re-sell it. If they sell the car less than your unpaid balance, you still will be response the different.
If you have a hard time to made the loan payment, suggest you to go and talk to them, most of the time, they will work with you and extend your contract.
Good luck to you !!!!
You really need to pay it off so you can get pink slip from the bank. If you dont pay bank will reprocessing your car and end up paying more money.
It’s $400 for Christ’s sake. I’m sure you can come up with the money some how if you really think about it.