How To Stop A Title Loan Repossession
If you want to know how to stop a title loan repossession, the first thing to do is not to ignore your finance company, communication is the most important thing.
When you communicate with the company, they will understand that you are trying to make your payments, and you can explain what is going on.
Maybe your title loan company can take partial payments, just to show in good faith that you are not ignoring them, and that you are trying, and the company will work with you.
It is important that you follow through with your payment promise because if you make multiple promises, and break them all, the company will eventually run out of patience.
Ways To Stop Title Loan Repossession
If you are unable to make any payments, the next thing you can do is sell your vehicle, you can get a cash offer, and inform the company that is buying the car, that you have a lien holder, and they will get the payoff and pay the title loan for you, and you will get the balance of the money.
You can always trade your car in and get into a cheaper monthly payment. This way you will close out your title loan contract, you will get a new car to drive, and get lower monthly payments.
Or you can refinance your title loan with another company, TFC Title Loans will help you to find a cheaper title loan for you, with monthly payments that you can afford.
The worst thing to do is to do nothing, if you ignore all of the communication and make no attempt to pay, your vehicle will be repossessed, and you will now owe even more money, for the repossession fees, and the auction fees.
Title Loan Repossession
Having your car repossessed is the worst thing that can happen with a car title loan. There are many negative things that are portrayed about car title loan, but having you car repossessed is the numbering thing.
With a lot of negative press talking about car title loans, they claim that they have high interest, in general title loans do have higher interest than traditional loans, but we are able to get you the lowest interest rate.
They say that car title loans can be a cycle of debt, we will make sure that you will get a car title loan that is amortized, so that you principal balance will go down with every payment. We do not offer your title loans that have balloon payments, as they can be difficult to pay off.
In the press they say that car title loans are short term 30 day loans, this is not true, we will get you the title loan that will have longer terms, we can get you terms from 24 months to 48 months, that will depend on the lender.
Car title loans are not designed for you to default on the loan, the last thing that the lender want to do is to repossess the vehicle, but it is important that you find an auto title loan that has monthly payments that you will be able to afford.
Communicate with your title loan company, they will work with you, and if you have to sell or trade your car, that is a good solution.