Can a title loan company report your car as stolen?
I took out a car title loan a few weeks ago, and I don’t think I’ll be able to pay it back in time. If I don’t pay off the loan, can the loan company report the car as stolen?
Paying off a car title loan is challenging if you’re tight on money, However, the lender will repossess your vehicle if you fail to pay; they won’t report it as stolen.
First and foremost, if you cannot repay the loan, contact the lender immediately and see if you can extend or refinance the loan. Many lenders are willing to work with you rather than repossess the vehicle, but you need to inform them of the situation as soon as possible.
If the lender is going to repossess your car, they will send out repo workers to find the vehicle. This situation would be considered a civil case and not a criminal case, but the lender may get the police involved if you deliberately avoid the repossession. Repossession laws vary by state, and each lender may have a different process, but don’t make the situation worse by hiding the vehicle or being unresponsive to the lender.
Hopefully, you can find a solution before repossession. To save some extra cash to make future payments, download the Jerry.
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