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Can a title loan company take your car?
I got a title loan earlier this month because my finances were strained after my cat got sick suddenly. My mother just yelled at me over the phone for like an hour after I mentioned it. She said they could take my car. Can a title loan company take your vehicle?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry your cat got sick, and I hope they’re feeling better. Unfortunately, a title loan company uses your
car title
as collateral.By securing the car loan with your car title, the lender can take your car. This is called repossession.
Depending on where you live, your state may have enacted laws to ensure the lender gives you a heads up before they take your car. Still, it’s the Wild West in some states, so if you’ve missed payments or made partial payments, they can repossess your vehicle.
After repossessing your car, some states may require lenders to give you a warning before selling it, but this isn’t always the case. In some states, they can sell your car and keep all of the proceeds, even if it’s more than you owed.
Make sure you pay the loan back and check in with your state’s attorney general or financial office to learn what your rights are with title loans.
To help save money on other car expenses, avoid overpaying for car insurance by using Jerry. The
Jerry
app will help you compare 50+ top insurance companies and switch policies if you find a better deal. On average, our users save $879 a year.View full answer
- Gregory R.
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