Can I scrap a car with a title loan?
I went off-roading with some friends the other day and managed to crack the frame of my car while out. The car is a bit of a beater and isn’t worth getting repaired, but I took out a title loan on it just last week. Can I scrap a car with a title loan?
- Inform the lender of the situation.
- Pay the remaining balance of your loan and then scrap the vehicle.
- Ask if the lender will repossess the vehicle and consider the debt paid.
- If you cannot pay the remaining balance, contact the lender to find an alternate solution.