Do I Have a Legitimate Option Out of This Title Loan? Help

I recently obtained a car title loan in the state of Texas. I made my first payment, but it's not looking to good for me making a second as I have recently had my hours cut at work. I am thinking I may have a way out of this loan but was looking for a little help. My car is registered out of state, and while looking for a title loan, nobody would give me one unless I registered my car in Texas. I finally found one that would, because they said they would send it to my state to get them placed as lien holders. The state told them no, because they were operating out of Texas. I called the vehicle registration office here in Texas, and I was told that they could not have my registration changed to a Texas one and that I would have to do it. So right now this company just has my title, and they can’t place their name on it. I am not sure what I can do. If they repo my vehicle, could they legally sell it? Any help would be greatly appreciated.

Just wondering if anybody that is a part of this great website has any ideas?

Just wondering if anybody could give any suggestions?

If you signed a legal contract for a loan, using the title for your vehicle as collateral, yes. They will put a lien on the title and/or they will take your car. Where it's registered has nothing to do with it.

You need to call them and make payment arrangements asap.

The company is not able to put a lien on my title. The state the title is issued from will not let them because they are an out of state company, and the state of Texas won't let the company change my title to a Texas title without me filling out paperwork. It seems as if they should not have given me the loan, as other places I had checked on would not do anything for me unless I switched my title to a Texas one. I guess these other businesses were a bit more aware of the law. I guess what I am really trying to do is get out of this loan by paying it off without paying the crazy interest prices. I was trying to gain as much information as possible to use when I talk to them. Since they can't put a lien on my car, does that mean the contract we signed is illegal or something else?

Title loans are legal in TX so, I think your contract is valid.

Here's the issue. I believe that, if you default on your loan, the lender can take your title and your loan documents and have it transferrred to their ownership.

That's contract law.

What state is it currently titled in?

It is titled in KY right now. I am not trying to get out of not paying them, I understand I signed a contract. I just am not able to pay them. Sucks that I put myself in this position, but I had no idea my company was going to be making cutbacks and slashing hours. I am just looking for an option, or some kind of way to set up a payment plan. I thought I found a loophole, but maybe not.

There might be a loophole somewhere to where they can't take your car but, they can still sue you, obtain a judgment and levy your bank account, and lien your property. So, it's really just a brief respite.

I suggest you call them. Explain your situation and tell them that you'd like to settle the account.

Try offering your principal plus a reasonable interest amount, break it into monthly payments and if they agree, get it in writing.