I need help/info with car title loan

I have car title loan I took out in January of 2007 The amount financed was $3533.00 the total amount I have been paying back is $6133.00….. I have about 710.00 to go! I am a bit fed up with them calling me because the last few months I have been falling further behind, For the most part we are making arrangements but then I found this web site and wandered if this is legal.I was just informed they are tacking on 190 of late fees so my pay off just went up. Do I having any recourse or am I pretty much stuck because they hold my car title…I do not need them to take my car. This was a stupid thing to do along with all the PDL I feel I will never see the end.

I don't know of any internet PDLs that take car titles, so I will assume you actually went into an office to sign for the loan. ... Which means they are most likely licensed in your state.

Now we all know that title loans are just a payday loan with your car title attached. But at least in my state (IL), all the new PDL laws don't apply to title loans. So basically if you sign the contract, you're screwed.

These places charge daily (simple) interest. If you keep the loan open for a year and six months, then they are going to charge you for a year and six months worth of interest. And most states do allow a late fee for each payment more than 10 days late.

You can check with your state to see if they are license; and you can look up your laws on how they can charge interest and fees. Your state DFI probably has a website which shows what lenders can/can't do.

If they are legit, then your best bet is to payoff the loan as quick as possible. Pay them anything extra you can, so that you can get your principal paid down. The lower your principal is, the less interest they will charge.

There are a few PDL's who do take car titles as 'collateral'. However....please be careful. If you don't pay the PDL back, you can lose your car. I know OF people who have done this, NOW they have no vehicle. I actually received one of those 'Pre-Approved' things about a PDL taking cat titles. Nevr did it. Also......if you have a Pink Slip ( which means a bank or financial institution owns your car..) you cannot do this. Just be VERY careful. I've read somewhere if PDL's ask for car titles, they usually charge a HIGHER % ( more than nrmal) because the person would not want to lose their vehicle.

if you have your pink slip in your posession, then that means you own the car and you can do the title loan. A Pink slip is the title.

I have two cars that were paid off in 2005. I was moving at that time and did not receive either title nor did I receive the payoff papers. I do have a letter from each giving me the payoff amount and copies of cashier checks paying that amount. One of the institutions was a company credit union which is no longer in business (I believe). Where do I go or what do I do.

Start with your Dept of Motor Vehicles. If the release has been submitted, you can get a duplicate copy. If not, they can provide state specific directions.

As for the title loans question, find a way to get it taken care of ASAP. These guys are brutal and will continue to let the interest and late fees add on, then when they take your car, you are out of a car and may still have a balance due.

In reposnse to SDChargers, PDL's do not take a title for colateral on a PDL. They may be a multi-line store that also offers title loans. Depending on the state, there are many that do this.

i have a title loan over year and half old. i borrowed. 500.00. than made two payments of 125.00. but nothing else. i am sure pay off for title is way over 3000.00. car is only worth 600 now. what should i do

Well.....

They obviously know the car is pretty much worthless to them, or they would have repossessed it by now (the cost of sending a tow-truck out to grab it outweighs the whole point in actually doing it).

So, you could be nice and drive the car to them and let them have it. They will sell it for whatever it is worth (suppose $600), and then they will still come after you for the other $2400.

You can't really do anything else with the car (besides drive it) as long as they have the title - ie you could never sell it yourself.

You can call them and try to settle. In this economy they may be willing to settle for a low amount just to get something.

Otherwise, what are you hoping to accomplish?

i am having problems registering my car in dc and getting my tags car is not paid for yet dmv needs title interest security from my ;ein holder having problem in this area

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