I need help with Car Title Loan situation!

I took out a Car Title Loan from a company here in Oregon, but due to recent legislation, the business closed leaving only an 800 number (from Illinois) to call. I spoke to them one day to pay off my loan in advance of the due date, but found out I had to send over an ACH form. Well, stupidly I did that and now the 800 number is disconnected. Has anyone had this problem? It has been two days, but no debits have been made on my account.

Who holds the title on the car? Does the title have your name only on it or yours and theirs? Did you take out a loan with your car as collateral and only sign documents placing the car as collateral without turning over the title? You are in good shape if you hold the title and it is clean without their name on it. You might check with your licenses branch to make sure it shows in your name only there as well. I suspect that you signed documents with this company that gave them rights to place a lien against your car if you did not pay back the loan. If the company went out of business and did not sell the loan you might be free and clear unless someone acts on the contract to place that lien or contacts you to collect on the loan. I am always very leary of giving direct access to my checking account. Keep a close watch on it for the debit to come through and make sure it is not over charged. Keep a record of the debit too in case they try to come back on you at a later date for payment again.

Thank you for the prompt response. The title is in my name alone and is free and clear, but that company physically has the title. Yes, the documents only offered the car as collateral.

The 800 number is still disconnected, but I was able to find an alternate phone number online. I spoke with a person on Wednesday who told me that the department handling my account was "moving to another location" and that he was not aware the 800 number was disconnected. He contacted the "main office" and informed me that another woman would be calling me back that day. I never received a call back. I left another message this morning on that number.

The company I'm currently dealing with is "All Credit Lenders"...has anyone had any dealings with this company?

Chances are the company is not just going to let the debt disappear especially if they are in business in some form or another. I would keep after them to accept the payment in full and get them to send you the title back. If for some reason you do not get the title back you can go to your license branch and jump through some hoops to get a replacement title. It should be pretty easy to do since only your name is on it and there are no liens against the title.

My husband took out a title loan on a car we owned. I also owned had a personal loan with the same company. The owner of the company suggested that we combine our loans to lower the amount paid each month. We did. The owners paid off my loan and combined it into one loan. My husband filed bankrupcy soon after due to a financial situation out of our control. We asked the loan company to work with us but they refused. The also asked not to be included in the bankruptcy. the judge granted the request and we tried unsuccessfully to pay the loan company outside of the Bankruptcy. Eventually we decided to turn the car in. The car has been sold and they are now coming after my wife for the remaining balance they say is still owed, although she was never on the title loan or on the car title. Is there any out for this situation