car title loans
Unfortunately in IL, the PDL laws don't apply to title loans. S
Unfortunately in IL, the PDL laws don't apply to title loans. So basically title lenders can charge whatever interest they want, and if you sign the contract, I'm sorry to say there's not much you can do.
These are simple interest loans, which mean they charge daily interest. Payments are applied to interest before it touches the principal; so the key to paying them off, is that you need to pay more than the interest. If all you do is pay for the interest, then the balance will never go down.
Yes you need to pay more than the minimum balance or pay the who
Yes you need to pay more than the minimum balance or pay the whole thing off in one lump sum. That's pretty much the only way out. This is financial quicksand if you don't wiggle your way out of this soon.
Many times they compound the interest as well if you miss a paym
Many times they compound the interest as well if you miss a payment, so the sooner you can get out of it, the better. These types of loans can quickly escalate to the point that paying them off isn't possible.
need more time to pay off my title loan
i need help right away. I'm disable and i'm behind on my title loan. i will have the funds in two weeks what can i do.
I am in debt with a title loan. I borrowed 500.00 for the vehic
I am in debt with a title loan. I borrowed 500.00 for the vehicle, have paid over 700.00 in interest and still owe 800.00. I have tried to settle on a lump sum but they won't budge. any advice?
if i sell my car that has a title loan on it is there an easier
if i sell my car that has a title loan on it is there an easier way for the new owner to get the title
You cannot transfer a title that has a loan still attached to it
You cannot transfer a title that has a loan still attached to it cause you do not have clear title to the property.
The business where you obtained the title loan has a lein on you
The business where you obtained the title loan has a lein on your vehicle. Therefore as SOAPLADY stated it cannot be sold or transferred. You must pay off the title loan before you sell your vehicle Legaly.
Watch out bree. As other said, you can't legally sell the car w
Watch out bree. As other said, you can't legally sell the car while the lender has a lien on it.
There are ways to do it, and I won't say how, but if you managed to sell that car while a lien is in place you could be charged with fraud / conversion of mortgaged property.
Not to mention the lienholder could still go repossess the vehicle from whoever you "sell" it to. Naturally they will be wanting their money back if that happens, and could sue you for it.
a long time ago i got involved in a title loan, it got to the sa
a long time ago i got involved in a title loan, it got to the same point where i had repayed hundreds over the amount that i borrowed and still wasnt touching the principle balance. i called the place and told them to just come and get it. told them i couldnt afford to keep paying all the intrest. the guy ended up offering me a settlement and i ended up making like 2 more payments then they gave me the title back. it might not work out the same in every case, and at that point i was serious when i told them to come and get it, i wasnt bluffing. so dont say that to them unless you really dont care if they come and get it, in case they take you up on it. but most likely if you've been paying on it forever they might have the decency to offer a settlement. its hard to say, but good luck.
if someone gets a title loan and the company forgets to take the
if someone gets a title loan and the company forgets to take the title and the owner still has the title can the title loan people put a lien on the car still ???? what can happen legally ????
Quote:Originally Posted by Anonymousif someone gets a title loan
Quote:
Originally Posted by Anonymous if someone gets a title loan and the company forgets to take the title and the owner still has the title can the title loan people put a lien on the car still ???? what can happen legally ???? |
If they don't have the title, then they won't be able to perfect (record) their lien with the Secretary of State (through normal process). That really just means it doesn't get entered into the state's computer; it doesn't impair their rights to the vehicle.
Yes, they made a mistake by not taking the title. However, because of the inherent transaction that the loan contemplates, it would be considered "bad faith" for you not to give them the title when they realize the mistake and ask you for it.
Because the loan paperwork lists the vehicle as collateral, and you signed a legal security agreement pledging your interest thereto, they can still repossess the vehicle. (They just can't sell it without being listed on the title ... yet). They can file a replevin suit against you for the title. When they show the loan contract and your security agreement, a judge would recognize that you agreed to give them the title in taking the loan and that you're acting in bad faith by not. He'd then either order you to give up the title, or if you don't comply, he can order the Secreatary of State to issue the title in their name.
I've had the same scenario happen before when my staff get caught up and forget to take the title from the customer. I've also had times where my staff turn their back for a second and the customer snatches their title back out of the loan folder. Most times the customer understands that mistakes happen, and they bring the title back in. If not, I usually catch it in time to stop payment on those loan checks. If I'm too late to stop-payment and the customer refuses to bring us the title, then at that point I can "deem myself insecure" (legally, an event that constitutes default), declare an immediate default, take the car, and hold the vehicle until they give me the title or return of loan proceeds.
I am in a title loan when I made my first monthly interest payme
I am in a title loan when I made my first monthly interest payment I included an additional $25.00 toward the principal. The principal went down, but my monthly payment increased. When I asked the loan company what was up, they stated that when I intially applied for the loan it was for 28 days and not a full 31 days.
I have a title loan on a car and I havent completely repaid the
I have a title loan on a car and I havent completely repaid the loan. Can I just request a duplicate title and sell the car?
Quote:Originally Posted by AnonymousI have a title loan on a car
Quote:
Originally Posted by Anonymous I have a title loan on a car and I havent completely repaid the loan. Can I just request a duplicate title and sell the car? |
No, you cannot. You need to repay the title loan first. You cannot sell the vehicle unless you have a clear title, which you don't.
Is there a cheaper or less costly way out of a title loan in the
Is there a cheaper or less costly way out of a title loan in the state of Alabama? I received $800 cash and was tld repayment amount was $1,000 but now that I have made over $600 in payments they say I still owe $1200.00 what can I do?