Auto title lien loan

by Mike
(Texas)

I received a loan from a loan company and stopped making the payments, I became unemployed. I used my car title as collateral what happens at this point? do they place a lien on my title and I am stuck without a car title or what?

Reply from DebtCollectionAnswers.com:

An auto title loan is very risky. If you cannot pay they may repossess your vehicle. And if they sell the vehicle and get less than you owe, you could be liable for a deficiency. That means you could lose your car and still owe money.

The laws governing repossession vary by state.







Click here to post comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2017 by Mary Reed and Gerri Detweiler.
All rights reserved.

Disclosure: We may receive compensation for marketing some of the services mentioned on this site. Above all though, our goal is to recommend products and services we believe can help our readers. You can learn more here.