Auto title lien loan

by Mike

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

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.

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