If your vehicle has been repossessed from a car title loan due to default, it can have a devastating effect on your life. Many title loan lenders would rather avoid repossession, and only use it as a last resort as it is unfavorable for both parties.
Since repossession can wreak havoc on your life and prevent you from accessing groceries or getting to work, and at Max Cash Title Loans, we want you to keep your car. If you are looking for a title loan, start with our team by filling out a title loan application.
Here at Max Cash Title Loans, we know how important your vehicle is to you. That’s why we will work with you if default is a possibility. Additionally, we can help ensure you have a manageable payment plan to protect your finances and your car.4
Max Cash Title Loans has years of experience in the industry, and we understand that late payments can happen.
Life can happen, and mistakes could be made. For example, you might have lost your job during a crucial time, or an unexpected bill may have come up. Max Cash Title Loans knows that life is unpredictable, and we can still work with you if you make a mistake with your payments.
If your car is repossessed, our representatives at Max Cash Title Loans can work with you every step of the way. We can help create a new payment plan that suits your budget- and we will also try to help you get your car back!2 4
What Happens if My Car is Repossessed from a Car Title Loan?
Failing to make car payments on your title loan could result in the loan going into default. Defaulting on a loan simply means the loan is past due for more than thirty days, and a borrower has failed to make a payment.
When this happens, your lender may have no choice but to repossess the vehicle. The repossession procedure is different for every state.
When working with our team, you have the opportunity to ask your Max Cash Title Loan agent what the logistics of repossession in your state are.
Usually, during vehicle repossession, a title lender will see that you have missed your monthly payments and will often contact you about your past due loan payments. If you are unable to meet them, your vehicle will be repossessed and taken to a tow yard.
What Happens After Repossession?
Unlike unsecured personal loans or payday loans, a title loan requires collateral to be obtained. This means that the collateral can be lost if you fail to make payments, and your car will be repossessed. The vehicle will often remain in the tow yard after a repo until the lender decides to sell it, or you have worked out a new payment plan. The vehicle, if sold, will go to cover the costs of your remaining loan balance. If your vehicle does not cover the costs of the remaining interest rate or loan fees, you may have to pay them out of pocket.
Repossession will also affect your credit score, and will go on your credit report permanently. It could hurt your chances to apply for other loans in the future, including a credit card.
No matter your current financial circumstances, Max Cash Title Loans is here to help. We have experienced representatives available seven days a week to take your call! Our phone number is 855-561-5626, and we can answer any questions you have about your loan. Or to get started, fill out a title loan application.
How to Avoid Repossessed from a Car Title Loan
If you are worried about defaulting on your title loan, there are ways to avoid repossession. Max Cash Title Loans wants to avoid repossession as much as possible- we aren’t in the business of taking people’s cars!
To set you up for success, we have ways to help you if your financial situation changes. A missed payment can be a temporary setback, instead of you losing your vehicle!
Here’s what you can expect with your Max Cash Title Loan experience:
1. Refinance if You Need To: One of your options is to refinance your loan through us if you are struggling to make payments! 2 Here at Max Cash Title Loans, we understand that your financial situation can change.
That’s why you can often refinance through us to make your payment plan more affordable, and potentially change your interest rate!2 4
Refinancing is easy and takes just minutes to apply for. With a lower interest rate and more affordable monthly payments, we can help ease your fear of repossession.2 4
2.Convenient Loan Terms: From the beginning, you with have access to affordable and low monthly payments through Max Cash Title Loans.2 4 We want to avoid repossession as much as possible, and our loan terms are flexible to help you be successful!4
3. No Prepayment Penalties: If you have the means to repay your loan early, you can do so without any penalties! Don’t settle for a lender that will nickel and dime you every chance you get.
You should be rewarded for paying your loan off early, not punished! That’s why Max Cash Title Loans has no prepayment penalties to set you back if you pay your loan off early.2 3