Default On Title Loan?
Posted on 27. Jan, 2012 by admin in Uncategorized
If I default on my title loan and repossession occurs, if the sale is less than what’s owed, will I be responsible for the remainder? My state is Mississippi.
3 Responses to “Default On Title Loan?”
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Angry Bird
27. Jan, 2012
Yes, you will be responsible.
But this is highly unlikely. Title loan places are smart. They probably did not make you a title loan for more than 1/2 the price they know they can sell your car for.
They repo cars all the time. They are not about to take risks.
katherin
27. Jan, 2012
Yes, you would be responsible if there was a shortfall and yes they will come after you. But the other responder is correct they likely gave you very little compared to the value of the vehicle. Then again remember they are not concerned about you when they do sell the vehicle for whatever they can get out of it and come after you for the rest.
Ted
28. Jan, 2012
Look at your contract. Title loans frequently promise not to sue you but to accept the car as full settlement. This sounds like a good deal, but title lenders generally only loan you 50% or less of the wholesale value of the car. They don’t want you to pay it off; they make more from selling the repoed cars.