What Happens During Repossession with a Title Loan?

March 12, 2019

When taking out a title loan, it is extremely important for borrowers to make payments on time. If payments are missed, a title loan lender could repossess the vehicle. If a vehicle is repossessed, what happens?

MaxCash is here to help explain the repossession process and how to avoid losing your wheels!

Repossession and Title Loans

If for whatever reason you are unable to keep making payments on your title loan, your title loan lender will unfortunately have no other option than to repossess the vehicle.

The way repossession progresses will vary from state to state, so it is important for you to talk to your title loan lender ahead of time about the logistics if repossession is possible. Ask how many missed payments will result in repossession based on their terms.

If repossession is deemed necessary, the lender will reclaim your vehicle and typically take it to a secure tow yard. It is up to you to contact the lender and arrange a repayment plan. If you fail to get in touch with your lender or try to retrieve your vehicle, it will then be auctioned off.

The money made from the auction will be used to cover the remaining loan amount. If the money made from the auction is less than what you owe, then you will still be responsible to make up the difference.

Keep in mind though, that repossession is the absolute last thing your title loan lender wants. Lenders do not want your vehicle, they want your business. They will make an effort to work with you before repossession happens, but it is crucial that you seek out their help and guidance.

Many title loan lenders will do everything they can to help you avoid the possibility of repossession, such as offer clear channels of communication to customers, loan term flexibility, and professional help from their team of experts.

Getting Your Car Back

Although your car may have been repossessed, it is not necessarily too late for you to be able to reclaim your vehicle from your title loan lender.

One way that you can get your vehicle back is to come up with the money necessary to pay off any past due payments, in addition to the costs of vehicle repossession.

Understandably, this may not be the easiest option. But paying off your debt can help you restart with a clean slate.

You also have the option of going to the tow yard to pay what you owe, and then the 30-day holding period will be removed. If you have a mobile notary to help you, you could go to the tow yard with the contract to reclaim your vehicle right away.

The lender will then pay for the place holding first, after which you will have to pay it back regardless of how long it may be. Usually borrowers can pay back that place holding rather quickly, so they can retrieve their vehicle sooner.

Need a Financial Leg Up? Get a Title Loan with MaxCash!

Sometimes life throws curveballs at you that you might not expect. It could be some bill or expense that you did not anticipate, that has now left you in a tough financial spot.

However, the solution to your problems could be closer than you think! Consider obtaining a quick, convenient title loan facilitated with the help of MaxCash!

MaxCash strives to help potential borrowers receive personalized help from compatible, trustworthy lenders. We are dedicated to our customers, that’s why we are available seven days a week, from 5am to 10pm. We have built close relationships with the best title loan lenders in the nation, so we could offer advantageous benefits and quick service.

We have made it easier than ever for inquirers to get in touch with us. You can reach out to us by:

  • Calling us on our toll-free number at (833) 207-9052
  • Emailing us at Info@MaxCash.com
  • Coming down to our physical office at 1270 E. Broadway Rd, Suite 208, Tempe, AZ 85282

The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

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Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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