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The Consequences of Defaulting on an Auto Title Loan
If you default on an auto title loan you may lose more than just your automobile.
If you find yourself unable to pay back your title loan and don't have any money to pay for a rollover your automobile will likely be seized by the lender. With your title used as collateral for the loan, failure to pay off the loan essentially forfeits the title to your automobile. You can then count on someone coming to seize your former automobile within a matter of days - or even hours.
All title lenders should have their own specific policies and procedures in writing regarding what will happen to your car if you default on the loan. Some lenders will attempt to seize the car within hours of your default, place the car in storage and later resell the car with all proceeds going to the lender. Some lenders will offer a grace period in which you can try to repay the loan before your automobile is resold. If you can gather up enough money to pay off your loan after your automobile is seized, you'll likely be responsible for paying storage fees and other penalties before you can reclaim it.
If your automobile is resold, you may find yourself still owing money if the proceeds from the sale of your car don't fully pay off your loan. You could end up being sued and even have your wages garnished to pay off your loan in a worst case scenario. Losing your automobile can make it difficult, if not impossible, to get to work. You could lose your job and end up in much worse financial condition than before you started. To add insult to injury, you may not even be eligible to receive the extra proceeds if your automobile is sold for more than the cost of your loan.
If you ever wind up in a cash crunch, knowing the potential consequences of defaulting on a title loan will help you make a more informed decision as to whether one of these loans is right for you. The choices you make could impact a lot more than your finances.
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John Campbell is the writer and editor of CashBuzz, A financial portal for the rest of us. Check out cashbuzz.com for the latest articles on money management and tips and tricks that can help improve your finances. This article may be reprinted on your Web site if the copyright, author information and active link are included.
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