More and more consumers are turning to title loans for cash to pay everyday bills. Also known as a “pink slip” or “car title” loan, a title loan is a loan in which the collateral is title to the borrower’s motor vehicle. Title loans are subprime loans, often obtained by consumers who cannot qualify for [...]
09
Nov
Car Repossessed, Now What?
If you have a car loan, the lender can retake possession of your car after a default by “self-help” repossession. That means the lender does not need to file a lawsuit, but can just send the repossession company to pick up your car upon a default. Self-help repossession, while legal, is a drastic remedy and [...]
29
Jul
Extension Fees Under Automobile Loans
In today’s economy, making monthly payments on a car loan taken out several years ago can be increasingly difficult. More and more, consumers need additional time to make a payment. We sometimes are presented with the question: Can a creditor charge a fee for extending or deferring a payment under an automobile loan? Yes, but [...]
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