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 [...]
13
May
Late Payments & Repossessions
We receive a lot of inquiries from consumers who have had their cars repossessed before the deadline they verbally agreed to with a representative of the finance company. Often the finance company will defend the repossession on the grounds that they never made the agreement and in any event, the finance contract requires all modifications [...]
Follow Us
Subscribe to our e-mail newsletter to receive updates.
