When applying for a title loan from TitleMax®, you’ll need:
- Your clear vehicle title.
- A valid government-issued ID.
- Other documents that may be required by your state, such as proof of income, proof of residency, or a valid vehicle registration.
Accordingly, is TitleMax going out of business?
On August 12, 2016, a judge in Nevada ordered over 6,000 TitleMax contracts to be voided. In November 2019, the company announced the closure of all California locations by May 2020.
Subsequently, can TitleMax repo your car?
Quick Answer: What Happens When TitleMax Repo Your Car?? TitleMax offers auto title loans, which use your vehicle as collateral. If you miss your scheduled loan payments and don’t work out an alternate payment schedule with TitleMax, the company can repossess your car.
How long does it take to get a loan from TitleMax?
Getting a personal loan with TitleMax® is easy! Once approved, you can get the cash you need in as little as 30 minutes when you visit us in-store, or as soon as the next business day online– even if you don’t have a clear title for your vehicle!
How much cash can I get with a TitleMax Title Loan? You can get up to $10,000!* The loan amount you can get is based upon what is offered in your state, your need, and the value of your vehicle appraisal. Read “How Much Cash Can I Get A Loan For?” to learn more information.
When faced with losing your car or other property because of difficulty paying a title loan, debt settlement can prove an attractive option. Depending on the lender and your negotiation skills, you might settle your debt for as little as 25 percent or as much as 75 percent of the total you owe.
If your vehicle has been repossessed, you can call TitleMax customer service to file a formal complaint. … If you don’t contact TitleMax and it sells the car for less than your total account balance, you will still be responsible for paying the remaining balance, plus penalties and fees.
The DBO exam and subsequent investigation found that TitleMax illegally required customers to pay the lender to cover Department of Motor Vehicles (DMV) charges to file its liens, for registration and for other fees owed on borrowers’ cars.
If you don’t make timely payments, the lender must send you a “Notice of Right to Cure” before repossessing the property. After the lender sends the notice you have twenty (20) days to make the missed payment(s).
The lender will likely pursue the matter in court and seek a judgment for the amount owed. With a judgment, the lender could request a wage garnishment (if allowed in your state), garnish a bank account or place a lien on any real property. Title loans tend to be short term and are regulated by state laws.
In most cases, a title loan won’t have any impact on your credit scores. That can be good and bad. For starters, most title lenders don’t run a credit check when you apply. That check, known as a hard inquiry, typically knocks five points or less off your credit score.
Ways to Get Out of a Title Loan
- Pay off your balance early. If there’s a way you can come up with the cash early, try paying off the full balance as quickly as you can. …
- Negotiate your loan terms. There’s no guarantee a lender will negotiate with you, but it doesn’t hurt to ask. …
- Refinance. …
- Try debt management.