29 May 2018   /   0 comments

What to Do If Car Is Repossessed With a Title Loan (How to get your car back)

Paul

When Your Title Loan Repayment Expires Your Car Is At Risk Of Repossession. However, All Hope Is Not Lost As You Can Discuss With Your Lender On How You Can Avoid Repossession, Including Refinancing

A title loan is a great way to get out of debt or find the cash to deal with an emergency. All you need is a call to a reputable car title loan company or visit their website to fill an online form, and your cash will be sent to you. Car title loans have a deadline, which you are expected to pay up your debt before then and collect the title of the vehicle you have used as collateral. But sometimes, things get out of hand and you find yourself in an awkward position; you’re about to lose your vehicle to repossession.

No one prays for this to happen but it does anyway, and it’s not funny at all. So, if you suddenly find yourself in this situation what should you do? What are the options left for you to save your car from ending up at the auctions? How do you talk to your lender to throw you a life-jacket, so you don’t sink?

The most important thing you need to know about vehicle repossession is that it does happen and you can avoid it. The process of saving your vehicle should begin days or weeks before the deadline. It makes it easier for you to have a better chance with the lender when you open the line of communication so that there is an interaction between the two of you. The way you handle it from the beginning will determine whether you’ll be able to survive down the line. It works better that way and helps you to understand how to easily get out of this kind of debt.

At TFC Title Loans we offer our customers the very best of car title loan service that helps them avoid repossession. Since we opened our door in 1994, we always connected with our customers using the very best of services, through our customer relations and engagement platforms. For this reason, it has become very easy for us to help our customers find the right answers to all of their problems, especially when they are dealing with the issue of repossession. To learn more about what happens when you default in your loan payment, please continue reading.

A Repossession

We are going to educate you here what a repossession is all about. What is a repossession and how does it affect you? A repossession is a situation where a lender takes full control of a vehicle because a borrower couldn’t pay up their auto title loan at the right time. When this happens, the lender takes possession of the vehicle and will usually take it to an auction. The car is placed for sale so that the lender can get back the money the borrower is owning, but there is more to it.

After the car is sold, the money realized is collected by the lender to pay back the debt of the borrower. If the money raised from selling the car is lower than what the borrower is to pay, then the borrower has to pay up the balance. If the money raised in higher, then the lender will send over the additional fund to the borrower. The process is actually very easy to understand for people who ever find themselves in this situation.

The process of repossession is simple and you can deal with it the way you want. You have rights, just as the lender has their rights to possess the vehicle you also have the right to demand a fair market price when the vehicle is sold. This is to ensure that you get the right amount of money out of the auction and that the lender is not just giving away the car to quickly get their money back.

Sometimes you may have to pay for additional costs related to repossession. These costs or charges may include several expenses including the sending of a repossession agent, the costs of preparing the car for sales, cost of storing the vehicle, and more. Repossession also affects your credits because it goes directly into your credit reports, remains there for seven years, and may cause your score to reduce. This repossession report on your credit score will show whether your car is repossessed or not. TFC Title Loans offer customers advice on everything that has to do with repossession and ensure they have all the information they need to be able to withstand the entire process.

Never Too Late To Get Your Car Back

There are several ways to get your car and prevent a repossession in the first place. At TFC Title Loans we give our clients who are facing the risk of repossession options on how they can keep their vehicle. This is our responsibility because we are never interested in you losing the car in the first place but to help you retain it. One option for keeping your vehicle is to pay all your past dues and settle your repossession costs. This will be like hitting the “reset button” so that you’re back at the spot you were before the point of repossession.

If you have made some upgrades to the car or done some customization work, the best option is to redeem it. This will involve paying all of your past dues, repossessions costs, and any other costs related to the title loan. It’s like buying the car afresh so you’re able to acquire it completely for yourself.

There are cases where customers are able to get their cash immediately after repossession and wondering how to get it pack. If you find yourself in this situation you may attend the auction and try to buy it back. If you win, you’ll get the car back, hopefully at a lower cost.

You can also use the methods of the tow yard. When your car has been repossessed, you can visit the tow yard, pay up, and the 30-day holding period will be lifted. With the help of a mobile notary, you can visit the tow yard with the contract and the vehicle will be issued back to you immediately. What happens is that the lender gets to pay up for the place holding first, then the borrower will have to pay it back no matter how long it is. In most cases, borrowers can pay back the place holding quickly, so they can get the car back sooner.

Repossession Is The Last Option

The process of repossession is an emotional one for most borrowers. It’s hard because many people are emotionally connected to their vehicles and it provides support for their transportation and everything else. If you’re working with a top-rated title loan company, a repossession is the last option. At TFC Title Loans, we offer you all the resources, techniques, and tools to ensure that you never have to go through the painful ordeal of repossession. How do we do this? What are the ways by which we are able to help our customers achieve this?

First, we provide them with education. It turns out that one of the main reasons why many people fail to pay up their dues before the deadline is the lack of education. Some people don’t even know the consequences of their actions why other people are just misinformed. TFC Title Loans provide an adequate education for their customers through email messages, articles, blog posts, etc. We ensure that customers have an idea of what they are going into before they venture into it.

To reduce the chances of a repossession we also provide an easy communication channel where customers can reach us at any time. Constant communication between us and the client help improve the relationship and make it easy for us to relate and adjust effectively.

Through proper communication, we’re also able to provide timely advice to our clients, which will help them to quickly make the best decisions to avoid a repossession. Once a customer is at risk and we anticipate something might occur, we quickly provide them with the information they need to take the necessary steps and avoid catastrophe.

We also provide our customers with useful advice just at the moment they need it. Our lines are open weekdays, from Monday to Friday, 8 am to 7 pm PST, and Saturday, 9 am to 5 pm PST. Our customer service representative is there to take your questions and provide you with accurate and immediate answers.

You can also request for professional help from our experts who have many years of experience helping customers find a solution to all of their problems. Our advice for you is to make sure that you take the necessary steps in time to ensure that you don’t fall victim to circumstances. You can avoid repossession or stop it if you know what to do. That is the reason why we have provided this information for you.

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