My Auto Loan is In Default by 60 Days - What Can The Lender Do?
I took out a title loan and haven't been able to pay on it for 2 months. I am told that the corporate office will start action after April 20th and that I need to pay at least the interest by then. I am unable to do so due to financial difficulties. The company is in Wisc. I was living in Minnesota when I took out the loan. We are moving to the east coast in early May and I need my vehicle. I am hoping to pay them as soon as I can but that may not be until later in the summer. What legal recompense do they have if they do not locate the vehicle by the time I move to the east coast? Like I said, I need my vehicle but cannot pay the amount they are asking at this time.
Thank you for your response.
Lapis888
Re: My Auto Loan is In Default by 60 Days - What Can The Lender Do?
They can repossess the car, as is their legal right. In some states if you try to hide the car from repossession you can be charged with a criminal offense, so be careful.
Re: My Auto Loan is In Default by 60 Days - What Can The Lender Do?
Can a person be charged with a criminal offense in either MN or Wisc.?
Thank you.
Re: My Auto Loan is In Default by 60 Days - What Can The Lender Do?
Quote:
Quoting
Lapis888
Can a person be charged with a criminal offense in either MN or Wisc.?
Thank you.
Yes, if you hide the car.
Re: My Auto Loan is In Default by 60 Days - What Can The Lender Do?
what kind of criminal charge(s) can you face if they don't find the vehicle?