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  1. #1

    Red face Car Title Pawn - Legally How Long Do I Continue Making Payments

    My question involves collection proceedings in the State of: Alabama

    I pawned a car title on a 1988 Chev Suburban in Aug 2009 for $800 for repairs that I couldn't afford to pay all at once. I've paid them every month since, paid a little extra at times but, of course, the balance is about the same as it was originally. Is there any possible way to get the title & forgive the loan after paying so much to the title pawn company other than pay it off (which I can't afford) or turn over the vehicle? Thank you for any info or feedback.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Car Title Pawn - Legally How Long Do I Continue Making Payments

    I would have to presume your payments have simply amounted to interest payments. If so, there is no reason they would be required to forgive the principle. It's kind of a built in income for them the way it is.

    If the vehicle is worth less than the owed amount, you might ask them if they will accept a lesser payment as payment in full. If they repo it, they will only get scrap value or market value which. If you would offer scrap value or market value, they may accept the lower payoff since that is all they would get if you turned it over to them.

  3. #3
    Join Date
    Jun 2011
    Location
    Atlanta, GA
    Posts
    1

    Default Re: Car Title Pawn - Legally How Long Do I Continue Making Payments

    Speak to the owner of the company if you are dealing with a small business or a regional/district manager if you are dealing with a corporation. Basically, you are doing what the contract spelled out but there are always options. The title lender wants to protect their interests but also wants to protect you as a customer and consumer in the industry. The Title Pawn Council of Alabama may be of some assistance if you cannot get the lender to work with you. In the end, all any of us are looking for is to make the transaction work for both the consumer and the company.

    Visit the Title Pawn Council of Alabama website at http://www.tggtest.com/tpcanew/index.htm

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