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  1. #1
    Join Date
    Mar 2014
    Posts
    1

    Default Repossession After Default on a Title Loan

    My question involves collection proceedings in the State of: Nevada

    My car was just toyed away tonight at 11pm PST, they did not provide any documentation on who they where with, other than telling my roommate they were with Cash1. I have a title loan i defaulted on with them, the last time I spoke with someone was in December I had expected to make a payment but due to circumstances I was not able to make the payment, at that time they had informed me that I would continue to collect interest up to some point in March, putting me at $3k+ the loan was $2k I had paid it down before my default to $1k, they info'd I would continue to get calls to collect funds. I have been searching for a good debt conslidator in the meantime, I as do not know how I could ever by $3k+. I have not heard from them, until this last week when they did an ACH on my account for a payment (this is the first since December), since I have been negative in my acct it bounced, I got a text today from them stating the payment was declined, I have not received any notice that they were repossessing my car. I had planned to make a good faith payment tomorrow when I got paid, as I would finally have some $$ from my paycheck. I can't afford to pay them the full amount, my check is less than $800 and I have the regular bills (rent, power etcc) to pay as well. What can I do? I live in Nevada & I know I should have received notice of a plan to repossess my car due to default but I never received one. Is there any way I can get them to accept a partial payment and release my car back to me so I can continue working and make $ to pay them off?

  2. #2
    Join Date
    Dec 2008
    Posts
    629

    Default Re: My Car Was Repossessed

    What makes you think they have to warn you that they are coming to repro your car? That would just give you the opportunity to hide it somewhere so it couldn't be repro'd.
    I'm not saying that you would be someone who would do that, but I'm pretty sure if I was in that situation I would attempt to hide a vehicle from repro if I was still trying to get on top of the payments.

  3. #3

    Default Re: My Car Was Repossessed

    Hate to see you lose your car over such a small amount but if you don't pay the balance and repossesion fees that is what will happen. Since most of the loan was paid off some states allow you to work something out but you would need to act very fast. You need to find a way to satisfy your lender, I wish you luck.

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Repossession After Default on a Title Loan

    Uh, you knew you were in default.

    The warning about repo is in your loan contract.

    That's all it took.

    You have nowhere to go with this unless you come up with the cash to redeem your car before it gets sold at auction.

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