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  1. #1
    Join Date
    May 2015
    Posts
    1

    Default Settling a Title Loan After the Car is Stolen and Damaged

    My question involves collection proceedings in the State of: Idaho
    Took out a title loan, 2 weeks later car was stolen. i communicated a # of times w/lender, informed them car was stolen & police report was filed. Prior to payment being due, I told them payment would be late. Approx 1 week after loan payment due, car was found. Cost me $450 to recover from tow yard that same day, because it wasn't drivable & was found in another county a great distance away. There is damage, but not completely totaled. Can't afford to pay loan now due to all the costs from it being stolen. Title loan company said (without any info regarding extent of damage) that I am responsible for loan amount because car is not in same condition as it was at time of loan. What options, if any, do I have?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Settling a Title Loan After the Car is Stolen and Damaged

    You owe the money that you borrowed, along with any interest, late fees and penalties.

    If you want to try to convince the lender to settle your debt for less than you owe, you can ask them to do so -- and they can respond, "No, we want all of our money."

    If the car has been repossessed and sold, the proceeds from the sale (less the costs of repossession and sale) will be applied to your debt. If the lender is choosing not to repossess because of the damage to the car, it's their option to pursue cash over possession of the vehicle.

  3. #3
    Join Date
    Mar 2013
    Posts
    17,392

    Default Re: Settling a Title Loan After the Car is Stolen and Damaged

    Quote Quoting bondsbaby
    View Post
    What options, if any, do I have?
    Did you have insurance?

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