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  1. #1
    Join Date
    Jul 2015
    Posts
    1

    Default Totaling a Car After Taking Out a Title Loan

    My question involves collection proceedings in the State of: South Carolina. I got a title loan and a month later totalled my car. My car in still in the tow yard because they need the title but of course title max needs their money. I just need to know my options before I get blindsided by title max. What can I do or not do concerning tow place and my tags to car. I feel like I'm going to have a nervous breakdown worrying about this. Please tell me what to do.

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

    Default Re: Totaling a Car After Taking Out a Title Loan

    What is it that you're trying to do?

    You borrowed money. You pay it back, or you default and deal with the consequences. Ideally you have collision coverage for your vehicle.

  3. #3
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Totaling a Car After Taking Out a Title Loan

    I'm pretty sure part of the usurious interest rate on the Title Loan is insurance. You should notify your insurance and TitleMax. TitleMax will want the money from the payout of your insurer (up to what you owe them). If you owe more, I'm pretty sure the loan you have includes a gap feature (either they insure or agree to waive the deficiency) but you should read your loan papers.

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