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  1. #1
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    Apr 2017
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    Default Title Loan Repossession Laws in Kentucky

    My question involves a consumer law issue in the State of: Kentucky if my vehicle was repossessed due to a non payment on a title loan and sold, shouldn't the amount it was sold for be applied towards the debt owed? I had a $4k loan off of my suv which was worth more than the loan. This however was a few years ago and now I'm looking to get it removed from my credit report.

  2. #2
    Join Date
    Mar 2013
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    Default Re: Title Loan Repossession Kentucky

    Quote Quoting ThomasG521
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    My question involves a consumer law issue in the State of: Kentucky if my vehicle was repossessed due to a non payment on a title loan and sold, shouldn't the amount it was sold for be applied towards the debt owed?
    Theoretically, yes. But what typically happens is that the vehicle is sold at auction to used car dealers who pay a fraction of its value for it. The auctioneer gets a commission and the lender has other costs involved as well.

    Quote Quoting ThomasG521
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    I had a $4k loan off of my suv which was worth more than the loan. This however was a few years ago and now I'm looking to get it removed from my credit report.
    It stays on your credit report for 7 years from the default.

  3. #3
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    Default Re: Title Loan Repossession Laws in Kentucky

    You likely received a notice of the sale, the amount for which the vehicle was sold, and the balance remaining after the application of the sale price to your loan. If you didn't, seek a statement from your lender -- although if several years have passed, I can't promise you how easy it will be to get a copy.

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