Short Answer: The TitleMax repossession policy is based on each state’s laws and the status of the customer’s account. Some states allow repossession after as little as one missed payment. For more information on the TitleMax repossession guidelines, including how TitleMax can find your car and what happens after repossession, see below.
When Does TitleMax Repo Your Car?
TitleMax’s repossession policy varies by state. The customer’s account status is also considered, customer service representatives said.
In some states, a lender can repossess a vehicle after one missed payment if payment isn’t made within a certain time frame. For example, in South Carolina, you have 20 days to make your loan current. Each state has its own laws and regulations regarding repossession, so you should contact your local lender for specifics.
Repossession involves a lender taking back an item that was used as collateral, rented, or leased. TitleMax offers auto title loans, which use your vehicle as collateral. If you miss your scheduled loan payments and don’t work out an alternate payment schedule with TitleMax, the company can repossess your car.
Each state has its own laws regarding the steps a repossession agent can take to find and secure a vehicle. In many states, TitleMax and other lenders can repossess the car anywhere, at any time. Repossession agents may look for the car at your home and workplace using the addresses TitleMax keeps on file; they may also track your movements until they find the vehicle. The Federal Trade Commission notes that in most states, repossession agents can legally enter your property to repossess a car (such as from the driveway or back yard) but cannot use excessive physical force.
Be aware that you will most likely lose the option to get your car back after repossession if you attempt to hide it. Additionally, in some states, it is illegal to try to hide your car from a repossession agent.
If you are concerned about repossession, contact TitleMax’s customer service department at (800) 804-5368. TitleMax will work with you to help you keep your car and pay back your loan, a customer service representative said.
What Happens After TitleMax Repossesses Your Car?
If your vehicle has been repossessed, you can call TitleMax customer service to file a formal complaint. You may be able to get your car and title back by discussing your situation with a TitleMax representative and forming an agreement to pay off the loan balance, as well as any penalties associated with the repossession. The amount you will need to pay will vary depending on your state’s laws and the terms of your TitleMax loan.
It is best to call TitleMax as soon as possible after the repossession agent takes your vehicle since TitleMax can sell the car to pay your loan. If you don’t contact TitleMax and it sells the car for less than your total account balance, you will still be responsible for paying the remaining balance, penalties, and fees.
Now you know the general TitleMax repossession process.
TitleMax’s repossession policy varies by state. The company will also take a customer’s account status into consideration. TitleMax may be able to repossess your car after you miss one payment and can find the vehicle using the home and work addresses it keeps on file. You can call TitleMax’s customer service department at (800) 804-5368 for information specific to your account and to discuss your options when facing repossession.
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