These are the TitleMax repossession guidelines.
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 TitleMax and repossession, see below.
When Does TitleMax Repo Your Car?
TitleMax’s repossession policy varies by state. The customer’s account status is also considered, according to customer service.
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.
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.
If your car is going to be or has been repossessed, you can also call TitleMax customer service to file a formal complaint. You may be able to get your car back, though the amount you will need to pay will vary depending on your state’s laws and the terms of your TitleMax loan.
TitleMax loans are available in more than 15 states. The company offers loans in exchange for the title to your car or motorcycle. If you have a lien-free title, you can use it as collateral for a cash loan. To find a TitleMax location near you, use the store locator. But you may want to exercise caution when applying for a title loan, as they are often called predatory.
Want to compare this policy to another company’s policy to see if it’s pretty standard? Here’s our article on DriveTime’s Repossession Policy.
Now you know the general TitleMax repossession process.
TitleMax’s repossession policy varies by state. The company also take a customer’s account status into consideration. You can call TitleMax’s customer service department at (800) 804-5368 to learn more.
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