What happens to my title if I still have my car 5 years after default on title loan and the original loan company is out of business?
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What happens to my title if I still have my car 5 years after default on title loan and the original loan company is out of business?
None of my references were called and the car was never repossessed. I still have the car and it is registered in my name. I am trying to clear up my credit and after some research it appears the title loan company is out of business and has sold my debt to a collection agency. Does the collection agency now have my title? Can they repo my car? I haven’t received any correspondence in regards to this in all of these years.
Asked on April 3, 2012 under Bankruptcy Law, Nevada
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Please take the documentation and the credit report to an attorney to review. Some one needs to find out how far the process went with regard to repossession. I am thinking that it did not go far becuase the debt was the only thing that was probably sold to the collection agency. Some one needs to contact them regard validation of the debt. This will help with the paper trail in the repo case. But it appears that the debt is still out there is some form, probably a judgement. And they can act on the judgement meaning they can repo the car if state law allows. Good luck.
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