Want this question answered?
Usually they have the title, so I don't know what you mean about that. However if they have a lien on it, they can re-possess the vehicle.
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.
File for an abandoned title with the Motor Vehicle
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
LENDERS repo cars. Co-owners on the TITLE, take possession. NOT co-signors on the loan, but CO-OWNERS ON THE TITLE.
No u have to have a title.
Yes, your car can be repossessed if the title loan is in collections. Actually, this is one of the most common ways for a defaulted title loan to be settled.
car is in wifes and my name, she got a title loan unknowingly from the husband. She defaulted, can they take the car from the husband?
The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.
You can you take out a loan if you own the car and have the free and clear title by going to a high-risk lender. This type of loan is called a title loan, and the lender will put his name on the title to your car until the money is repaid.
Assuming you used the car's title to guarantee the loan - IF you fail to repay the loan, they can repossess your car ANY time they want to ! The title of the car remains the property of the loan company until you repay your debt.