I have a car that is paid off. The bank is holding the tittle for colletaral for another car loan that was repo. Is this legal?
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No the car is security for the loan.
An auto loan is a secured loan. A lien on the car helps the lessen the risk for the lender.
Same thing happen to me. You have to retun the vehicle or find a loan from another company.
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One way or another, the loan has to be paid off. If you trade the car in, you can get the payoff added to the amount financed on the new car.
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You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.
Apply for new car loans, used car loans, and auto loan refinancing at the official site of Capital One, and use the auto loan calculator to estimate your payments.
You can find a a car amortization calculator at www.bankrate.com/calculators/auto/auto-loan-calculator.aspx.