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.
What happens if you dont pay TitleMax back?
The “Roll Over” If you can’t pay off the loan in the typical 30‑day period, the lender may offer to “roll over” the loan into a new loan. If you don’t pay what you owe, the lender may decide to repossess your vehicle.
How many payments do you have to miss before your car is repossessed?
In general, you can expect car repossession to occur if you miss three or more payments in a row on your auto loan. One missed payment can result in repossession, but it’s less common. A “missed payment” is considered a payment that is more than 30 days late.
Do you still owe after a repossession?
If your car or other property is repossessed, you might still owe the lender money on the contract. If your car or other property is repossessed, you might still owe the lender money on the contract. The amount you owe is called the “deficiency” or “deficiency balance.”