Ways to Get Out of a Title Loan
- Pay off your balance early. If there’s a way you can come up with the cash early, try paying off the full balance as quickly as you can. …
- Negotiate your loan terms. There’s no guarantee a lender will negotiate with you, but it doesn’t hurt to ask. …
- Refinance. …
- Try debt management.
Moreover, can I sue TitleMax?
Yes, TitleMax can sue you. TitleMax can hire a lawyer to file a breach of contract lawsuit against you for the underlying debt, fees, and costs. If you’ve been sued by TitleMax, do not ignore the lawsuit; you may have defenses.
Similarly, can you settle a title loan?
While a title loan lender is under no obligation to settle, it may be possible to obtain a settlement on your title loan and ultimately resolve the debt.
How does title pawn work in Georgia?
Georgia law treats a title pawn as a pawn of the car itself for a sum of money. However, unlike other property, the pawnbroker doesn’t need to have possession of the car itself. He only needs the title. Like other pawn transactions, the pawnbroker uses the car as security to give his customer cash.
The settlement will deliver nearly $700,000 in refunds to more than 21,000 TitleMax customers and require the Georgia-based lender to pay a $25,000 penalty to resolve allegations that it routinely charged excessive and illegal interest rates and fees. Consumers with questions about the refunds should call 888-485-3629.
Like with payday loans, if you can’t repay a title loan when it’s due, the lender may let you roll it over into a new loan. But rolling over the loan will add more interest and fees to the amount you owe.