QUESTION
I took out a title loan (first mistake), them I lost my job. They repossessed my car and told me I had to pay 7500 to get it back help?
Asked on Jul 16th, 2018 on Collections - Florida
More details to this question:
I took out a title loan which was my first mistake.. After I took out the the title loan about three weeks later I lost my job. I couldn't make my first payment and they came and repossessed my car. I called and tried to negotiate with them. I told him that I know I owe the money but how do I get my car back out. I was told I had no choice but to pay the loan in full of $7,500 I borrowed $4,000. When I told them I don't have $7,500 I was basically told that's what you have to pay. I was told I didn't qualify to come back and reinstate my loan and make my monthly payments. I haven't even had the loan a month. Can they do this do I have any recourse I need my car back in order for me to find a job I have medical conditions where I have to go to a doctor and I have no Transportation I have a child and no transportation. Please help?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
I bet I know who the title loan company is, and it has a fishy name. There is no title loan that is legitimate that should have a $7500.00 payoff with a 4,000.00 loan in a 3 week period. Problem is suing such a company civilly is expensive and high risk. You shoudl make a complaint with the Attorney General and the OFR,and see if that gets any result. You might not be able to avoid to issue about the repo as you have no means to repay the loan under its terms, but you can certainly address them skiming extra money from you over the money and interest the woud be entitled to for the 1 month loan.
Answered on Jul 20th, 2018 at 7:13 AM
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