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If you have missed your car title loan payment or are concerned about what happens when you default on car title loans, LoanMart wants to educate you on the consequences and ways to prevent defaulting. When you default on a car title loan, your vehicle can be repossessed by your lender.
What is Defaulting on a Car Title Loan?
When you have a car title loan, most lenders make you repay the loan every month. If you start to miss your monthly payments and continue to miss them without any communication to your lender, the delinquency can result in car title loan default. A car title loan default is the failure to repay a loan according to the terms agreed upon in your contract.
LoanMart does all we can to make sure that defaulting on your loan is the last event to happen. Other lenders make themselves unavailable or not understanding, while LoanMart makes ourselves accessible to our customers and helps you get yourself back on the right track. We may be able to adjust payments with customers to fit their lifestyle, circumstances, and budget.
How Many Payments Are Missed to Default?
Rules regarding defaulting and repossession can vary depending on the state you live in. Most contracts with lenders will say when the missed payments are considered defaulting, and how long the borrower has to contact the lender before they repossess the vehicle.
Call Our Team
LoanMart stays in contact with their customers to ensure you do not default on your loan. We don’t want you to have to handle the stress that comes with defaulting on a loan, so we make sure to be in contact with you when you have missed a payment.
What Happens When You Default on Car Title Loans?
Because you are using your vehicle’s title as collateral for your car title loan, a lender is permitted to seize the vehicle at any time without notice, which could possible mean coming onto the borrower’s property to do so.Continue reading