Concerning title loans

UPDATED: Oct 1, 2022

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Concerning title loans

This title loan company knew that I was not working and still gave me a title loan without means to repay the loan. They also gave me interest free for the 1st month making my 1st payment 51 so I would take the loan and I made that 1st payment on time. The payments were suppose to be $276 a month and I called asking for more time, the payments were on the 24th of each month and I didn’t make August payment so on the 28th I got this letter saying that I had to pay $560 in 7 days or they would repossess. According to va laws they were suppose to collect income verification and the didn’t. What can I do?

Asked on September 18, 2017 under Business Law, Virginia


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can't do anything other than pay the loan. In this context it doesn't matter if they should or should not have made the loan: they did make it, you agreed to the loan (even though the law  holds that *you* should know what you can and cannot afford; i.e. it is your legal responsibility to know what you an afford), and you received the benefit of the loan. Because you agreed to the loan and because you received the benefit as well (i.e. you did get, drive, and use the car), there are two different reasons you are held liable for the loan. You can't keep the car while avoiding the obligation to pay the loan: if you don't pay, they can reposses.
For future reference, remember that you are accountable for what you sign or agree to: it is *not* a defense to an obligation to say they should never have offered it to you in the first place.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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