What happens to my title if I still have my car 5 years after default on title loan and the original loan company is out of business?

Get Legal Help Today

 Secured with SHA-256 Encryption

What happens to my title if I still have my car 5 years after default on title loan and the original loan company is out of business?

None of my references were called and the car was never repossessed. I still have the car and it is registered in my name. I am trying to clear up my credit and after some research it appears the title loan company is out of business and has sold my debt to a collection agency. Does the collection agency now have my title? Can they repo my car? I haven’t received any correspondence in regards to this in all of these years.

Asked on April 3, 2012 under Bankruptcy Law, Nevada

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Please take the documentation and the credit report to an attorney to review.  Some one needs to find out how far the process went with regard to repossession.  I am thinking that it did not go far becuase the debt was the only thing that was probably sold to the collection agency.  Some one needs to contact them regard validation of the debt.  This will help with the paper trail in the repo case.  But it appears that the debt is still out there is some form, probably a judgement.  And they can act on the judgement meaning they can repo the car if state law allows.  Good luck.


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption