What Happens To My Car?
Most title loan lenders allow you to keep your car for the duration of the loan provided that you give them the signed, clear title as collateral. Upon paying off your loan your title will be returned and signed back over to you. If you fail to make payments, keep in communication or complete your loan in full the lender may repossess your car at your anytime. Some lenders choose not to see your car at all and just use your VIN number to research the condition and history of the vehicle – they don’t even meet with you face-to-face.
On the flip-side few auto title loan lenders may prefer to keep your car at their lot to relieve them of having to track it down if the payments are not received. Lenders differ in the way they operate so make sure you speak to your lender about their loan program before signing an agreement if keeping your vehicle is a concern.