Can they repo your car from anywhere?

If you don’t hold up your end of the bargain, your lender can repossess your car and then sell it at an auction. They can take back your car whether you’re at home, at work, or just about anywhere else you might travel to.

How long is it before the loan company can repossess a car?

Generally, most lenders start the repossession process once you’re in default – usually at least 90 days past due on a payment. When the loan is actually considered in default can depend on the language in your loan contract.

Do title loan companies use tracking devices?

Today, lenders use GPS tracking devices and cameras that mount onto trucks to take pictures of license plates that automatically upload to a central database. The databases show key tracking information like where you have your vehicle serviced or where you bought your tag.

How does repo know where your car is?

Repo men (or, more properly, repossession agents) know all the ins and outs of getting cars back. If the borrower isn’t at his last known address, they’ll use “skip tracing” to find a car owner who’s in default. This involves using online databases to find evasive debtors.

Can you disable a car tracking device?

Once a GPS tracking device is located, it can be disabled. Beyond simply removing the battery, it is possible to stop the GPS signal. It’s important to remove the device completely and dispose of it so it does not continue transmitting your location.

Do financed cars have trackers?

More and more car dealerships are stashing GPS tracking devices on financed cars to track the vehicle. With a GPS tracker on the car, the bank can locate the vehicle and disable it if the buyer is negligent with payment. However, many see it as a way for banks to take advantage of buyers.

What is the difference between a charge off and a repossession?

When a car is repossessed, the lender not only gets to keep the money you’ve already paid, they take your vehicle and you will still owe the deficiency balance after the vehicle is sold. On the other hand, when an unsecured car loan is charged off, the debt will be discharged, and you will not owe any more money.

What happens to repossessed cars at TitleMax?

Titlemax will only keep a repossessed vehicle at their store long enough to put all of the items found within the vehicle in black plastic bags (your stuff). Then, they usually ask the towing company to store the vehicle until they can legally sell it at auction. They don’t want the vehicle at the store location for two reasons.

What do I need for a Delaware TitleMax car title loan?

The only items you need to be approved for a Delaware TitleMax car title loan or motorcycle title loan are your vehicle, a valid government-issued ID verifying you are at least 18 years old, and a clear car or motorcycle title in your name for the vehicle against which you plan on getting a title loan.

Can I Drive my Car during a TitleMax loan or pawn?

Yes, you get to keep driving your car or motorcycle throughout the entire duration of your TitleMax loan or pawn. When you’re a customer of TitleMax, we’re working together… as a team. So, bring the required items as listed below to your neighborhood TitleMax location and let us help you by putting cash in your pocket in as little as 30 minutes.

What happens when you default on a car title loan?

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.