How long do i have before a title loan company can repo my car ?

Asked almost 3 years ago - Lexington, MO

I signed a title loan back in March. I have paid about a week late for the past few months but this month I am going to be much later and was just wondering if there was a law stating how long I could have until they come to collect my car. or if they are allowed to collect my car at all.

Attorney answers (2)

  1. Dana L. Manner

    Contributor Level 15

    Answered . In general, when you miss a payment, you are in default under the title loan and the lender can immediately repossess the vehicle. The lender has the option to wait for you to "cure" the default for non-payment and allow you to "catch-up" but it is there choice how long they wait.

    I am an attorney who is only licensed in the State of Florida. My answer is general legal advice based upon what I... more
  2. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . I always say "look at the contract." Typically, the terms of the contract will say what, if any grace period can elapse before you are "in default."

    Title loan companies are involved in high risk lending. As a result, they keep you on a tight leash & are used to responding quickly if you don't pay on time.

    However, if you try talking to them, you may be able to work something out. Just don't try to milk them, because they have the right to your vehicle anytime after you go into default.

    Hope this perspective helps!

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