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Can a car title loan company actually repo my car if I fail to make the monthly payments on my loan while unemployed?

Richmond, VA |

I own my vehicle and needed a loan to pay bills. I borrowed from a national car title loan co. I've since become unemployed, and can not make the upcoming monthly payment. They supposedly offer a 10 day late grace period to pay late. If I don't make the required payment, will they actually take my car or do they really only want the cash? Is it possible they let the customer keep their car and go after you for the money instead? Do I have any time on my side, other than that 10 day grace period?

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Filed under: Debt Vehicle title
Attorney answers 1


Yes you have to pa your car payment if you want to keep the vehicle regardless of whether or not you are unemployed. Most National car companies will allow you to get about 3 payments behind, assuming you have not had payment problems in the past, before they repossess your car. A car title loan company may have slightly different time frames. Reardless they will take the car at some point if you do not make th epayments because that is the security on which they made the loan to you.