My husband and I put his truck up for collateral on a title loan and we've paid on it and borrowed more money from said company but now we are struggling financially and can't even make payments. We've told them they can have the truck as we can't do anything financially and we even offered to bring them the truck but they refuse to take it and let us make payments on whatever they don't get out of it at auction. Are they legally allowed to do that? They told me to list the truck for sale elsewhere and if we get a reasonable offer they may release the title.
Title loans are a bane on society. What happened to you happens to many people. They are given loans they cannot afford and are soon in trouble. This leads to more loans and more outrageous fees. You may have a claim against the title company. I would need to review your papers and talk to you about the facts.
But the simple answer to your question is they don't have to repossess the vehicle although I have never heard of a title company refraining from doing so,
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