There are a few risks that come along with receiving a new title loan in exchange for putting your drivable vehicle up as collateral. Obviously, if you cannot pay the loan back within the monthly timeframe that is offered in your contract, which you should discuss with the lending office on that very day, then that same office has every right to repossess your vehicle by using a third-party repossession company.
Losing your car is probably one of the worst possible outcomes of receiving a title loan, though it does happen to far too many people, sadly. A lot of customers get themselves in over their heads when it comes to a title loan. They underestimate their ability to repay the loan in its entirety, which generally ends with the loan company growing upset and repossessing the vehicle you put up as collateral along with the title of said car.
Believe it or not, you do have rights even though your property has been repossessed by the company. The creditor, or the lending office, still has to abide by the law, which means there is a chance you can get the vehicle back. If they don’t follow consumer laws, then there are lawyers out there fully capable of working with you to ensure the safe return of your vehicle and any possessions within.
Norris Law Firm
For example, Norris Law Firm, PLLC, is a dedicated law office helping those within Wilmington, North Carolina, and throughout the entire state, when it comes to consumer law, title loans, and repossession in general. They are one of the only consumer law offices in the entire state, and will work every single day to ensure their customers are taken care of in the best possible manner.
To make things even more enticing, the law firm offers a free telephone consultation to discover whether or not they can help your current situation. They will listen to your case in its entirety and make the decision as to whether or not your vehicle was wrongly repossessed. If it was, then you have a case, and then they work tirelessly to ensure a great outcome. If you win, then you must pay them a legal fee, but if you do not, then you owe absolutely nothing.
Norris Law Firm, PLLC
1033 Bullard Court, Suite 207 Raleigh, NC 27615
(919) 981-447 – Telephone ☎
(919) 926-1676 – Fax
Unfortunately, wrongful repossessions are quite common these days, and they generally involve all types of vehicles, not just small personal cars and trucks. Those customers who are not late, or have never been late, on any of their payments may still have their vehicle repossessed, despite the company not having any legal basis to do so. There are a few reasons this may happen:
The title loan company may have submitted their paperwork incorrectly or failed to do so altogether. The payment you sent may have been credited to the wrong account, which makes the business believe you did not send any payment for that month whatsoever. A computer glitch could have caused late notice paperwork to have been filed within their system. The title loan company in Wilmington could have simply made a clerical error and sent out a request for a repossession.
If any of these happened, despite being nothing more than mistakes, then you can still do something about it. Generally speaking to the title company will rectify the issue, but if the repossession was intentional, then you absolutely have a legal case on your hands. Speak with a law firm, such as Norris, to handle the situation.