Asked 8/30/2010
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Title loans I took out a title loan a while back. I have already payed off what I originally borrowed plus about another 150 dollars. I have talked to the the finance company to see if they would settle for a cheaper amount, but are un-willing to do so. Since I took out the loan I am no longer working and cannot pay on it. They have since talked to me saying I needed to turn over the vehicale or they could report it stolen and suspend the license plates. I live in Illinois. Is there anything I can do or am I just out of luck? |
Answer 1/1 - Submitted 8/30/2010
There is not much you can do if you don't have the funds to pay off the title loan. You can also get in trouble if the police stop you and check your plates. You may be arrested right then and there. It may be best to give up the car or see if you can get some money from friends or family to help you keep the car. See if you can run errands using the car such as with a pizza place.
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