Regardless of what your situation is, TitleMax will attempt to recover their investment if you go more than thirty days without making a payment. They will send you letters and make phone calls, and they will eventually begin repossession activity if they cannot reach you. It is important to keep in touch with your lender, especially when you are behind on a car loan. This will allow you to communicate with them and possibly work out a new agreement that you can manage.
TitleMax is a nationwide car title loan company that offers fast, convenient and flexible financing options for people with less-than-perfect credit. The company is headquartered in Atlanta and operates more than 1,000 locations across the country. In addition to car title loans, TitleMax also provides personal loans and lines of credit. These are alternatives to traditional bank loans and have more flexible repayment terms than a car equity loan.
It's possible to reclaim your vehicle after it's been repossessed by TitleMax, but you'll need to be prepared to do the hard work and meet the financial obligations of your contract. You should also examine how you ended up in this position to avoid a similar scenario in the future.
The company has flourished in states with lax regulations on title lending, though it has pulled out of three cities that passed laws capping interest rates. It is fighting against more regulation from the state attorney general, saying it fills a needed niche for consumers who can't afford traditional banks.