My question involves a consumer law issue in the State of: Indiana
Hi I got a personal loan from a finance company that used an old car of mine as collateral. They have the title in their possession. The loan was around 5000 and I am current with my payments but my car is junk now blown engine and not worth fixing. It is basically a large paper weight in my driveway. I called them to see if they just wanted the car so I could get it off my property. They told me I would have to pay it off first so I could get the title and then i could get rid of it. Even though my credit has since gone terribly bad and I'm not concerned about my rating I am intending to keep paying but can't pay it off. I asked them if I could have it towed to their property and they were rude in telling me they were not in the business of junk yard cars. So I reminded them that by using my old junky car as collateral they kind of are in that business. If I was to have it towed to their property without their permission it would surely be towed away to somewhere where I wouldn't care what happens to it. I would keep making my payments but what would likely happen? They wouldn't get the car out nor would I so what would the tow company do? Just keep it or sell it or sue for fees? What is a creative way of legally getting it off my property other than paying the 5000 now which i don't have or am i just stuck with it? I thought about just stop paying them but they still probably wouldn't come and get it knowing it's worthless. I am self employed but I know they would just end up getting a judgement and get my bank acct causing me the hassle of not using a bank in my name. Bottom line is i would just like the car gone and continue paying. Thanks for any advice that would help my situation.
Hi I got a personal loan from a finance company that used an old car of mine as collateral. They have the title in their possession. The loan was around 5000 and I am current with my payments but my car is junk now blown engine and not worth fixing. It is basically a large paper weight in my driveway. I called them to see if they just wanted the car so I could get it off my property. They told me I would have to pay it off first so I could get the title and then i could get rid of it. Even though my credit has since gone terribly bad and I'm not concerned about my rating I am intending to keep paying but can't pay it off. I asked them if I could have it towed to their property and they were rude in telling me they were not in the business of junk yard cars. So I reminded them that by using my old junky car as collateral they kind of are in that business. If I was to have it towed to their property without their permission it would surely be towed away to somewhere where I wouldn't care what happens to it. I would keep making my payments but what would likely happen? They wouldn't get the car out nor would I so what would the tow company do? Just keep it or sell it or sue for fees? What is a creative way of legally getting it off my property other than paying the 5000 now which i don't have or am i just stuck with it? I thought about just stop paying them but they still probably wouldn't come and get it knowing it's worthless. I am self employed but I know they would just end up getting a judgement and get my bank acct causing me the hassle of not using a bank in my name. Bottom line is i would just like the car gone and continue paying. Thanks for any advice that would help my situation.
Loan Agreements: My Car Was Used for Collateral for a Personal Loan Now It is Undrivable
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