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  #1  
Old 03-18-2009, 10:18 AM
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Join Date: Mar 2009
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Title Loan

North Carolina. I have a title loan in NC. The loan originated in SC because that was the only place that I could find that would do title loans. After I realized how high my interest rate was, I found someone to take it over. This new company FINALLY has my title after fighting with them for a year and now I need to know if title loans are even legal in the state of NC because I am being told they are not and they have to treat them as a personal loan. Does this mean that they can not come and take my car? I really need to know. i am having a hard time with this company and money it very tight and I can not afford for my car to be taken so I need to know if title loans are even legal or if they can send me back my title since I have not signed it over to anyone they just have it. Please let me know as soon as possible. I am paying on it but money is tight and I pay what I can. Help!What is the name of your state (only U.S. law)?
  #2  
Old 03-18-2009, 12:04 PM
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What your have is a collateral loan. You put your vehicle up for collatoral to borrow money. It is perfectly legal in your state.
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  #3  
Old 03-18-2009, 12:07 PM
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Originally Posted by cccflagirl View Post
North Carolina. I have a title loan in NC. The loan originated in SC because that was the only place that I could find that would do title loans. After I realized how high my interest rate was, I found someone to take it over. This new company FINALLY has my title after fighting with them for a year and now I need to know if title loans are even legal in the state of NC because I am being told they are not and they have to treat them as a personal loan. Does this mean that they can not come and take my car? I really need to know. i am having a hard time with this company and money it very tight and I can not afford for my car to be taken so I need to know if title loans are even legal or if they can send me back my title since I have not signed it over to anyone they just have it. Please let me know as soon as possible. I am paying on it but money is tight and I pay what I can. Help!What is the name of your state (only U.S. law)?
If you default, they can come and take the car if you have used it as collateral.
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  #4  
Old 03-18-2009, 12:14 PM
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Originally Posted by Wirelessany1 View Post
If you default, they can come and take the car if you have used it as collateral.
**A: Yup, I seen those big tatooed ruffians on tv towing away cars.
  #5  
Old 03-18-2009, 07:57 PM
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Originally Posted by HomeGuru View Post
**A: Yup, I seen those big tatooed ruffians on tv towing away cars.
Hey, Matt and Froy are ruffians!
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  #6  
Old 03-19-2009, 10:18 AM
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Originally Posted by Indiana Filer View Post
Hey, Matt and Froy are ruffians!
Matt and Froy are hilarious. The episode where Matt really, really had to go to the bathroom and ended up dumping the repo had my husband and I rolling.

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  #7  
Old 03-19-2009, 01:14 PM
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Title Loan

No what I have is a title loan weather it is collateral or not it is still a title loan and is not leagl in this state. Title loans are not legalized, I was told is is loan sharking and they can not do it. They would have to use my loan as a personal loan not use the car. They just don't call it title loans so they can get away with it? I highly doubt that.
  #8  
Old 03-19-2009, 01:19 PM
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Quote:
Originally Posted by cccflagirl View Post
No what I have is a title loan weather it is collateral or not it is still a title loan and is not leagl in this state. Title loans are not legalized, I was told is is loan sharking and they can not do it. They would have to use my loan as a personal loan not use the car. They just don't call it title loans so they can get away with it? I highly doubt that.
Ahhh, so you knew the answer already?
Why are you here again?
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