ways to get away from a name loan without losing your vehicle
5 approaches to Protect Your Car from Repossession
Authored By: Montana Legal Services Association (MLSA)
Keep copies of one’s re re payment history. Even though you have to go to court if you missed payments, copies of bills and receipts will be useful.
Avoid Title Loans. Also other forms of loans with a high interest are a lot better than Title Loans. Why? Because, you don’t lose your vehicle in the event that you can’t spend. When you have to borrow funds, credit unions or friends and family will be the most readily useful supply.
Don’t use your vehicle as security. Don’t do so also if you were to think you will pay right back that loan quickly. You could lose your car too if you lose your job or have a medical emergency and can’t pay. It is simply not well worth the chance.
Ensure that it it is on-reservation. Repo guys will hold back until you drive off-reservation to simply take your automobile. Keep in mind, they cannot require a court purchase in the event that car is not really in the booking.