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I Took Out a Cart Title Loan With Lone Star Loans I Can’t Afford to Pay Anymore. – Nancy

“Dear Steve,

CAR TITLE LOANS – IS MONEY YOU BORROW – BUT THE 2500 I BORROW – I’M STILL PAYING ON IT ABOUT 5,000 I PAID – NOTHING GO THE PAYMENT LIKE A REGULAR CAR LOAN -THIS IS NOT A REGULAR CAR LOAN…..

I HAVE A LOAN W/ LONE STAR LOAN – CAR TITLE – I BORROW 2500 – PAID 5,000- I CAN’T PAY THIS LOAN – I’M LAID OFF – WHAT CAN I DO?

Nancy”

Dear Nancy,

Can you please tell me more about this loan? It sounds like you pledged your car as collateral for a short term loan. If you now owe double the amount I think you may have not paid off the loan by the first due date and instead have rolled the loan forward or extended the length of the loan. Is that correct?

If the contract is valid and the amount due is in accordance with your state law and the contract the best course of action is going to be for you to negotiate a solution with Lone Star Loans. If you have a valid contract, unless you can exercise your ability to negotiate a solution with them, continue your agreed payments or pay the loan off in full you risk the repossession of your car.

You can seek advice on the contract from a local attorney licensed in your state.

When it comes to car title loans, if you default they take your car.

Please post your responses and follow-up messages to me on this in the comments section below.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

4 Comments

  • I paid off the car 2 times the 3rd time it was like i paid more than car was wourth plus it broke down .i told them come get the car almost a year ago i couldnt afford it and its still sitting in my yard .what do i do ? They wont just come get it

    • I’m assuming you signed over the title to your car as collateral on the loan. So at this point, it sounds like you defaulted, they potentially have the title to the car, and they have elected to not get the car.

      What seems like a simple situation is more complicated because I don’t know under the law of your state who the current owner of the vehicle is. I don’t think there is any other logical solution here than for you to talk to a local attorney about what you can or can’t do with the car. Of course, even if they did come to collect the vehicle, what does your lending agreement say about if that will satisfy the debt or will it be treated like a repossession, the vehicle sold, and the balance of the debt still owed?

      Steve

  • please email me I’m in a lawsuit against Loanstar title loans in san antonio Tx. With plenty of information to move forward in criminal proceedings against the attorney’s and owners. Google Scott Tucker, Timothy Muir, Charles m. Hallinan, Wheeler K. Neff, Randall P. Ginger Richard Mosely Sr. , Adrian Rubin, Joel Tucker, Blaine Tucker. All owners and lawyers convicted recently in 2017. Let’s see if we can add Lone Star to the list of Federal convictions.

  • I have a loan with your guys in Greenville, TX. I am behind with my payments but they keep calling me  several times at work which is against the law. I am a day sleeper and I have asked them to call me after 4 pm but they insist on calling me at other times. I have asked them repeatly not to call me on my job and now I found out they have called my supervisor at home.

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