Quick Answer: When title loan companies repossess vehicles, borrowers can still owe a deficiency balance if the vehicle’s sale price doesn’t cover the full loan amount. John likely owes the difference between his remaining loan balance and what the title company received when they sold his repossessed 2003 Ford Ranger.
“Dear Steve,
I had a 2003 ford ranger 4 door need some cash to fix some lose end truck was paid out
My question it i used the truck to get a title loan from a title company which gave me half of the fair market value . after which i had some problem with my boss at work who was scamming me out of my hard earned money which then let me go . the title company took the truck due to no payments. and say i still own then how does that work ??? can they do that ?
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Dear John,
I’m taking a wild guess here but is the title company saying you still owe them “some” money or you owe them the entire amount of the loan?
It might be they sold the truck and applied the proceeds to the balance. They could be claiming you owe the difference between the sale price of the truck when they sold it and the balance due on the loan.
Maybe you can post some additional information for me in the comments below. Let me know what state you live in as well.
Please post your responses and follow-up messages to me on this in the comments section below.
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