Please clarify

[mizg]

My car is owned by Well's Fargo, I have a couple of payments left. I went into a check cashing place and they offered me an auto title loan of $2600.00..{{I'm dumb}} and said "okay". They asked for my registration and proof of insurance. I have no official "Pink slip" because the bank has it.

Once I pay off the Well's Fargo Loan...will they send me the pink slip? and will the other PDL place have their name on it? Did they put a Lien on it?
I know that it is a secured debt and I have to continue to pay on it but when I file Chapter 7..is there some kind of way that I can only pay the original loan amount and not all of the interest?

Just wondering id there is a loophole...
Thank you all

[tobee43]

once you pay off wells fargo there will be a lien on the car by the people you got the loan from. until that loan is paid off the lien will still be there and most likely you will not get your pink slip of ownership until the debt is paid in full.

i would give back that money and get that lien off your car if possible. i'm certain it's NOT worth the 2600.00 in the long run.

best of luck!

[AngelinaCat]

I agree with tobee43. That $2,600 is not worth the headache and hassle you will have with them. 'Hub and I had a similar loan with American General, with two older, paid-for cars as collateral. Both cars were old enough that just holding one as collateral wasn't good enough.

When I lost my FT job and he lost his PT consulting job, we couldn't keep up the payments. We tried to get them to extend the loan with us paying a lower rate that we could afford. NOPE!. Not possible. There were other hassles too, and they would NOT work with us, and we wished that we had never taken the loan.

We included them in our BK, and they had the colossal nerve to send reaffirmations to our trustee--NOT our attorney--which he handed to us and said we needed to discuss the matter with our attorney. We did NOT sign the papers, nor were we going to after such a thing. American General was one of our 'most favorite' debts that got discharged.

Good wishes to you!

[mizg]

I called Well's Fargo and they told me that they would send the pink slip directly to me and that the loan company could not do that....I am confused. Could the auto title loan company actually put a lien on it even though I did not have the pink slip to give them? I am thinking yes

[tobee43]

I called Well's Fargo and they told me that they would send the pink slip directly to me and that the loan company could not do that....I am confused. Could the auto title loan company actually put a lien on it even though I did not have the pink slip to give them? I am thinking yes

yes