If you live in Cincinnati and you need money fast, you might be considering getting a title loan on your vehicle. But be aware that taking a title loan means putting that vehicle at risk. If you are unable to pay back the loan as expected, you can wind up having your vehicle repossessed.
Fortunately, there are alternatives to title loans. The seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer in Cincinnati, Columbus, and Dayton can help you understand the benefits and risks of title loans and also the other options available. Even if your creditors are already repossessing your vehicle, we can often find ways to allow you to keep ownership.
When you get an “auto title” loan, you are giving the lender the title to your vehicle as security for a short-term loan. The lender will assess what your vehicle is worth to determine the amount you are qualified to receive. According to VeroLending.com, title loans average from $200 to $10,000, but can be up to $20,000. While these are usually short-term loans, 30 to 60 days, they can be renewed and be for up to 36 months.
Once you hand over your title, the lender will place a lien on the title and the vehicle is now encumbered by this lien. Your ownership interest in the vehicle is restricted until the loan is paid back.. You get to use and drive the vehicle during the repayment period. The lender will release the lien on your title once the loan is repaid.
Interest rates can be exorbitantly high, sometimes 300 to 700 percent. You cannot sell the vehicle or transfer it until you pay off the loan. If you can’t pay, the title company can repossess your vehicle and sell it to recover the money you still owe, plus repossession and administrative costs and fees.
There are few qualifications for these loans, and there are even forms online you can fill out to start the process. You provide the lender with identification, pay stubs, verification of your street address, a clear title to your car, your vehicle and an extra set of car keys in case the lender needs to repossess the car.
Ohio’s Short-Term Loan Act specifically prohibits lenders from accepting a car title as collateral for a short-term loan and caps interest rates on short-term loans at 28 percent. However, lenders get around this by making title loans under credit services organization (CSO) or mortgage loan laws. The CSO acts as a broker to get you a title loan from a “third party,” and charges to do so, adding to high interest rates.
You and the lender must sign a written agreement stating:
You must be notified 10 days in advance of the time and place of the sale and have the chance to hand over the vehicle instead of having it repossessed, and you must have a chance to remove any personal property. The lender must tell you what is owed and give you the chance to get your vehicle back by paying the loan and any reasonable expenses.
The following are some companies offering title loans in Cincinnati:
11753 Lebanon Rd., Cincinnati, OH 45241
4981 Vine St., Cincinnati, OH 45217
4787 Red Bank Rd., Cincinnati, OH 45227
7990 Reading Rd., Cincinnati, OH 45237
1667 E. Kemper Rd., Cincinnati, OH 45246
2516 Victory Pkwy., Cincinnati, OH 45206
5229 Madison Rd., Cincinnati, OH 45227
8439 Reading Rd., Cincinnati, OH 45215
5705 Cheviot Rd., Cincinnati, OH 45247
5717 Glenway Ave., Cincinnati, OH 45238
1545 E. Kemper Rd., Cincinnati, OH 45246
8802 Colerain Ave., Cincinnati, OH 45251
2009 E. Galbraith Rd., Cincinnati, OH 45215
5545 Colerain Ave., Cincinnati, OH 45239
7825 Reading Rd., Cincinnati, OH 45237
11757 Lebanon Rd., Cincinnati, OH 45241
3045 W. Galbraith Rd., Cincinnati, OH 45239
5381 N. Bend Rd., Cincinnati, OH 45247
7731 Beechmont Ave., Cincinnati, OH 45255
6353 Glenway Ave., Cincinnati, OH 45211
583 Chapelacres Ct., Cincinnati, OH 45233
2221 Burnet Ave., Cincinnati, OH 45219
302 W. 3rd St., Cincinnati, OH 45202
2224 Shasta Pl., Cincinnati, OH 45211
4126 Glenway Ave., Cincinnati, OH 45205
11285 Lodgeview Ct., Cincinnati, OH 45240
3288 Highland Ave., Cincinnati, OH 45213
7755 Montgomery Rd., Ste 400, Cincinnati, OH 45236
5363 Ridge Ave., Cincinnati, OH 45213
Downtown Cincinnati, OH 45202
If you need money but decide a title loan is not worth the risk, there are other options you may wish to consider. These include:
Bankruptcy provides a way to stop repossession, have most of your non-secured loans discharged, and give you a fresh financial start. Even with a lien on your vehicle, you may be able to resolve your back-due car loan payments through a Chapter 13 bankruptcy and ultimately retain ownership of the vehicle.
Car-title loans are allowed to be included in a bankruptcy. If you list the title in your bankruptcy paperwork and show that the vehicle is worth less than or equal to what you owe on it, you probably will be able to keep the vehicle if you continue to pay the loan after your bankruptcy case closes. Also, if your vehicle has already been repossessed, you may be able to get it back if you act promptly.
Bankruptcy is a powerful legal tool that can protect you from the abuses of auto title loans. Learn how our Ohio bankruptcy law firm can help you recover and move forward.
The Cincinnati Ohio bankruptcy lawyers at Fesenmyer Cousino Weinzimmer are ready to make your case an urgent priority. Take the first step towards debt relief and contact the experienced and compassionate debt-relief attorneys at Fesenmyer Cousino Weinzimmer today for a FREE INITIAL CONSULTATION.
We know what you are going through. We will evaluate your entire financial picture by looking at your income, your debts and your goals, and we will discuss the best fit for your individual situation. We will handle every phase of the process and find what works best for you. We have helped countless Cincinnati residents find new hope and prevent repossession.
Delaying can only make your situation worse, so call the Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer today at one of our conveniently located office branches at 614-228-4435 (Columbus), 937-222-7472 (Dayton), or 877-654-5297 (Cincinnati), or email for your free consultation so we can determine what debt relief solutions will work best for you.
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